There are numerous forces impacting the Los Angeles market that have lead to extremely low inventory levels. Low prices & interest rates making it attractive for homeowners to buy, large financial institutions buying large volume of inventory for long term rentals (removing inventory from the marketplace for indefinite periods), a slowdown in the amount of foreclosures and abuse of use of short sales as a “live-in-my-house-for-free” strategy by unscrupulous homeowners and real estate agents.
. . . → Read More: AgentHarvest: Real Estate Quotes from L.A. Real Estate Professionals
While many metropolitan areas of the country continue to have a struggling real estate market, the Houston market continues to thrive. In the latest statistics provided by the Houston Association of Realtors, total property sales jumped 28.8% in April 2013 from April 2012 sales while enjoying a 45.9% increase in total dollar volume for sales. Single-family home sales increased just over 27% from April to April while the median sales price jumped 14.5% to $184,900. One of the most telling statistics for the health and strength of the Houston metropolitan area real estate market is the
. . . → Read More: Why The Houston Real Estate Market Is Booming In A Bust Economy
The expected drop in future home prices over the next few months could depend less on mortgage rates and buying trends than on how banks manage their OREO (other real estate owned) portfolios, know as REO by investors. The huge number of foreclosed homes being reclaimed by banks, is starting to occupy a large portion of most banks’ balance sheets. They are going to have to unload them soon to free up loan capital for future loans.
. . . → Read More: How Banks Deal With Foreclosures Will Determine The Real Estate Market’s Future
Two of the most common questions we receive at AgentHarvest is “how is the real estate market doing in my area” and “at what point in today’s real estate market should I sell my house?” Depending on whom you ask, answers may vary. Ask a real estate agent and they’ll all say “NOW!” If you read the press releases from the National Association of Realtors, you’ll detect a “glass half full” optimistic spin on the market whether it’s going up or down. If you read the newspaper or watch the news, they love to put a negative spin on it because disaster stories make great news, even if they have to sensationalize it a bit to increase ratings. All three venues have their own motivation for their slant or spin so who should you believe? ME of course!
. . . → Read More: How Is The Real Estate Market Doing In My Area?
The real estate market fluctuates every year regardless of the state of the economy or the current condition of the real estate market. These cyclical fluctuations have traditionally fallen along the seasonal calendar year. Spring and summer are the best times to sell, fall is okay and the winter months are usually the slowest time of the selling season. Another way to look at this cyclical selling season is by comparing it to the seasons of flowering plants and convertible cars. The time of the year to sell your house is when plants are blooming and pretty, and when you have the urge to drive around in a convertible.
. . . → Read More: When is the Best Time Of The Year To Sell My House?
The turbulent residential real estate market of the last three years has proven too much for a large number of real estate agents. The lack of home sales has weeded out lots of real estate agents who saw the industry as a part-time job, a hobby or thought it was an easy way to get rich quick. The Memphis Area Association of Realtors reported in 2011 seeing a 30% drop in membership over past three years. Nationally, those numbers were claimed to be down 15% from peak levels during the same time.
. . . → Read More: 30% Of Memphis’ Realtors Are Forced To Quit The Real Estate Industry
Many thanks to Mary Umberger for a great article. This article gives a little background on what we’re trying to accomplish with Really Rotten Realty and AgentHarvest’s blogs. Plus, it’s a fun read and well written.
. . . → Read More: Inman News – People in Real Estate, or in this case… ME!