Real-Estate Bubble Popping?

Weather Man

Persistance Is A Bitch
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Just read where more moving vans leaving CO than entering.

Read this blip today on a real-estate blog.

9 a.m. I am on the phone with a nervous seller trying to explain the latest crazy shift in real estate here. In the last few weeks, it’s like someone turned the tap off. Things in Montana went from absolutely insane to kind of dead!

This particular client is in a panic because her neighbors’ house — a mid-century ranch near Bozeman — sold in a day, for $200K over asking price, all cash, just three months ago. And now, listings just aren’t selling.

I try to tell them that you can’t just sit around and sulk. You have to come up with a plan. You host a broker’s open — where it’s like, “Stop by for lunch and a raffle drawing!” You go old school and market your house really creatively to try and make it stand out.

Everyone wants to blame the Realtor. But I turn it back to the house. Let’s reevaluate price, condition, location, and marketing. Also, curb appeal. How do we make it the nicest looking house possible? Over the last two years, we didn’t have to use stagers at all. Houses sold without lifting a finger. But considering the state of things today, I suggest we stage this house, or at least stage it virtually — which means you have your photographer come in and take pictures of the house without anything in it, and then the stager Photoshops in furniture. My seller is open to that idea.
 

q6543

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Not a real estate "bubble".

You can start to think about real estate being in a bubble when 50year mortgages are normal... that's the beginning.

It will run through until we unlock 99year family lifetime mortgages. Ala Chyna.
After 99 year mortgages run for a few decades...then and only then... will we be in a real estate "bubble"

We actually have the cheapest housing in the 1st world.
 
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Uncle Meat

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My home will be paid off at the end of this year so I'm in the market for a Summer vacation home/property in Michigan. Wonder what the market will be like 6 months from now?

U.M.
 

5.2Leader

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I don’t think the real estate bubble will pop per say. I think there will be a real eye opening market correction within 60 days.


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mariusvt

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Market is definitely cooling here, homes staying on the market longer and multiple price drops. Selling prices 30-40k below the peak a month or so ago.
 

SHOdown220

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If you were a selling agent in the past 2 years it would have been well worth it to work every waking minute to make as much money as possible. No other time I can think of that all you had to do was list a house and take the highest offer made without having to actually market the house.

I know our agent was closing multiple houses a month she was making a killing.
 

rotor_powerd

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Writing is on the wall for the housing market to grind to a halt with the next massive rate hike coming within weeks.
 

Mojo88

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Real estate market on fire here in 'Rogue' Island (Newport area). Hotter than Hell. Out-of-state buyers bidding up prices continually. Tear down a nice house to build a McMansion, money no object. It's nuts.
 

VegasMichael

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I think we're just at a point where most who could afford to buy have already bought and everyone who still wants to buy but can't afford it will wait for prices to trickle downward since certain areas, especially the Southwest, have had an increase in supply as well as price reductions beginning. I think things will start to sway more in favor of buyers in certain areas, aside from interest rates of course.
 

me32

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Should get interesting. The roller-coaster will continue for the time being.
 

MG0h3

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Not a real estate "bubble".

You can start to think about real estate being in a bubble when 50year mortgages are normal... that's the beginning.

It will run through until we unlock 99year family lifetime mortgages. Ala Chyna.
After 99 year mortgages run for a few decades...then and only then... will we be in a real estate "bubble"

We actually have the cheapest housing in the 1st world.

You have a really weird way of looking at things.

I recall you saying we were in the beginning of a 10yr bull run just a few months ago.

Was the 2008 bust a real estate bubble to you?

If you don’t think real estate sales are going to significantly shift, causing a price decline, I think you may be nuts or just delusional.

I’m starting to see 10% price cuts in my area.


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