Real Estate Market Conditions

Andrea Messenger — 11/1/06

We’ve heard from many REALTORs across the country about the current market conditions everyone is being challenged with. Tell us about the market in your neck of the woods…. be honest.

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Filed in Real Estate News with 3 comments

3 Comments For This Post.

  1. Mert Sahinoglu Said:

    I would not call it a bad market. Just a market that buyers and sellers seemly cannot seem to agree on the price. (at least in Chicago)

    November 6th, 2006 at 7:37 pm
  2. Edward Torres Said:

    View from the Orlando Real Estate Trenches
    Many clients are asking about the status of the Orlando market. Well, basically it depends on who you talk to, some economists would like you to believe things are Ok. Talk to your neighbors, co-workers and friends and the snapshot of the market is clear, it is a “BUYERS” market. Talk to your local Realtors and they are feeling the squeeze of the market shift. Don’t get me wrong I don’t want to create a level of despair, but clearly the facts are the facts. Currently the inventory in metro Orlando is hovering close to 22,000 active listings, with approximately 2,500 closings per month, that relates to about 10 months worth of inventory. The other factor is that home prices are relatively staying level. The median sales price isn’t a true snapshot of the current market, because seller concessions such as closing cost contribution are not factored in. This in turn doesn’t change the sales price statistics but do have a direct bearing on the market. Now you ask why this discussion? Well, because in this market the key factor in selling homes is PRICING. You must aggressively price the home to be competitive in this market. You must also be realistic on market conditions and be prepared to “outsell” the home next door. So then what do you do? Hire an aggressive agent, prepare the home for showings (curb appeal, tidiness, repairs/maintenance issues addressed) and flexibility in terms are some items to keep your home in a competitive position. Basically, the “View” from the Trenches in Orlando is that the market has changed! We all need to be flexible and aggressive in pricing in this “BUYERS” market! Happy selling as we shift our expectations!!

    November 16th, 2006 at 1:11 pm
  3. Andrea Messenger Said:

    Yes, Edward, I agree.

    Certainly each market may be feeling its own “squeeze” level, but the general concensus is that the Buyers are in control.

    Mert, I am a little confused by your comment — if buyers and sellers cannot agree on price, then WHO is in control there?

    The obvious answer is the Buyer. If Buyers arent’ buying because sellers prices aren’t attractive and inventory is up so Buyers have more choices, then the Buyers are controlling the market.

    Clearly, certain markets (perhaps Chicago) may have less supply or a slower price reduction shift, but the trend on a national level no doubt points to a Buyer’s Market.

    Whether or not all this means it’s a good or bad market depends on whether you are Buying or Selling. In any situation, one person’s misfortune can be another person’s opportunity!

    November 17th, 2006 at 9:54 am

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