Seeing some big declines now in sales transaction velocity. This at the same time a record number of realtors are crawling around for fewer deals.
Word from the street anyone?
It's summer, but North Carolina's once-hot beach real estate market has turned frosty.
At the north end of the coast, years of double-digit appreciation and booms in speculation and in giant, multimillion-dollar rental houses have ended. In April and May, the number of existing homes sold on the Outer Banks plummeted by more than half compared with the same months last year, according to data kept by the N.C. Association of Realtors.
On the southernmost stretch of coast, sales in Brunswick County have dropped about the same amount. In Carteret County on the central coast, the 15 percent fall in May and the 34 percent drop in April look cheerful by comparison. But according to locally compiled statistics, sales on Emerald Isle are down more than 60 percent.
July 03, 2006
Any honest realtor out there care to tell us how much their business is down from last year?
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My aunt sells real estate in massachusetts. Has been in the biz for 20 years. Last time I spoke with her, she was mentioning getting a "real job", since the market was so slow. Last fall is when her business went to almost zero.
Honest Realtor is a great oxymoron.
My friend just put two condos on the market in SoCal. south county area last week. The seller was really concerned about getting out, so she told my friend to set the price to below the lowest price for the same product in the area. Well, guess how many people came through to look at them this week? One! Now, I know the area very well, and this is scarry!!!!
austingal, I believe I read in previous comments that you moved to Austin from Abq,NM. Can you give me a quick rundown on Austin vs Abq? How parts of Austin might compare to Abq, say? I live in NM, but am starting to look around for potential relocation locales, and have been reading about Austin. Thanks.
I ran into a guy last week who was a mortgage broker. He gave it up to join the Navy...(do you beleive that). Told me that last summer was the peak..and now everyone is getting out of the business. He has a degree from a local university (This is the Boston Area).
He joined the Navy..at age 34!!!
I ran into a guy last week who was a mortgage broker. He gave it up to join the Navy...(do you beleive that). Told me that last summer was the peak..and now everyone is getting out of the business. He has a degree from a local university (This is the Boston Area).
He joined the Navy..at age 34!!!
How about an honest broker telling us how much their business is down as well.
Real estate is notoriously "feast or famine". Ask for one agent's business situation and you'll hear exactly that, feast or famine, no matter what the broader market is doing.
For the health of the market, I think the most critical stat is volume/inventory. If it's a very small market (like Boulder), you really should look at 3 months of data because of typically high volatility. Where it gets confusing is when you think about what to compare it with. Many locations, particularly on the coasts, experienced very hot markets during the past 2-4 years. How meaningful is comparing this year to abnormally high volume/low inventory of the previous few years?
Here's my analysis of Boulder's real estate market and from the main page on the blog, you can track other local markets in the Boulder area. Choose from the menu on the right. The last chart in each post is sales volume/inventory.
As usual, Osman answers with hard data, an honest assessment, and does not take the bait of Keith's taunts. He's doing a good job of deflating our collective bias against real estate agents.
osman is a credit to his profession.
seriously
compare osman's analysis, rational discourse and command of the english language to his peers - the bartenders, strippers, used car salesmen and con artists who became realtors over the past few years
some realtors will make it - although it'll be rough for everyone. but I'd say 50% will get chased out of business over the next few years.
there are still some travel agents out there too. aren't there? the ones who added value and treated their customers right, while being honest, moral and ethical.
osman is a credit to his profession.
seriously
Ditto. Add another: Jim the Realtor® at:
http://bubbleinfo.squarespace.com/
Jim does for North San Diego what Osman does for Boulder. That said, Boulder equally appears to be defying gravity at this point. All the usual codiciles apply, smaller market focus, edge urbanism, etc.
at this point last year for the month of June I had 4 in escrow
this year for June I have 3 in escrow
my bus down 25% from last year but the same as it was in 2004,2003,2002
-65%
They are still carving out many new subdivisions in the area surrounding Huntsville, AL. This place has slowed but the developers think it is not dead.
Time will tell.
I set up an account at homegian.com posing as a would be 'seller'. I got bombarded by over 20 local agents here in SoCal via email. In their 'profile' it shows stats of this year vs. last year sales. Every single one had less than 10 sales this years versude an average of 50 last year. Good luck on the transition!
To the poster wanting to know about how alb, compares to austin. To me, they seem about the same size. Similar highways and infrastucture ect. There are no wind or sand storms here. Yahoo! It's not as humid as I thought it would be. Many days are quite dry. It is hot here. It doesn't cool down at night. The people here are more liberal and educated- for the most part. There is more family friendly, and free, stuff to do. People seem to have more money here. The houses in the nicer parts of town are quite expensive, and the taxes are really high. There are some areas with excellent schools. People are friendly here. Tell me what else you'd like to know.
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