Question Details

Perry Hender…, Real Estate Pro in Austin, TX

Does anyone agree that the only "sellers market" in america is in foreclosures?

Asked by Perry Henderson MBA, Austin, TX Fri Nov 30, 2007

It's easier to get a deal by going to a realtor, asking them to find the oldest property on the market and start dropping discounted offers. In addition, you won't have to wait 30-60 days to hear an answer.

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Hi Perry,
I am on the Jersey Shore just outside of NYC. In some areas along the shore, transaction volume is up substantially from last year with higher prices, too. In other areas along the shore, transaction volumes are stable, but prices are suppressed. So, in line w/ your definition of a sellers market, there are isolated pockets where volume and price are both up, but that is not across the board in NJ.

NYC, however, remains indicated by a poster can't get a buyer in the door before a contract has already been written on it. Those are not the days we are seeing on the shore, but I hear about it. We are a short ferry ride (35-45 Minutes) and less than hour via car, train, bus to NYC. We get a lot of NYC commuters and second home buyers. We service NYC relos and second home buyers so we hear what they have to say.

Carole, I read in a report recently that Cleveland was one of the top rated cities for projected real estate value stability for 5 plus years down the road. Are you familiar w/ that report?

Perry, we do get a lot investors asking about oppty in foreclousre investing.

1 vote Thank Flag Link Sat Dec 1, 2007
Deborah Madey, Real Estate Pro in Brick, NJ
You obviously aren't selling three-bedroom loft apartments in Tribeca, because anything in good shape under $4 million will sell before I can get my customers in the door.

Alison Rogers
author, "Diary of a Real Estate Rookie"
Insider Real Estate Tips with a Twist of Humor
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1 vote Thank Flag Link Fri Nov 30, 2007
No, I don't agree. The luxury home market is doing just fine.
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1 vote Thank Flag Link Fri Nov 30, 2007
I don't agree, and that's because the Cleveland/NE Ohio area market is different. While most neighborhoods are considered to be buyers markets, there are a few that are seller's markets because there are not a lot of homes for sale there; sometimes price points applly, etc,
0 votes Thank Flag Link Sat Dec 1, 2007
In Georgia high end is selling better than the lower price points; however, I would not call it a sellers high end market as there is not an abundance of buyers in that price point either and bidding wars are not happening unless a property is just superb and price below market.

Foreclosures are not truly in a sellers market either. It really depends on where it is located but I can tell you that those agents who only list foreclosure are not all smiles either. Their business (closings) is down from years past and they have more inventory.
0 votes Thank Flag Link Fri Nov 30, 2007
I agree with the luxury market being good and the there are some others that are solid but that doesn't make a "sellers market". A sellers market is when they can ask anything they want, get multiple bids in one day and don't have to give a great deal to sell the house. The only one I know like that is a foreclosure.

With so many "buy foreclosure" ads on tv and a new "tv" system here and there, I see a huge amount of people bidding on foreclosures. Those properties are already at market value.... soo what makes people think they can get a deal when 20-30 people bid on the same property and drive up a price that was already market.

Any comments? Anyone who see this type of demand at any other product level?
0 votes Thank Flag Link Fri Nov 30, 2007

I agree with you about it being easier to seek an on market deal; however, it all depends on the buyer's situation.

Just picked up a new client w/4 kids, stay at home wife and a full-time job from home working for a California company, little equity and must sell his home in order to purchase. He's gung ho about "getting a deal." My recommendation was the scenario you describe above as I'm not sure he'll be able to swing it consider the above circumstances.

I'd have to find a buyer who is willing to hold off for 6-7 months (if what I am hearing about the length of time it takes to scoop up a short sale or foreclosure is true) in order to make this work! Not likely to happen in my opinion.
0 votes Thank Flag Link Fri Nov 30, 2007
Perry in Austin. The seller's market in American is not in foreclosure. What has happened, Perry, is that there are on a national basis, (keep in mind that this number is an approximation) there are 191 thousand units of New homes, unsold. In addition, most of this building frenzy has occurred in FL, CA, AZ, and the East Coast of America. Within the real estate market there are several sub-markets, but the most solid market at this time is the pre-owned homes that have been owned for 3-7 years by the same owner. All other homes, from investment properties, high-risk purchases made in the last 2 years, new construction in high-risk areas are all under the cloud of foreclosure. Hope this helps.
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0 votes Thank Flag Link Fri Nov 30, 2007
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