Real Estate Forums

NealRM · 11-01-2007, 08:12 AM

I sent out an invitation to the local real estate agents today. They were invited to submit positive articles to HouseViewOnline that reflects the local market. I will post an update in a few weeks on the response.

Agents outside of Southeast Missouri may also submit. However, preference will be given in the following order: agents in Southeast Missouri, agents in Missouri or Southern Illinois, all other areas.

Articles will be reviewed by HouseViewOnline for spelling and grammar. The articles may be reformatted to a standard template. Links in the articles will be very limited. The submitter may include contact information and 2 links at the top of the article. Links in the text body will only be allowed if relevant.

To make sure there are no misunderstandings, by submitting an article you agree that you are the author, have the rights to allow others to use the article and that HouseViewOnline can use the article as it sees fit. HouseViewOnline may not post all articles submitted and does not guarantee that an article will be posted in a certain timeframe. In addition, no compensation will be given other than the links at the top of the article.

Those that still wish to submit can send me a PM. I will reply with my email address.

Bigtoe · 11-01-2007, 08:25 AM

I had the best August (our traditional slow season) in 18 years and was expecting the fall (our traditional buying season) to continue the trend. Then the sub prime news hit the media in September and the market collapsed.

I went from getting 10-20 leads a day to 3-5 leads a day. Half of the contracts we wrote in August fell through because of the under writers.

What doesn't make sense is I am not in a sub prime market. Second home buyers tend to be a little more affluent.

The power of the media should not be in the hands of imbeciles.

LVH · 11-01-2007, 08:40 AM

Quote:

The power of the media should not be in the hands of imbeciles

I agree but it wasnt the media who caused your contracts to fall through. This IMHO can be blamed on nothing but flipping by investors to make a quick buck and the effects it has now on lenders facing closure of their businesses.

We as Realtors contributed to this problem. We all made good money and are now paying the price for pushing our products to anyone who would listen for a fast buck.

In Las Vegas in 2004 people were paying 30k-40k and upwards of over 70k above homes value to get the contract. Plus homes were still being sold as is with buyers accepting those terms and later having to deal with cost to repair major structural issues on older homes.

True but funny story. I had a client back then that I will never forget. His home was valued at 290k in 2004. We listed the home at 330k..within 4 hours I had 26 offers with 4 of those offers over 360k...the seller told us it wasnt enough.

This is the type of mindset we as Realtors caused consumers to take. We lead them to believe that their homes were worth more than they really were. We contributed to the over inflation of the housing market to cash in on that fast buck just like the investors we sold properties too.

NealRM · 11-01-2007, 06:21 PM

Quote:

Originally Posted by Bigtoe

....
The power of the media should not be in the hands of imbeciles.

Let's remember this when reading reports on the up-coming elections.

MarcinSarasota · 11-01-2007, 07:29 PM

Not in Sarasota, Florida. Still tons of inventory and prices are dropping. However, we are getting to the point where people are starting to see value again.

MCHammered · 11-01-2007, 07:37 PM

Not in my neck of the woods either. Luckily no hurricanes to make it worse.

Bama-Homer · 11-01-2007, 08:09 PM

Quote:

Originally Posted by LVH

8. Buyers Sitting On Fence Waiting for further housing price drops.

This seems to be the limiting factor in the decision making process here in Birmingham.

LVH · 11-02-2007, 09:39 AM

Quote:

Originally Posted by MarcinSarasota

Not in Sarasota, Florida. Still tons of inventory and prices are dropping. However, we are getting to the point where people are starting to see value again.

In florida though Marc that state is facing more challenges than most other states. With the insurance issues, high property taxes and the Gov Crist offering a property tax break on avg of $200 per year which doesnt even dent the high cost of property taxes.

People in Fla are paying 3k plus per year for insurance cost on homes valued around 150k. I have a friend in Tampa whos insurance went from 10k a year to over 22k a year.

IMHO Florida will go beyond that 2010 prediction IMO before it starts to recover and that is assuming no major hurricanes hit between now and then.

MarcinSarasota · 11-04-2007, 06:50 PM

Quote:

Originally Posted by LVH

In florida though Marc that state is facing more challenges than most other states. With the insurance issues, high property taxes and the Gov Crist offering a property tax break on avg of $200 per year which doesnt even dent the high cost of property taxes.

This is true. However, there are so many people complaining about property taxes and insurance that I feel real relief is on the way. It has been years since we have had serious hurricane problems. More insurance carriers are coming into the state and rates seemed to have peaked. We will have some sort of property tax relief plan to vote on in January.

Quote:

Originally Posted by LVH

People in Fla are paying 3k plus per year for insurance cost on homes valued around 150k.

That is not really accurate. I have rental properties worth more than $150k and I don't pay $3k on any of them. My homestead which is worth quite a bit more is actually less than $3k a year. Waterfront and very old homes have high insurance rates. When I sell homes most of my clients are actually pleased with their rates. I think they have heard so many horror stories about insurance rates in Florida that they were expecting to pay more.

Quote:

Originally Posted by LVH

IMHO Florida will go beyond that 2010 prediction IMO before it starts to recover and that is assuming no major hurricanes hit between now and then.

IMHO I think in 2009 our inventories will balance out and we will bottom. The fundamentals of Florida are still pretty good. We are getting back to affordability again. Baby boomers still want to come. We were at a point where most people just could not afford it. That is changing as our prices correct.

mateus · 11-05-2007, 04:02 AM

Our market in East Tennessee has slowed considerably. We went from getting 5-7 contact forms a week to...haven't had one in 8 days!! A large part of our market is made up of transplants from Florida, vegas, california, and new england. Damn that Florida market, DAMN THEM!! JK :>)

Moved from Florida to TN in 2004...caught the upswing as I left Wellington palm beach.

Matt