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Trulia, Other/Just Looking in San Francisco, CA

How has your market has recovered from the recent housing crisis? What signs are you seeing?

Asked by Trulia, San Francisco, CA Wed Feb 13, 2013

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Ron Henderson’s answer
Just got multiple offers on two of my listings last week. It's been a long time since that happened. Also, new construction in our area is moving very fast. Many of them sell before the home is finished. The best homes are selling within days and in some price ranges buyers may need to prepare to move quickly if they want the home.
1 vote Thank Flag Link Wed Feb 13, 2013
That's exciting, congrats!
Flag Thu Feb 14, 2013
BEST ANSWER
I see more inventory returning in the way of foreclosures. I am already seeing longer days on market. I see the shift coming of the "real" real estate market. Politicians made it look good to win and election, they were brilliant at hiding the millions of foreclosures. And to make matters worse now they are mandating policies that conflict with rules governing Realtor associations:

http://www.theshortsaleguide.com/profiles/blogs/fannie-mae-w…

True recovery to a stable real estate market is a long way off and short sales will be perpetual for many years to come unless lenders create their own version of HARP.
1 vote Thank Flag Link Sat Feb 23, 2013
In my Market, multiple offers are back. Inventory is limited, dramatic reduction in Foreclosures and Short Sales are soaring.
0 votes Thank Flag Link Sat Feb 23, 2013
It has not recovered, but inventory is low and offers are multiple.
0 votes Thank Flag Link Sat Feb 23, 2013
North & west of New York, things are looking up. Decreased inventory, increasing price, also lot of buyers are coming out.
0 votes Thank Flag Link Fri Feb 22, 2013
In my opinion, there is a great selection of inventory (especially new construction), rising listing prices, rising sales and new construction requests here in Champaign County, IL.
0 votes Thank Flag Link Wed Feb 20, 2013
My market is seacoast New Hampshire. The seacoast was not impacted as much as the rest of the country, therefore we are seeing a slower recovery. We are seeing record low inventory and motivated buyers unable to find the homes they are looking for. As the weather warms up we anticipate many more homes hitting the market. This Spring looks like it will be a good one!
0 votes Thank Flag Link Wed Feb 20, 2013
I'm in the North Atlanta market and based on the lack of home inventory, increased number of re-sales and new home sales not to mention new home construction obviously things are definitely improving. It has been a mild winter and we are seeing an early spring. This could be start to a Great Year!
0 votes Thank Flag Link Wed Feb 20, 2013
My market areas cover the Roanoke Valley of VA and the New River Valley of VA. The New River Valley consists broadly of the counties of Montgomery, Floyd, Giles and Pulaski with more popular towns of Blacksburg, Christiansburg and Radford city. Our areas are seeing an increase in total volume when compared to the volume at this same time in 2012. However, it decreased from December 2012 to January 2013. Comparing January 2012 to January 2013 we also are seeing a decrease in supply vs demand.
0 votes Thank Flag Link Wed Feb 20, 2013
Our area north and west of NYC is seeing increasing numbers of multiple offers. We have a combination of low prices, low interest rates and low INVENTORY. That is making for an early spring market here.
0 votes Thank Flag Link Wed Feb 20, 2013
The Tampa Bay Area Market is strong. We are seeing increased numbers of buyers flooding the market and days on market in even high end communities, at 30 days or less. Most properties are priced right and buyer's that were on the fence, are reading countless articles about how the market is improving, deals are getting fewer and fewer and interest rates have no where to go but up. It's a great thing! I was born and raised here in the Tampa Bay Area. I love my town! If I can help or assist, please feel free to let me know.
0 votes Thank Flag Link Wed Feb 20, 2013
Things in the Burlington/Camden County marketing area here in South Jersey are looking up. Realtors are looking back over their shoulder to see the "bottom". What facts support this statement - well 4th quarter market stats are in and they show some long awaited and very good news for home buyers and sellers alike.

Inventory is down increasing competition for housing, fewer days on the market, Under Contract Sales are up for the first time in 5 years along with number of Solds being greater AND depending on your neighborhood – for the first time in 5 years, we seen prices increase slightly.

While working with buyers during the past 3 weeks, I have experienced multiple offers again (haven't seen that for a while) and there is a "sense of urgency" and excitement in the air once again.

So, if you were waiting for the "bottom" - - you missed it - it came and it's going fast. Get out there - come pick out your next home while interest rates are in your favor and choices are still abundant. And as always – the “best” properties are going fast!
0 votes Thank Flag Link Tue Feb 19, 2013
Regardless of the location strong indicators of a recovering market include: decreased inventory, increasing prices, multiple offers, new construction increases, increased sales. etc.

