Are we at the BOTTOM of this DOWN MARKET? How do you know? What are the signs of being at the BOTTOM?

Asked by Pierre S King (Free Real Estate Tips From The King), Brooklyn, NY Thu Sep 17, 2009

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Bill Eckler, Agent, Venice, FL
Thu Sep 17, 2009
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Pierre,

We are definitely seeing an increase in market activity however this activity can largely be credited to the first time buyer tax credit incentive and the delay tactics banks are using for processing the thousands of "short sales" to "foreclosures."

Our concern remains to be, how much of the recent influx of activity is genuine, and how much is false? Since the market is really being manipulated, what will the lasting effect be?

We are keeping an eye on the inventory of homes that are currently "for sale".........waiting for this number to settle back to within the historical average range as well as the number of short sales and foreclosures that exist.

There is little doubt that we are heading in the right direction........however, there may still be challenges ahead.
0 votes
Rhonda Holt, Agent, New York, NY
Tue Sep 22, 2009
Well Pierre, since you are my partner in Real Estate I think I can shed a little light on this question for you. I believe we are at the bottom when you begin to see less inventory of pre-foreclosures and foreclosures on the market and when you begin to see the prices slowly increase.

So are we at the bottom? Not yet. Even though we can not determine the market, I still see prices dipping a little, so I give it another year or so.

Rhonda Holt
Full Time Top Sales Agent
Weichert Realtors, H.P Greenfield http://www.KandHhomes.com

Web Reference: http://www.KandHhomes.com
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Sep 18, 2009
Signs are when families are out shopping for homes !

If you have "different venues" in real estate you can "pump up volume " in those areas vs. residential sales.

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
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0 votes
Fred Griffin, , Tallahassee, FL
Thu Sep 17, 2009
http://www.cnbc.com/id/15840232?video=1255817812&play=1

Interesting Five Minute Clip from CNN featuring three "Experts"

Armando Falcon, former head of Federal Housing Finance Agency

Spencer Rascoff, Zillow.com

Susan Wachter, Wharton School of Business professor

Listen to their comments about the upcoming Foreclosure Spike... Increasing Unemployment... No Private Capital available... etc.

http://www.cnbc.com/id/15840232?video=1255817812&play=1


----------------
Best wishes,
Fred
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0 votes
Steven Seidm…, Agent, New York, NY
Thu Sep 17, 2009
DEAD FISH floating at the bottom of the river We are not at the bottom we are still due for an adjustment
0 votes
Maureen Fran…, Agent, Birmingham, MI
Thu Sep 17, 2009
I don't think anyone can answer that question and be accurate. It is a guess, at best. It is hard to call the bottom of the market until we are on the way out of it.

Are the foreclosures in your market cleaned out? Until they are, the low points are not finished.
0 votes
Pierre S King…, , Brooklyn, NY
Thu Sep 17, 2009
Ralph:

Great insight! The FREE $8000 Credit for First Time Buyers has definitely brought life to our market. Please have your clients to begin COUNTING DOWN TO THE FINA. DAY: Read:

http://www.trulia.com/blog/pierreking/2009/09/first_time_hom…

I'm seeing some signs of being there but will disclose it later on. In addition, I will pass referrals as they come. Please do the same

Thanks.
Web Reference:  http://www.kandhHomes.com
0 votes
Ralph Windsc…, Agent, Hauppauge, NY
Thu Sep 17, 2009
Hey Pierre, How are things in Brooklyn? I grew up in Queens, lived in Brooklyn and Manhattan for short stints and now live and work in Suffolk (manage a Century 21 office in Ronkonkoma). While business has certainly picked up, it's mostly the first time home buyer crowd and they're looking for bargains, bargains, bargains. I think there are still alot of bad loans out there which will continue to make short sales and foreclosures a main stay. I doubt we've hit bottom yet. I doubt if we'll see the kind of declines that we've seen since 2006, but I don't think we're at rock bottom yet. If you ever have any clients or customers in Suffolk, please keep me in mind for referrals.

Ralph Windschuh
Associate Broker
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
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