When I’m out and about I often run into friends and clients. The first question they ask is, “How is the market?”
To more fully answer the question I asked my respected colleagues in the real estate community. Below are their responses:
Mike Robinson
20-year real estate veteran
RE/MAX
Buyers are feeling that prices are close to the bottom. They aren’t sure when the prices are going to start going back up again.
We all know that prices will go back up. We just don’t know when. As buyers get jobs, their confidence in the real estate market returns. That confidence will create the appreciation of real estate values.
I receive a couple of calls a day from buyers wanting to get back into the market. I am very excited about the prospects.
Pam Moore
30-year real estate veteran
Lyon Real Estate
Unbelievable!
The higher end of the market is a tough sell — $500,000 and above.
I think that the market is great for anything priced $350,000 and below. The historically low interest rates coupled with short sale and real estate owned (REO) opportunities make it even better for buyers. I think that this is the best buyers market that I have seen in 30 years.
In the early 1980s interest rates were between 18 and 22 percent. It blows my mind to see interest rates between 3 and 4 percent today. If buyers have the money, they should be buying.
Kelly Richardson
23-year real estate veteran
HomeTown Realtors
I really like this market. I am working with sellers who really want to sell. They are educated and are aware of current market conditions. They are willing to put their homes in tip-top condition, and most importantly, price their homes to sell.
I think that today’s real estate agents must be knowledgeable in all aspects of real estate. We are dealing with everything from short sales to foreclosures and everything in between.
Sellers are having to make decisions that they have never had to make before and they need an agent that’s knowledgeable enough to assist them through the appropriate process with confidence.
Sue Thompson
31-year real estate veteran
HomeTown Realtors
Opportunities exist in every segment of the market.
However, I think that residential income property is one of the hottest areas of the market. Investors are seeing returns on their purchases never seen before. I have seen buyers pay as little as $80,000 for a single family dwelling and rent it for as much as $1,200 per month. That’s a gross return (before expenses) of 18 percent.
Real estate prices are down by 50 percent or better, while rents have remained stable, and in some cases, increased.
As anyone can see, there are as many opportunities in today’s real estate market as there are buyers and sellers.
Jumping in can be a matter of good Home $$$s and Sense.
Sue Thompson is the owner of HomeTown Realtors in Auburn. She can be reached at seesue@mac.com, or on the Web at www.homedollarsandsense.com