Bill
0 votes Thank Flag Link Tue Feb 19, 2013
There are very few homes on the market here in Southern California (Specifically the Inland Empire), muiltple offers on most All houses/condos and many folks going directly to the listing agents allowing them to double end their listings; in order to get their offer accepted. Many offers are all Cash from both investors Flipping or as a Buy & Hold rental. A lot of cash buyers are foreigners.

With interest rates extremely low, banks holding off on foreclosures/lack of REO's and inventories incredibly low, it has caused prices to rise ~16% from last year. However, with unemployment right around ~11% (Real unemployment ~20%) and ~15% of folks WITH mortgages who haven't made a payment in 3 or more months; our prediction is that the Great Recession isn't close to being over for the housing market in California.
0 votes Thank Flag Link Tue Feb 19, 2013
There are some great signs in Colorado Springs of housing crisis recovery. For example: In our city right now, we are at the point where any homes under $200k are being snatched up pretty quickly (of course homes in better condition make a difference). Our stats say that we have a 4 month inventory of homes in the $200 and under price range putting us squarely in a Seller's Market. Homes between $200K-$300K are also moving more quickly as well. I have people calling me regularly right now wanting to sell, buy and invest. Since I began in real estate in 2005 when things were beginning to take a dive, I can honestly say this is the best season in real estate that I've ever had!
0 votes Thank Flag Link Tue Feb 19, 2013
This depends on which segment of the market we are talking about.

Super luxury is experiencing a real boom - in houses and condos both.
Lower end luxury is softer - properties stay on the market longer, and they sell only if the inventory
dries up in the immediate area, or after a couple of price reductions.
New condo boom has started - which is a threat to the older construction condo sellers.
I hope that those condo owners that need to sell are in tune with this major change in the market place.

Remarkable price increases in condo sales of over 30% for the past 2 years are prevailing in near the beaches areas, downtown, Brickell and those areas that are quickly becoming the next big thing.

Rentals are going up - with many homeowners loosing their homes in foreclosures and short sales,
the need for housing is very high. Many developers are rushing to build affordable housing.
Investors are enjoying lowest vacancy rates possible - with rentals going within a week or two.
Foreclosures are more common again - but banks are not pricing them below the market.
New animal out there - an overpriced foreclosure (priced this way by agents out of the area).

Short sale vacation rentals are doing very well (and so is tourism).

Yes, prices are coming up in most areas. Yet, there are still many areas where the prices are lower than 2 years ago (and that's when the recovery started near the beach and downtown Miami areas).
There are many areas where the crime rates are higher than 2-3 years ago, and homeowners are loosing their equity because of that (hard to sell when your area went down in buyer's perception).

The inventory is shrinking. However, unless a property is priced reasonably, buyers are not jumping
in joy to buy it. The market is regulating itself, and I'm kind of liking what I'm seeing.

So - the recovery in South Florida is happening.
A patchy one, but ongoing...

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Tue Feb 19, 2013
The market here in Orlando,FL has been extremely competitive. With interest rates continuing to be at an all time low and home prices very affordable there appears to be multiple offers on the majority of the market. Sellers, if you need to move quickly, now is a great time to put your house on the market!!!
The median home price in Orange County in Jan. 2012 was $108,000. The median home price in Orange County in Jan of 2013 is $128,000 that is over an 18% increase!!! With the new FHA mortgage changes beginning April 1, I suspect March is going to be a very busy month.

Tabitha Banners
Keller Williams Classic III Realty
(910) 431-9507
TabithaBanners@me.com
http://www.TabHoldsTheKey.com
0 votes Thank Flag Link Tue Feb 19, 2013
The Boise Idaho area market is seeing the lowest inventory levels in a decade, and the market for a typical family home priced under $200,000. is particularly hot right now. Clean homes at market price in that price range are now regularly under contract within a day of listing, and often with multiple offers. That shortage of inventory has been causing sometimes dramatic increases in property values, with a 9% rise overall in 2012. We are also seeing far fewer distressed properties (foreclosures and short sales), down from nearly 50% of the market in 2010 and 2011 to about 25% in 2012, and expect that trend to continue. And so as home prices increase and inventory remains constricted, new home construction is rising. We expect a strong 2013, limited primarily by available inventory, and some speculation about a mini-bubble in the market.

Phil Mount, MBA, GRI, ePro
Front Street Brokers
208 -841-0134
0 votes Thank Flag Link Tue Feb 19, 2013
In the Columbus and Central Ohio market we're seeing a significant draw down in inventory levels which is serving to further enhance the market recovery and drive up home values. Homes are selling faster and well maintained homes in desirable areas are frequently receiving multiple offers. We're also seeing a significant uptick in the luxury end of the market and homes priced in excess of $1M.

Jason Opland
Better Homes and Gardens Real Estate
614.332.6984
0 votes Thank Flag Link Thu Feb 14, 2013
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