Market Conditions in 32503>Question Details

Anne, Both Buyer and Seller in Pensacola, FL

How does this market compare to the last time this country was in a recession?

Asked by Anne, Pensacola, FL Mon Mar 24, 2008

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I wish agents would stop whining about media coverage. The Media never get it completely right or completely wrong. I think we the public is smart enough to decide for themselves.

There are still many buyers that see the value in today’s market. Also, many people are buying and selling for the typical reasons people normally do: Upsizing, downsizing, moving in to the moving out of the area. People’s basic needs have not changes.

As for the question "How does this market compare to the last time this country was in a recession?"
The current economic conditions have not officially been defined as a recession, so let’s call it an economic downturn for now.

The current economic downturn compared to the 2000-2001 recession. Currently we are seeing slightly less total residential sales but pricing is still way above 2000-2001 levels especially near the water.
0 votes Thank Flag Link Sat Jul 19, 2008
I would like to agree with Mr. Halpern in that the media has created such a unnecessarily nasty image of the economy. In reality, recessions are natural occurences in every business cycle. Of course, unemployment has risen over the past couple of months, and as far as real estate is concerned, foreclosures have increased and there are more homes on the market than there has been in recent history. However, it is time for us to focus on the positive aspects instead of floundering around in the negative. For instance, interest rates are at historic lows, and more homes means greater variety and more bargaining power for potential buyers.
0 votes Thank Flag Link Mon Mar 24, 2008
The media is playing a much bigger role in getting the word out. They have become the perception that created this reality. The last recession only affected a few, this one affects all. Between gas prices, home prices, etc. However, all is not doom and gloom. My market (Morris County, NJ) is thriving and so are others. There is plenty of opportunities out there for buyers and seller, you just need to find it. And although we cannot worry about what we cannot control, we have the ability to adapt to it. Those that do will thrive. Good luck.
0 votes Thank Flag Link Mon Mar 24, 2008
last time we were in a recession was 2001. this recession will be different. the bubble is not the tech stock market, the bubble is the housing market. a lot more weatlth to be wiped out.

wait a while, no hurry to buy, housing prices will decrease further in the coming years.

Now let me remind you, if the dems get the White House and retain both the Senate and the House you can expect to see some wealthy people complain a lot. but the average joe will enjoy the benefits of higher taxes on the wealthy

anyways,

good luck
0 votes Thank Flag Link Mon Mar 24, 2008
We can't compare this market to the last time we were in recession because we're not in a recession. The GDP is still in positive territory, Some inflation is inherent with a free-market system. un employment remains low, interest rates on new loans is still at or near record lows.

The really good news is people are growing tired of waiting for the sky to fall as the liberal media has been pointing out so they are starting to buy again. Prices are close to stabilizing as the "greed factor" goes away.

All is right with the world right now!

Now let me remind you, if the dems get the White House and retain both the Senate and the House you can expect to see some hefty tax increases and then the buying power of consumers will go down the drain

JD “Dan” Weisenburger, GRI
Broker-Associate REALTOR®
Vanguard Realty, Inc. GMAC Real Estate
Web Reference: http://www.neflahomes.com
0 votes Thank Flag Link Mon Mar 24, 2008
If you look at the normal climb of property prices, we are still on track. You really have to remove those two years of craziness when prices and demand far outweighed normal sensibilities. The Gulf Coast still has some really positive things happening, and people still want to move to Florida to enjoy the beaches and lifestyle and relatively inexpensive cost of living. People still get relocated for employment purposes, too, and interest rates are unbelievably low--It is our expectations that have gotten off track!
Web Reference: http://www.MykeTriebold.com
0 votes Thank Flag Link Mon Mar 24, 2008
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