Comments on: What’s Going on With the Real Estate Market?

By: Redfin’s July Newsletter… | Redfin Corporate Blog

Redfin’s July Newsletter… | Redfin Corporate Blog — Wed, 29 Jul 2009 04:42:00 +0000

[...] Declines to 9.4 Months Inventory has generally decreased, drastically in West Coast markets, where our agents often describe buyers as frantic. In California, we’ve taken clients on tours in late June where a dozen people are lined up to [...]

By: San Francisco Kid@San Francisco, CA Homes for sale

San Francisco Kid@San Francisco, CA Homes for sale — Mon, 13 Jul 2009 03:48:48 +0000

Lets hope this real estate trend continues. I think we all need some good news at this point.

By: Case-Shiller Data for April 2009 Hits the Streets: Price Drops Not as Steep | Redfin Corporate Blog

Tue, 30 Jun 2009 17:53:00 +0000

[...] how busy Redfin and other brokers have been since April, our own take is that Case Shiller numbers won’t decline much for May or June, but it’s [...]

By: Matt

Matt — Tue, 16 Jun 2009 07:09:17 +0000

People are getting out there and looking. I’ve seen a huge increase in the last 6 months.

By: Bart

Bart — Sun, 14 Jun 2009 14:19:43 +0000

I have 2 houses for sale. One in Kentucky on a lake.(beautiful) @ $199,000. Has been for sale for two years. One showing! One in Texas @ $285,000. (Sun City) Listed two months, Four showings. No offers on either property. We have dropped prices on each with no effect. I don’t see market as gaining sales. There are real steals out there, and very little interest!

By: Richard Stabile

Richard Stabile — Sun, 14 Jun 2009 03:36:09 +0000

Our market in Bergen County has picked up. Pending sales are up as normal for this time of year. We are basically back on a normal seasonal track. However it seemed to start a little late due to the credit crisis impacting our mortgage market.

By: Jason Quintero

Jason Quintero — Thu, 11 Jun 2009 22:17:35 +0000

As a Redfin partner REALTOR I have seen a large shift in the supply and demand of homes in Vacaville, Ca. About a year ago there were plenty of homes on the market and the buyers were just waiting and watching the prices drop very quickly. Now we have a shortage of homes on the market still with very affordable prices and low interest rates. Just about every home on the market now is getting multiple offers and bidding the prices up! Have we hit the bottom in the Vacaville, Ca. real estate market? I don’t think so since I know we have more REO properties coming on the market, but we might be close.

By: Glenn Kelman

Glenn Kelman — Wed, 10 Jun 2009 23:04:03 +0000

@anonymous: I agree, but who can blame the banks for titrating supply to demand?

@Galen: yeah, I know what you mean, we’ve argued elsewhere that demand can increase without affecting prices because of the inventory in reserve.

@Jim: many folks in our forums have commented that homes are going under contract and then coming back on the market. Astute observation.

By: anonymous

anonymous — Wed, 10 Jun 2009 21:30:28 +0000

My relatives and I are in the loan biz (5 bankers in my family. I work for a brokerage). The truth is, the banks are purposely withholding thousands of homes alone in socal, manipulating supply and demand in order to control home prices. Most of the reason is clear, however the banks internally claim that this is to slow the decline in sales. This is true as well, as it gives time for internal shareholders to bail out before the expected crash this summer, but the greater truth is simply manipulation.

By: Galen

Galen — Wed, 10 Jun 2009 20:08:08 +0000

We are also seeing increased traffic and a lot of interest in seeing homes. I don’t expect sales to be off the charts, but they are staying steady.

I think you’re mixing up declining prices with declining sales. Loads of foreclosures can mean more sales (banks have to sell at some price!) even though they can mean lower prices.