Thread: How bad is the real estate market

I am interested to hear from agents around the different states on how the market is running in your local area - Listings, sales, inquiry levels. Who is buying? Investors? People upgrading, first home buyers or noboddy? How is rest of 2007 looking?

Still in transition from seller's market to buyer's market, meaning it sucks because sellers still don't know and buyers don't know yet!
Mainly investors looking for a positive cash flow deal that doesn't exist anymore...well, it sucks in East TN ...

Lots of foreclosures on the horizon in so cal. The market is still pretty steady but things are on the market a little longer these days.

Tucson real estate market is becoming more saturated, April 2007's monthly report cited 10k active listings compared to 3,500 in April 2005. Median price has held fairly steady since last year. Average DOM is ~65 days.

The coastal towns in San Diego are doing quite well.

Some of the entry level condos Downtown are hurting a little - modest reductions, longer market times, more expired's - but that's in contrast to the larger units.

Go further east and defaults are steadily increasing. We have a lot of bank owned and short sales (out east). Also larger price reductions.

The Hilton Head Island real estate market is doing very well. Unless you are making a comparison to 2004 and 2005. In that cases it has slowed especially when talking about lower end older condos. But second home and permenat residential home sales are still strong. Of course we have more inventory than the last couple of year but good properties are still moving. In our market 2004 and 2005 were the inomally not 2006 and 2007.

Lots of part time agents in the local market are going back to waiting tables or bartending but the serious fulltime agent is doing well. As true real estate pros know we can make money in all markets. Donald Trump says that he always makes more money in a slow market verses a boom.