More Bad News, Real Estate Crash Arrives - Oh, really???
As I write this, we are in Chicago. Coldwell Banker is holding its convention called the Elite Retreat where top agents from all over the country meet to discuss industry trends, new technology and use the time to network with each other. Every year we meet reliable agents in other areas to whom we can refer people we meet who need an agent outside the San Francisco area.We also use this time to learn about how the markets are doing in areas other than ours. Everyone we talked to in markets from New York, to Florida, to Georgia to Arizona, are all saying the same thing. Real estate is good! In fact, "more normal market" is what we are heaing, without exception!
For some reason, the media wants to talk about "bubbles bursting" and "housing crashes" and "bad news" and so on. We feel this is a perception they are creating, even though real estate markets are just returning to "normal".
As you will read in the article below, NewsMax and MoneyNews are still reporting declining home sales all over the country. However, in our office (TRI Coldwell Banker, Van Ness, San Francisco) we saw 16-20 ratified deals just last week. This would indicate that the market is still very strong (despite the bad press).
In fact, buyers may have the edge right now. As they sit back and wait, houses remain on the market longer giving them a chance to make offers under the asking price; almost unheard of in San Francisco. But we most recently we have seen properties being withdrawn at one price and then relisted at a lower price. In retail, this is seen as good news because bargains abound. Who doesn't want to buy that plasma television at a lower price? So why is it not good news in real estate? Seems like the same principal would apply here too.
Once again Avram Goldman, President and COO of Coldwell Banker, San Francisco Bay Area weighs in weekly on the state of the market for our area, and his report may be seen here.
Anyway, the news is what it is. So here is Thursday's NewsMax article.
- Mick Orton
posted by SFResidence.com @ 3:20 PM
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