Bottom Of Real Estate Market Is Early 2009 According To Realtor Survey
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A survey of 2,500 real estate agents has occurred and the bottom of the real estate market has been announced.
Look for the market to come back in Early 2009 says 52 percent of those surveyed. A pessimistic 16.5 percent say it will not come back until 2010, and 7.7 percent say that we have already hit bottom and are on our way up.
If I had a vote I would say we have hit the bottom in markets that are not overly burdened by foreclosures. These markets have been affected by the national news reports but pressures are not extreme on them.
For those markets that have tough foreclosure pressure already, they still have a ways to fall. California, Arizona, Florida, and Nevada rose too high and are still paying the price and any economic distress will further compound the pain in the market.
One good thing that will happen is that the election is over and the media is going to start talking up any positive news. That should help improve the perception of economic progress in the coming months.
Fifty-two percent of agents said the country will see the bottom of the housing market in the first six months of 2009. An additional 7.7 percent said prices have already bottomed out, and 16.5 percent believed that the bottom will happen in 2010 or later.
“When you get to March, you’re really entering into the spring-summer home-buying season, and that’s when sales pick up,” said Thomas Popik, who designed the survey, which Campbell Communications released this week. “I think a lot of them feel intuitively that as sales pick up, prices are also going to firm up or solidify at that point.” via BostonHerald.com.
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Comment by poor boomer on 15 November 2008:
When will we see the bottom of the Realtor market?
Comment by Tony Sena on 16 November 2008:
I can’t speak for the whole state of Nevada, but in the Las Vegas area, homes are still selling, we are receiving multiple offers and REO homes are selling above list price and standing inventory has been consistenly decreasing. These are good signs that the Las Vegas market might have hit bottom already.
Comment by KLS Pillai on 5 December 2008:
In order to boost Las vegas economy we have to have a diversified economy. I understand that Las vegas especially North Las vegas has lots of potential for development. Thousands of acres of free lands are available for development in north side of Las vegas. Basically, Las vegas economy is based on the income from entertainment..If there is a slight fall in the household income, it can immediately affect the entertainment of the common man… thus can affect the entertainment industry. The loss of jobs are the main reason for large number of foreclosures. It became a cycle. reduction in income of entertainment activities - lost job- foreclosure. In my opinion, goverment should earmark more land for other industries so that factories and other companies can develop in Las vegas thus we can expect more jobs and a mixed income community ( diversified economy) in our region. Goverment should also help the industrialist with tax holidays or other benifits atleast for a short period of time.. say 4 - 5 years. This can help to stablize and improve the housing price. I hope by beginning of 2009, the economy in general and housing sector specifically will stabilize, based on the new plans of federal goverment.
Comment by JCinDC on 6 December 2008:
My guess is “bottom” here means shear volume of executed trasactions to these 52% surveyed. Otherwise I can’t see values bouncing back with the total amount of foreclosures and un-creditworthy buyers increasing exponentially due to rising unemployment and personal debt burdens. Unfortunately, I think we have 18-30 months before there is light at the end of the tunnel, and only if we can get healthier in the credit game and the overall economy all around.