CBS Early Show money maven Ray Martin “ Yes, there's really never been a better time to go shopping for real estate.” CBS Early Show Source: CBS.com 3/14/09 IS THIS A GOOD TIME TO INVEST IN REAL ESTATE?
“ With prices down and interest rates at record lows, it’s a great time to buy a real estate investment.” - Barbara Corcoran Source: NBC TODAYShow.com 3/12/09 NBC Today Show
“ It's a good time to snag a bargain if you're confident in your job prospects and you don't plan to sell for at least five years.” Kiplinger's Personal Finance Source: Kiplinger's Personal Finance 3/09
“ At the top of the list: housing. This may be the best time in a generation to buy a home.” Ten Things To Buy Before The Economy Improves Forbes.com Source: Forbes.com 3/31/09
75 percent said it was a good or very good time to buy a home. Pew Research Center Survey Source: Pew Research Center 3/16/09
“ On a month-over-month basis, the total transaction count increased 21%, its largest increase since 2004.” Source: Radar Logic 4/23/09 RPX Monthly Housing Report
Don't Hunt for the Bottom “ Pinpointing a bottom in home prices is very difficult, akin to picking the bottom in the stock market. But data and research indicate we're getting close." Wall Street Journal Source: Wall Street Journal 4/18/09
Source: Westcourt Funds Optimism Excitement Euphoria Denial Fear Panic Despondency Depression Hope Optimism Point of maximum risk in investment Point of maximum opportunity
Whitney is known both for her bearish calls, and thus far, for being largely correct. Which makes her predictions worth paying attention to. Source: Housing Wire 4/07/09 Analyst Meredith Whitney, well-known for her work at Oppenheimer & Co. and now at her own firm, told cable television news outlet CNBC that she expects home prices to fall another 30%.
Conclusion We still expect that national home prices will fall further because of the large number of homes for sale. The worst national price drops are probably behind us, however, and by 2010 national prices should begin to stabilize. Source: PMI Report April 2009
Source: Global Insight 2008 4 th Quarter Report 4/09 House Price Appreciation: 4 th Quarter, 2008
Inventory vs. Price Months Supply Pricing 1-2 Double digit appreciation 3-4 Single digit appreciation 5-6 The Norm 7-8 Single digit depreciation 9+ Double digit depreciation
How big a role will foreclosures play in the Wisconsin market ?
Some of the top U.S. lenders own as many as 700,000 foreclosed homes they have yet to offer for sale, said Rick Sharga, executive vice president for marketing for RealtyTrac. Source: Bloomberg 3/12/09 Shadow Inventory?
On a $250,000 house, a family loses $480.76 per week! Assuming a 10% fall in prices…
Hi Steve: This morning in the sales meeting we announced we are at $985,000 in price reductions. This covered about 22 listings. Thanks, Barbara Wallace
Things you must do NOW ! <ul><li>Close every buyer who wants to buy. </li></ul><ul><li>Extend every listing until the end of the year. </li></ul><ul><li>Re-position listings to reflect current market. </li></ul><ul><li>Work diligently on expireds through the year. </li></ul>