RealTown's BlogTalk

It would be interesting to discuss local real estate market conditions with other real estate professionals located in different parts of the country.

I'm new to this "bloging" , so bear with me. My Real Estate office is in Central Oregon a small rural town called Madras Oregon about 45 miles North of Bend Oregon. Almost everyone has heard of Bend, but most people drive right though Madras on there way to Bend.

Our market is slow, with a large inventory of homes, many of the listings still need to be adjusted in price, but there are sales happening in all price ranges. Lots are dead, have not seen a lot / land sale in six months.

My crystal ball is cloudy, but I believe better times are ahead of us this year, at least in Central Oregon, our market has the best price points in all of Central Oregon, which should help us. I'm looking ahead for some positive response to the market in late March and April when the weather gets better.

 Our market has been slow, but appears to be picking up. We are 35 miles northwest of Charlotte N.C. on Lake Norman. Our market has never seen the boom of other areas but has seen steady growth. Denver is the latest side of the lake to see development. We have had several clients ready to move here but can't sell there exsisting home. We are looking foward to a better 2008.

The market in San Antonio is mixed.  Slow for me right now but I think it'll pick up in a few months.  Problem is there are ALOT of agents here

I would like to take a moment to recognized some observations of statistics!

These are numbers taken from the local MLS systems in Southwest Florida for closed & pending sales data and showing data from our local Coldwell Banker offices.

Pending sales are up from 2244 in January to 3181 in February (42%) increase! Pendings are up from 2486 in February 2007 (28%)!

Sold properties as reported through the MLS systems are up from 1142 in January to 1410 in February (23%) increase!  This increase is up from 1259 in February of 2007 (12%) .

Internal showings are up from 2066 last February to 5074 this February which represents a 145% increase in activity!

While in reality the window will be open for some time; buyer's ought not to procrastinate to long as sellers are very motivated to make a "deal". There are lot's of homes that are priced at "ENERGY" level pricing; case in point my last transaction received 2 competing offers.

Long term interest rates are likely to rise as we move forward into 2008 and beyond. Home prices quite probably will level off soon and may not decline enough to make up the difference of cost for higher interest rates.

With the amount of inventory still available; you can find that home made of Gold but being offered at the price of silver. Make your move before it's too late!

There are many signs that the market around us is improving. There is clear evidence that Coldwell Banker is outperforming the market; so when you need results, Call

Owen Zweiback PA, GRI, Realtor, E-Pro

Coldwell Banker Residential Real Estate

23421 Walden Center Drive

Bonita Springs, Florida 34134]

239-269-3077 Cell

800-547-3019 Toll Free Office

I am in Coos Bay Oregon and the market here is starting to get very busy.  The winters here are always wet and soggy and there is not much activity.  March starts our busy season and it is on track.  For the 1st quarter, Coos County is down 30% in closed and pending sales and there is a lot of inventory.  I am consistently busy and the buyers are better qualified than they were a year ago.  I am encouraged and staying optimistic. 

Brooke Yussim, Coldwell Banker, Coos Bay, OR

Hi, I am a realtor in beautiful Bucks County, Pa and also sell a lot of real estate in Philadelphia. Our market has not been as hard hit as others, our prices have  decreased , but it is a realistic market, now. I am busy. I do a fair amount of sales for clients out of North Jersey and New York, they view Philadelphia and the surrounding areas as inexpensive since their areas are so cost prohibitive.  

Atlanta, GA weighing in. There are specific neighborhoods around the ATL Metro area that are stable, but for the most part the market here is becoming more and more REO-driven. Its a great opportunity for investors who can buy and hold, but buyer-occupants are not as inclined to wait out the ever longer bank processes involved with short sales and bank-owned properties in general. The banks don't seem to remotely understand the concept we know as "Time is of the essence."

Native of South Denver, CO.  the market is mixed and a statistically a little better then last year.  The mix of homes consist of more REO properties so finding a good gem (not just a good price) is harder.  Financing is harder to come across due to declining markets and adjustments.  Values are always being scrutinized especially on the appraisals.  Luckly FHA is still allowing DAP and isn't being affected by declinging markets.  Many of the mountain communities are still seeing decent sales as vacation homes are in demand and we haven't see the run up in new construction like the metro area.  Always available to help your RELO clients who want to move to Denver! 

Sincerely,  

Chad Bergman

E-Fax: 303-484-7922

Online:
www.MyDenverHouse.com

Keller Williams Realty

10475 E. Park Meadows Drive, Ste. 550

Littleton, CO 80124

Office: 303-768-9500

Cell: 303-875-2240

The market in central Illinois is slower then last year at this time. It seems like there a lot of homes for sale but not a lot of buyers.

The residential resale market is extremely slow in the Phoenix, AZ market, with 56,000 listings or seven months supply on the market now.  Many real estate analysis and technicians are predicting the market will pickup in the fall.  We are experiencing a large amount of foreclosure in our market, as variable interest loans, and buyers in the past three years now have no equity in their homes.  Therefore many people are just walking away from their homes.

The Phoenix area market is favored by a growth of employment, and desirable weather most of the year.  We are still attracting retires that in many times pay cash for their home.  The Phoenix Market should lead the country in the house sale market later this year.

I see that you posted your original question at the end of Feb and here we are in the Spring market in May.  Any improvements in the last 2 months?  I know on Cape Cod, MA in my marketplace on the upper cape including the towns of Sandwich, Bourne, and Mashpee we have had an up tic in activity-both buyers looking, and offers being presented. There is still an oversupply of inventory, although prices have adjusted and continue to do so. Daily, the MLS shows twice as many price reductions as homes entering the market place, so the Sellers are listening to the market demands, and this spells OPPORTUNITY to buyers that are capable of making decisions to buy. Local media is so negative that buyers seem paralyzed. I think they'll look back and regret not buying now.

Kris Chalke

This is very important in this kind of market.

Hi,

I to am new to this site.. and so far I am finding some good info.

As for my area - I am in East Tennessee with wonderful views of the Smokey Mountains.  We have been slow and steady with a large listing inventory.  Floor & phones have been slow until the last 10 days or so and we are really picking up.  I had 13 floor calls in 3 hours & 6 are good prospects.  I also advise  my buyers to get pre-qualified as this will help in negotiation and save all of us a lot ot time.  As for my sellers, I just tell them - be prepared, not greedy and a lot of patience's.... 

Thanks,

Mary Wilson

Century 21 Legacy

My office, dbi and associates, REALTORS, is located in Newport News, Virginia. I am new to all of this, including blogging (first time) and the real estate market (less than three months) but I am learning as much as I can. What I have observed so far is that most people (sellers and real estate professionals alike) are complaining of a gloomimg market currently. However, my broker is extremely busy, writing more than 10 contracts monthy (she loves to sell herself).  There are a lot of short sales in the area. The market that is tthriving right now is between the $145,000 and $300,000 range. I also hear that downward trend is very near the bottom and that the market will soon begin to climb up again! And I'll say AMEN to that!