June 16, 2006

A chainsaw I'd say: Buyers know they have edge


You thought realtors were unpopular today? Well, blame the messengers, they're likely telling homeowners across the country, and Phoenix, to rapidly and significantly lower their asking prices if they want to find a sucker (oops I meant buyer).

Lowballs are likely the only offers being seen in some areas too - especially Phoenix, Vegas and Miami...

Here's an article from the real estate hellhole of Detroit. I love the realtor quotes. Why dear god why does the MSM do it?

Metro Detroit home buyers have the edge over sellers right now and they know it.

"The market is positioned a little more in the buyer's favor right now," said Jeanette Schneider, vice president and co-regional director of RE/ MAX Southeastern Michigan. "With many homes on the market to choose from and favorable interest rates, the time is right for buyers to find the home of their dreams."

In both Oakland and Wayne counties, 18 percent of homeowners said they expect their homes to sit on the market for at least five to six months once they list them. That was the most-given answer in both counties.

In Metro Detroit, homes are taking four months to sell, on average, according to RE/MAX. The higher the asking price, the longer a home takes to sell, in general.

"The misconception held by many is that the real estate market is doing poorly and has hit a slump," Schneider said. "The truth of the matter is that, in recent years, the market was at a record high. Today, the market has leveled out and is back to normal market levels, which are still impressive numbers."

Homes sat on the market for an average 113.3 days in the first quarter, compared with 69.7 days in first-quarter 2005. The number of homes on the market at the end of the quarter was 16,795, versus 11,006 at the end of firstquarter 2005.

4 comments:

Editor said...

The real estate agents may have found a solution. Look at this surveilance video:

http://smhbn.blogspot.com/2006/06/agents-of-fortune.html

Anonymous said...

Whew. I'm so glad that the real estate market is back to normal. I guess 50k properties for sale in Phoenix is the new norm.

foobeca said...

How about getting back to normal prices? Like around $125-150k for a 3/2 house in SLC when it now costs $250k.

Anonymous said...

uhm...yeah....ever been to Detroit? It's no wonder those places will sit for months. Throw in the fact the American auto industry is going down the tubes (rightfully so, as they have nobody but themselves to blame) and you'll get a depressed hosuing market.

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