Special offer

ARE we at the bottom of the market....I'm thinking so

By
Real Estate Sales Representative with Split Rock Fine Homes

It's been very interesting this last few weeks.  I started to have more showing on my listings, I mean a lot more traffic.  I have a few properties that are getting a least 4 to 5 showing a week.  I put a house into escrow for one of my buyers and had interesting conversations with my appraiser and inspector.  They both said that business has pick up by 25% - 30% since January.  What good indicators these two professional are, after all they are the first we call for our need to get escrow closed.

What is wrong with this picture......the buyers are still waiting for prices to fall further.  I had 4 agents tell me when I called for feedback that the buyers loved the homes they seen but wanted to wait to see if prices would come down further.  Well if we had a crystal ball we would know when we were at the bottom of the market but the thing is we don't know we are at the bottom until it has passed us by.  How ironic the buyers are waiting and waiting and they may have already pass the bottom.  After all how can you explain the increase by the appraisers and home inspectors???  Some food for thought for St George, UT.  Take a look at some available properties at the following links.  Have a good one and take care..............Debbie

http://www.3019autumnrose.com/

http://www.1451stg.com/

http://www.127utah.com/

http://www.731utah.com/

http://www.debbieestes.com/   To search for properties in St George, UT

 

Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes
We are seeing more activity here in Arizona as well. Hard to say if the bottom has been hit, but people are doing more things now than they were a few weeks back.
Apr 08, 2008 03:24 PM
Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production
We are at the bottom of the market, I believe.  I'm glad that we're picking up as well.
Apr 08, 2008 03:34 PM
Debbie Estes
Split Rock Fine Homes - Saint George, UT
Glad to hear things are on the move in AZ too.......Debbie
Apr 08, 2008 03:35 PM
Anonymous
Anonymous
As John McCain said, with tongue in cheek, It's darkest just before...it gets totally black - but I'm seeing signs of revitalization, too.  I hope we've already seen the worst.
Apr 08, 2008 03:37 PM
#4
Debbie Estes
Split Rock Fine Homes - Saint George, UT

Let's hear from more of you on your market conditions........looks like we may have to bear the good news to the general public..................Debbie

Apr 08, 2008 03:37 PM
Ulises Romo
Realty One Group - Phoenix, AZ

I have been saying that the market is coming back by the end of this year. I do not have a crystal ball, but things here in Phoenix are picking up. Foreclosed homes are selling quickly (if they are priced well below comparable properties).

While the numbers are not there yet, I feel that we are bumping along the bottom now, and it will not be long before we hit the bottom.

If buyers continue to wait, they are going to find themselves priced out of the market again.

It is hard to change a persons beliefs. However, if they are you clients, you should let them know that owning a home is long term investment. Owning a home offers tax benefits, sellers create a greater wealth, and home prices are low along with interest rates. Now is the time to buy.

This is an article from REALTOR Magazine about the future and our Industry.

http://www.realtor.org/RMODaily.nsf/pages/News2008040801?OpenDocument

 

Apr 08, 2008 03:42 PM
Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

As John McCain said, with tongue in cheek, It's darkest just before...it gets totally black - but I'm seeing signs of revitalization, too.  I hope we've already seen the worst.

(Sorry, I wasn't logged in before) 

Apr 08, 2008 03:48 PM
Randy "Lazarus" McAtee
Lazarus Realty - Fresno, CA
Owner/Broker, Lazarus Realty, Fresno California

IMO we have definitely hit A bottom --- But its hard to say at this point that its THE BOTTOM.

 

Apr 08, 2008 03:50 PM
Sherry Kotvis -Work. Live. Play
eXp Realty - Temecula, CA
Have A Life Worth Living!
Like the experts say...we won't know we have hit bottom until 6 months after the fact...so what are the buyers waiting for?  We are definitely seeing alot more activity. More buyers are attending Open Houses and we are seeing alot more sales coming out of our office. Let's just hope this trend will continue!
Apr 08, 2008 04:11 PM
Anonymous
Douglas Earl

I can see the pick-up for appraisers seeing as more and more banks are listing homes they take back and doing appraisals when considering offers on short-sale.  Was just looking at some figures for Nov. '08 sales activity in the area.  32.5% of the Greater St. George single family home sales (re-sales, not lots, condos, etc.) were bank-owned.  Trustees deeds (Oct. of 2008 saw 95) have more than doubled since Oct. 07 (41).  I hope I'm wrong, but don't think we've bottomed yet - but timing a bottom is impossible.  I've seen plenty of savvy investors coming into town with cash and buying homes over last 90 days. 

Dec 10, 2008 05:58 AM
#10