Professional opinions on Real Estate Question?

Question

With property foreclosures on the rise and home prices either declining or at a stand still in most areas, what are your thoughts on the Real Estate market over the next year?

Answer 1

My observation in Northern California is increased inventory, foreclosure activity and pricing that will need to be corrected.

Sonoma County has seen 10 months of decline, Sacramento has in excess of 14,0000 units for sale.

The homes that appear to be selling are homes that are entry level.

Prices will continue to decline.

The market will beging to change in 2008.

For buyers I see many opportunities for both first time buyers and investors.

There will always be buyers and sellers.

Answer 2

As a real estate agent myself, I feel that some odd things are happening in real estate. I too feel like the market is due to improve markedly some time in '08. I have come across many buyers "biding their time" waiting for prices to "hit the bottom" before they buy.

The problem is: finding the floor is almost impossible until its already hit and prices start going back up! It's a peculiar phenomenon for buyers!

These buyers will likely be unable to catch the absolute floor just as sellers found it difficult to "sell when prices hit the ceiling." The good news is that there are interested (...if not timid) buyers out there waiting to enter the market. That is why the middle to end of '08 is looking promising. When buyers see prices appreciating again, they will jump back in the mix.

Answer 3

In most markets, I expect real estate values to remain a bit unstable, with some markets (those which previously experienced rapid value increases) being less stable than others.

The large numbers of foreclosed properties entering the market are depressing real estate values nearly everywhere, and again, much worse in some areas than in others.

I work in real estate, and will continue to look for obvious values, but my definition of 'obvious values' is far more discerning than it was in years past.

Answer 4

In my area, there is alot of inventory, but houses are selling. Upscale homes are stagnant, long term days on market. Prices have been adjusting down, but not significantly. Starter homes are in short supply, and most of the offerings in this market are manufactured homes or former rentals. A very competitive market is $250,000 - $300,000, many homes in this price range and buyers in this market have a wide range of homes to choose from.

Over the next year, I suspect prices to level off, and the market start to improve in 2008.

Answer 5

Real Estate goes in 18 year cycles.

The Federal Reserve in response to 9/11 goosed the money supply and lowered interest rates to 1%

Then the banks got this crazy idea they should lend to anyone, even if they could not afford the payment.

This mess in my opinion will take several years to adjust.

Terry Smith

Answer 6

Attend open homes. additionally, %. up the community actual assets books that they provide out for unfastened. detect some homes you like and phone the itemizing agent and ask to be certain the living house. that provides you with a gamble to fulfill some community brokers and notice if there is every person you mesh properly with. We used Remax with our final purchase/and sell. although, i does no longer base my decision on a particular company call....each and every realtor is distinctive and unique. attempt to stick with a company that has a extra properly universal call (none of those discounted costs places or tiny businesses) so which you recognize you have become the main precise counsel attainable. If attainable, it would be superb if the agent became on the brink of your age, so as that they are in a position to narrate to why you're searching for particular features or places, and would extra useful foresee different residences that is desirable for you that consistent with possibility you're overlooking as being rather unfamiliar with the section. sturdy success! look at various homes in the previous making any grants!