Agent2Agent in San Antonio>Question Details

Ryan Harthan, Real Estate Pro in San Antonio, TX

Housing crisis over?

Asked by Ryan Harthan, San Antonio, TX Tue May 22, 2012

Some strong numbers from the NAR. Do you think this is the beginning of things starting to look up or just a fluke before more declines?…

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EdithJasser YourRealtor4Life’s answer
Who really knows in this economy....
In my view depending on areas and states, in some areas the market is doing ok these days
in other words buyers are buying, s o m e

But I fear that there are still a lot of short sales and foreclosures and just stressed properties coming on the market, keeping prices low, and only those buyers with secure jobs and good down payment
or cash purchases are actually buying these days.

I think some buyers have the courage to buy back but most of them not, and many sellers cannot afford to sell, as they will not have enough equity to buy the next home.

I want to think before all goes happy go lucky upwards we will need another 2 - 3 years, and I tell
all my buyers if you buy now, make sure you want to stay in the home for another 5 years before
deciding to sell and move on ....

But nobody really knows for sure..... YourRealtor4Life Working always in the very BEST interest of her clients Buyers Sellers and Investors alike, covering for @ Properties Brokerage the city of Chicago, all N and NW suburbs and the fine homes on the North Shore, and all of the US and worldwide offerings with my partner agents.... Edith speaks several languages ....
Have a great day :)
0 votes Thank Flag Link Thu May 24, 2012
It is definitely picking up in our area, which like San Antonio is near military and DOD facilities. We are seeing pockets of the area actually having price increases and multiple offers are happening on the hot homes. As long as we don't get flooded with foreclosures I think we are in for some long-term good news!
0 votes Thank Flag Link Tue May 22, 2012
Fact is... the numbers do look good... but here's the truth. We are still in the best buyer's market we may ever see in our lifetimes...

Things are going to get worse pretty soon.. Why? Lender undrwriting gets tighter and tighter.. Interest rates can only go one way at this point... and that is UP. When you review the bond market, look at the general cost of goods going up, and inflation across the board... there is one simple truth...

The harder it is for a buyer to buy a product, the harder it is to sell a product. Simple. Prices are still down from where they should be. Sellers are wheeling and dealing all over the place...

Basic economics... There is too many homes for sale, not enought buyer's in the market, and the buyers that are in the market, are going to find financing harder and harder to get as we progress forward.

I think the numbers are encouraging, and I don't think prices will go any lower... in fact, if you look at what is happening, homes, at least in my market, continue to appreciate in value.. If you are trying to sell your home.. I would get it up on the market and capture what good buyers there are while they are looking... espcially in the summer months.

Texas is a different place than the rest of the country... What happens everywhere else, doesnt seem to effect what happens here quite a much.. This is why most of the top 100 real estate markets in the country are found in Texas.

Bottom line... If you are a buyer... this is the time. Get out there while the "getting is good"

Interest rates will go up. Prices will go up, which is good news for sellers, and as the economy improves, more and more buyers will hit the market as they see their incomes begin to climb.. and I think in about 5 or so... we will see the market favor sellers a lot more.
0 votes Thank Flag Link Tue May 22, 2012
It’s not over yet.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Tue May 22, 2012
Brian you are so removed from the average first time home buyer !! For the first time home buyer things are very different and getting harder every day to qualify and come up with needed cosing down payment and transaction costs.

You sound like the typical politicain who wants to pass some law to protect us all from our selves but instead pass something that does more harm than good when it comes to the average persons needs.

Tell you what .. But I will reduce my commission to help the market if you will reduce you profits and rent. But wait i be you are for free enterprise and less government except when it comes to my and your income.

In the end I bet the real estate will turn around with out yours, mine or the governemts help.
0 votes Thank Flag Link Tue May 22, 2012
I've owned several properties and have been involved in property management and remodels for over 15 years. I've owned farms and houses and have purchased and sold both, using both FSBO and agents. I'm not a politician. As for free enterprise? Sure I support it, but real estate transactions have change over the past 50 years to tie the hands of home owners and sellers to make it very difficult to operate without using brokers and agents.
I respect your need to earn an income.
I work as a mechanical engineer. If manufacturing slows, I have to take a reduction in pay to allow for the market to heal. That is free market.
Set prices/fixed costs? That's not free market.
My rental profit? I dropped the price on my rental to actually rent it. That's free market. My profit? Pretty much nothing after having to fix/repaint etc. My gain? Equity.

You're talking out of both sides of your mouth. Be professional.
Flag Tue May 22, 2012
I'm not a first time home buyer, but thanks
Flag Tue May 22, 2012
I think in the San Antonio metroplex and surrounding areas, the NAR data is consistent with the overall improving market. No so much for other places such as Las Vegas, but even there, the sales and prices are moving forward a bit.

Royce Simmonds, Broker-Owner
Realty Executives Lone Star Inc.
0 votes Thank Flag Link Tue May 22, 2012
The recent improvements in the housing market aren't truly an indication that we're out of the woods. Our nation's financial system is still in chaos. Think "Moral Hazard." We have done nothing to prevent future housing crises from happening and the situations that got us here are still out there.
I.e. you can still go buy a house, 100% financed with no money down.
Houses are still being offered at inflated prices, furthering the issues, and RE agents/banks/Title Agencies, for the most part, have not reduced their fees or commissions adding cost to the transactions, driving up the follow sale transaction price.
So...Is it over? Nope. Are we in a lull? Yep. Can we expect another dip? Yep, Fannie Mae loans are still Gov't backed. Our gov't's ability to control debt is completely lost and they keep spending, further degrading the value of the dollar, driving up inflation, and which, since it's invested in mortgages, causes more volatility in the housing market.
Whew...Buy when it's low.
I own a rental and am financing a new REO purchase. I am amazed at the lack of change from 6 years ago on the finance side of things.
0 votes Thank Flag Link Tue May 22, 2012
Things are looking a lot better in the Ft Worth / Dallas area but its not time to party yet. Still a lot of work ahead to help buyers qualify, help sellers who have no equity, and deal with a lot of forclosure & REO properties.

But real estate is fun again !

Bruce Erickson
0 votes Thank Flag Link Tue May 22, 2012
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