Housing bottom: Who cares anyway?
Inman blog scan
By Inman News, Friday, August 29, 2008.Jonathan Miller tackles every real estate analyst's favorite game right now -- "calling the bottom." It is probably one of the most talked about issues for anyone even remotely involved in real estate, and Miller does an excellent job addressing the issues behind the need to know where the bottom of the market might be. He also does an even better job explaining why all of the discussion might be pointless. Check out the blog post, "[Analysis Paralysis] Calling The Bottom Of Calling The Bottom Of The Real Estate Market."
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Submitted by Wenceslao Fernandez Jr, BS, Realtor, CDPE on August 29, 2008 - 2:24pm.
Two nights ago, Jim Cramer from CNBC's Mad Money, called the bottom on July, 2009. Basically, the 3rd Quarter of 2009 will mark the bottom of the real estate market according to Jim.
Obviously, some markets would hit bottom along the way, until the worst finally hits bottom once and for all in about 309 days from the show's date.
The caveat he used - for Fannie and Freddie to be absorbed by government.
Regardless of when the bottom comes to your town, the question in everyone's mind then will be: when will my house be worth again the zillions I paid for it in 2005?!
www.MiamiRealEstateKing.com
Certified Distressed Property Expert
Miami-Dade County, Florida.
Submitted by Mott Marvin Kornicki on August 29, 2008 - 4:16pm.
Pridicing the "bottom" [of the real estate market] is certainly art art rather than a science. I believe that many markets in the US, have already bottomed out. Other markets will continue to see declines and stablilization.
Quality and location have maintained while pre-construction projects in mediocre neighborhoods are in abundant supply with little to modest demand.
The areas where we specialize; Aventura, Bal Harbour, Golden Beach, South Beach, Surfside and the neighboring communities have held value better than most neighborhoods.
Mott Marvin Kornicki, Broker
www.WaterwayRealty.com
www.Hybrid-MLS.com
305.935.3533 Main Line
Submitted by Bruce Hahn on August 29, 2008 - 6:21pm.
American Homeowners Grassroots Alliance
The critical question isn't when we hit the bottom, but the level of the bottom. If we're near that level, the market will recover in an orderly way, whether we hit that point in 3 months or 3 years. On the other hand, another 10-15% drop in home values will threaten the stability of financial markets, regardless of when that should occur.
Submitted by Russell Volk on August 30, 2008 - 5:29am.
I honestly believe that the housing market will hit the bottom as soon as the new president is elected. Once we have a new president, that will embed hope into many Americans who are not really sure now where the market is headed. It will give Americans the confidence that is missing right now. Let's hope that that's the case.
Website Bucks County Real Estate
Submitted by Ki Gray on August 30, 2008 - 4:23pm.
I think the election will probably help the market as well. I don't know if that will be the bottom but I dont think we are going to start seeing an improvement until the election.
Site Austin real estate.
Search Austin MLS
Submitted by Doug Patterson on September 1, 2008 - 8:54am.
So-called "news" like this is based on the flawed premise that there is such as thing as "THE real estate market." There are _thousands_ of real estate markets - some good and some in the tank. News (and pundits) that misleads people into believing that "the market" still has not hit bottom is just manipulation, intended or not, and does nothing but create unnecessary fear.
Here in Greenville SC real estate is doing well, and we are not dragged down by the overvalued Miami condos or the coast of California. There are other places in the US that can say the same thing. Real estate is LOCAL! We in the business are always fighting this battle against the media to educate our clients.