Member Perspective

Member Perspective Question:
How's the housing market?

"How's the housing market" was the question sent to a random selection of 200 CBR members. Here's what those who responded said . . .

Tara Bebinger
Keller Williams Consultants Realty

The housing market is looking more positive for a strong first quarter of 2008. The number of showings are up on my listings, the number of hits on all of my websites per listing have almost doubled beginning in December (compared to July through Nov. 2007). Buyers are not making quick decisions but the fact that showings are happening again and offers are coming in is a GREAT sign.

In general, it seems a little more difficult to get buyers pre-approved and find qualified buyers with the lending changes that are happening.

Overall, I am expecting a strong first half of '08 and there are signs that we're on the right track.

Robert Weiler
The Robert Weiler Company

Not as bad as the media would lead you to believe.

For the small segment of the home buying population who acquired their home in the last 36 months using variable rate financing, the market has been disastrous. The interest rates were bought down in many cases so the combination of declining home values and a large bump in interest rates has led to widespread foreclosures.

However, new home construction as well as apartment building has dried up, the banks are overreacting in many cases, so the excess inventory of existing houses will be greatly reduced by the end of 2008.

So the shorthand answer is that the housing market is going to rebound by year end.

Louise Potter
Keller Williams Greater Columbus Realty

The answer is unbelievable?.Our market is a matter of perspective vs. media spin. Interest rates are incredibly low and falling, 5.5% today, the supply is showing signs of realigning with demand and there are great opportunities to invest and own homes.

Like all economic cycles, corrections will happen. The long term picture in our market is one of stability and conservative growth, just as it has been since we started keeping records.

Agents that are working, expanding their marketing and seeking new perspectives are finding this to be an unbelievably good market!

Ersula HayGood
Kent Amlin Realy, Bexley Manager

The housing market, although advertisement says differently, is very good! Now is the time to buy! Buyers can purchase homes that they normally couldn't afford at unbeatable prices! Mortgage loans have great rates! Equity is the reason to own Real Estate. Today's market is allowing buyers to get more house for the money, instant equity, and great loans!

Sellers, however, have to be a little more flexible. Most 1st time home buyers don't have a lot of money saved. So if a seller is willing to assist with closing costs and down payment, they can sell their home in this market within 3 months!

The market is GREAT if you are working with the right REALTOR®!

Jim Edwards
Keller Williams Classic Properties Realty

I have been licensed since 1983 and ran my own subcontracting business from 1977 thru 1983. Times have been tougher and times have been better and change is the constant.

With that said, "The Market" is fair to good if sellers realize that "Fair Market Value" always adjusts for market conditions much like stocks and oil. Homes are a commodity and we are lucky here in central Ohio that we avoid huge ups and downs.

We are finding that our listings are selling when priced where we suggest that they should be listed. Unfortunately, sellers are still expecting high single digit or double digit appreciation over the last 5 to 6 years and we have barely seen 1% to 2 %.

Our job is to advise the sellers accurately over the next year and eventually pricing will turn around.