Agents: How has the beginning of 2012 been for you?
Hey Real Estate Agents: What’s going on right now in your market?
Have you seen a better January than last year? What’s it look like going into the rest of Q1 2012?
Brett Levitt of Oakley Signs & Graphics (Scott Levitt’s brother), sent in the following from a recent Keller-Williams show:
Talking to agents today at the KW show, we hear that the housing market is getting better, but the results are still mixed in the news. However, we heard from a lot of people who had record years in 2011 and 2012 starting off even better. Maybe you could ask the questions to people of how the market is in their area and how 2011 ended and 2012 is starting?
What’s the story, agents? In the comments below, tell us:
- Your city / state / market.
- If you see improvement and if so, where you see it.
- If you expect the rest of Q1 2012 to be BETTER or WORSE than last year.
We want to share the news with our Tuesday Tactics readers and Facebook fans!
2011 is likely one of my top 2-3 years in a 33 year history. I am doing less than 15% of the type business I did in 2009 and 2010 and 85% new business with overseas investors. With rock bottom prices and interest rates domestic buyers should be lined up around the block, instead they are hiding under the rocks. Overseas buyers recognize the long term strength in the US and understand the once in a lifetime buying opportunity the current market represents. Business is fabulous, I’m having a great time with cash buyers.
Our Ann Arbor real estate market is inching along nicely compared to the State of Michigan http://mirealtors.com/content/upload/AssetMgmt/Site/HOUSING/Jan12stats.pdf
The market in Raleigh/Cary is feeling good! We had a strong 4th quarter, matching our transactions numbers from four years ago….and Jan/Feb have been very busy. Average sales prices are lower, but in our prime areas of Raleigh and Cary, homes in good condition in average price ranges are only down 5-10%. Prices are weaker in the over-built suburbs further from the city center, but things are beginning to move. It’s going to be a good year!
In answer to your questions: 1. My market area is split by state lines. I live and work in the border area of Idaho and Oregon northwest of Boise. The Oregon side didn’t experience the run-ups in prices and volume of the 2003-2007. years and consequently hasn’t had the foreclosures and short sales. The Idaho side did – 25 miles separates totally different markets. Houses are half price in Canyon county Idaho. This has caused the prices to drop a little on the Oregon side. 2. The improvement I see (and last year was a good normal year for me) is that people are giving up on things returning to that fast good market, Buyers are realizing that prices and rates are about as low as they are going to go. And sellers are realizing and finally accepting that the price that a house would bring 6-10 years ago is not what the market is now. 3. I expect the rest of quarter one to be about the same as last year. Thanks for asking.
The Bergen Co NJ maket is moving. However much of the movement is in the reo/short sale inventory. I see many Realtors saying pricing is getting better but that’s truly not the case. We are a jurisdiction state. Foreclosures are controlled by judges. We currently have in the state of NJ over 60k in homes 90+ days late on mortgage payments with another 100k or so foreclosed that aren’t on the market. We have more downside in pricing coming for the next two years but the inventory is finally more affordable for the true middle class who aren’t afraid to take the leap. It’s truly a great long term buyers market.
I am in Boise, ID I divide the Real Estate Market into three segments. 1. is entry level buyers. They generally stay under $150,000, most are around $90,00 to $120,000. This part of the market has been gaining strength since mid 2011. The next segment is the move up buyer. They generally buy between $140,000 and $295,000. This segment came aboard in increasing numbers in Dec 2011 and it continues to be very active. The next and highest segment is the vanity buyers – This segment starts around $300,000 and goes up and up and UP. This segment has been relatively quiet…. but it is showing signs of life now. Upper end Short Sales and REO’s are getting multiple offers and going to the Highest and Best offer. The supply of good functional houses has been decreasing. There is very little new construction. Buyers choices are somewhat limited. i think the Boise, ID real estate market is poised to take off and fly. Visit http://www.HennesseyAppraisal.com for more detailed info.
2011 was my second best year in my 8 years ! Lower priced homes some as much as 1/2 what they were in the boom years of 2004-2007 make for a great buyers market.with many of the sales being short sales. New construction is slower. Homes in my town only fell about 20 % in value while homes in nearby cities fell up to 50 % with many foreclosures being vandalized and many short sales. I expect prices to level off and the market in south coast Ma to be about the same through the end of 2012.