Foreclosure in 33904>Question Details

AQUA PROPERTY…, Real Estate Pro in Cape Coral, FL

When do you think the real estate market will bounce back????

Asked by AQUA PROPERTY GROUP INC, Cape Coral, FL Sat Jul 28, 2007

Help the community by answering this question:

Answers

16
Buyers have been sitting on the sidelines cautiously waiting for good news. While mortgage guidelines may tighten up, many buyers have funds and excellent credit. When their confidence increases, we will see some activity from this group.
2 votes Thank Flag Link Sun Jul 29, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
Trulia "Community Guidelines" prohibit me from responding to this question...
2 votes Thank Flag Link Sat Jul 28, 2007
Public and private real estate investors are cognizant of overbuilding of the 1980s and the subsequent effects upon the real estate industry in the early 1990s. Supply of real estate exceeded demand, causing vacancy rates to rise, rents to fall and cap rates to increase, ultimately leading to decreasing property values. Investors want to know where the real estate market is heading, which submarket is hot, which submarket is losing market share, and where new supply will show up over the next five years. Basically, investors want to know what the future risks to an investment are. Currenty, in Brevard County, FL, one finds an excess of supply and a shortage of demand. Hence, we remain in a buyer's market. This will continue until demand catches up with supply.
1 vote Thank Flag Link Sun Aug 12, 2007
Perception is everything. If the population as a whole continue to buy into the press & media's tendancy of painting a picture of nothing but doom and gloom, pretty soon everyone begins to believe it, buyers & sellers start riding the fence, and markets & economies respond accordingly. I am not suggesting that there are not challenges in today's real estate market and I know that some have been adversely affected more than others. However, change is inevitable but how we react and respond to it makes all the difference. I believe that we, as agents and Realtors, can & need to do a better job educating our clients, family members, friends and co-workers of the market trends, guard ourselves from focusing on and just talking about the negative aspects, and look for opportunities and creative ways to best serve our clients. Most importantly, let us not loose sight of the professional skill of "selling." After all, isn't that what experienced and talented salespeople in any given industry do?
1 vote Thank Flag Link Sun Aug 12, 2007
TED SHOOP, Real Estate Pro in Buford, GA
MVP'08
Contact
the real estate market will bounce back on Election Day 2008..
1 vote Thank Flag Link Sat Aug 11, 2007
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
Our market here is spotty (we call it a dalmation market). Some cities are moving well and others are taking months to sell. A property priced property that is marketed well, will sell with 45 - 60 days. In fact I believe we are in more or a balanced market.
Web Reference: http://pamwinterbauer.com
1 vote Thank Flag Link Sat Aug 11, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
Contact
the MARKET?? That is a BROAD question.

The ENTIRE Market is one thing but the neighborhoods and cities are another. They can all have their ups and downs ...

Some markets have already recovered!!
1 vote Thank Flag Link Mon Aug 6, 2007
The real estate market is in a correction not a down market. In 2003 Collier County had the best market ever. This market is about the same, What you don't have are the speculators and flippers that caused the market to appear to be down. There are a lot of buyers looking for deals and there are a lot of deals to be found. We as real estate professionals need to go after those buyers educate them as to what the market is doing and show them the deals.
1 vote Thank Flag Link Sun Jul 29, 2007
It's already starting, but you won't read too much about it in the press.
1 vote Thank Flag Link Sun Jul 29, 2007
This is a great question. I believe in always looking in the positive side along with the facts. I know in the past 60 days even though people would like to paint a doom and gloom in the mortgage industry and are not mortgage professionals my applications YES real applications have gone up. With the tighten on the guidlines it is tough to always help these people get approved. However, I look at this in a positive way that people are out now and are getting motivited to buy.
0 votes Thank Flag Link Sun Aug 12, 2007
I mentioned this elsewhere, but I want to bring it up in this thread. A large part of the 8.1% jump in mortgage applications is likely due to the applicants already in process with a lender going out of business having to apply to another lender. Another factor increasing the number of applications by previously qualified borrowers is the need to re-apply to new lenders after having been turned down because their original lender tightened funding criteria. Most, if not all of the "jump" is probably attributable to these factors.
0 votes Thank Flag Link Sun Aug 12, 2007
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
Don't get caught up in the media hype. The month of July showed a jump of 8.1% of Mortgage applications. This is a great sign. I know many people who missed the boat on owning a home are now looking again because with some of the area's dropping in price and the Mortgage rates holding steady they can now afford a home. Don't believe everything the media has to say I work with several lenders who are still in business and are very healthy companies. They are still do business.
0 votes Thank Flag Link Sun Aug 12, 2007
A short answer: The market will recover when buyer confidence returns, which is likely to happen when the financial advantages of owning a home outweigh the safety of renting. As rents rise, the appeal of home ownership will expand--and so will real estate market health.
0 votes Thank Flag Link Sun Aug 12, 2007
Roberta Murp…, Real Estate Pro in San Diego, CA
MVP'08
Contact
The market is forever changing. I wish there was a simple answer. The subprime mortgage problems are just starting to hit. There are Billions of dollars of subprime mortgages that are coming due with accompanying rate changes. This is going to create another level of short sales and foreclosures. ultimately increasing an already flooded market. With more inventory and more restrictions on lending the market isn't cosidered to be returning to a normal year over year sales program till 2009.
0 votes Thank Flag Link Sun Aug 12, 2007
In the South West Florida area , we are seeing a return of buyers. It is turning around but very slowly, buyers are looking for value, and it is up to the real estate professional to price the properties and market them in such a waay that potential customers can see the value. Pricing below assesed value or appraised value. Creating incentive packages for buyers, possibly finding creative financing packages and have that information available to all your clients.
0 votes Thank Flag Link Tue Aug 7, 2007
It's very hard to say--real estate is such a localized industry with the fluctuations depending not only on the economy, nerves, and interest rates on a national level, but also the employment trends, school districts, buying power in the area on a regional, and more local level. Here in the Bay Area I'd say that the real estate market will "bounce back" by end of 2008, but that's all speculation, nobody can predict the future though we all hope for a gain in confidence soon.

Here it's a mixed bag of areas that have hardly been affected by the real estate struggle and those areas that have been hit rather hard. There is so much to consider when thinking about the strength of a particular area for real estate that it's important to read up on all the trends and statistics on what is going on behind the scenes in your area. Hope that helps with your prediction decision.
0 votes Thank Flag Link Mon Aug 6, 2007
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer