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Buyer's market?

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Tim Hicks (Texas)

Thread Starter
Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
I work in the DFW area. Has anyone else noticed the ratio of listings vs. sales lately. The high end market ($200,000+ here) has gone flat. Home equity loans are escalating and the property values are not climbing at the rate the newpapers and Realtor Associations are claiming anymore. It seems everybody is expecting their $250,000 (in 2000 or 2001) to be worth $300-350,000 now and current market data barely supports what they paid for it. Listings in the higher end homes are far outnumbering the sales and it looks like a buyer's market again. The lower end homes seem relatively unaffected. However, I am not doing too many home equity appraisals on the lower end homes. They don't seem to be as desperate for the money as the higher end home owners. How does it look in other parts of the country?
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Tim,
I'm seeing just about the same thing on the western suburbs of Denver, especially in the mountain bedroom communities.
Anything more than a half hour commute to Denver is DEFINATELY a buyers market. About 15% of the houses have signs in the front yard and the numbers keep growing, including the lower end.
Homeowners who are looking for refi's are looking more like Bambi in the headlights of a Mack truck.
I keep looking for any indication or clues that this is only a temporary glitch, and I can't find any. I'm convinced that it's going to get worse before it gets better.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Tim: Since I work the Plano/Richardson corridor, I can definitely say it's a buyer's market. Builder's home - original list price - $399,000. Adjusted list price - $389,000. Contract price after extended marketing time - $350,000. Appraised value - $330,000. I've started checking previous listings in market area to see how often the properties have been relisted. As to Equity loans, one appraiser I know does these primarily - he's never been busier.

Final example - trying to sell my son's home. He bought another and is trying to sell his current home. At first, it showed often and well. Now, showings have dropped off 90% even with a reduced asking price. Realtors are reporting that no one's looking.
 
B

Bemis Pownall

Guest
Castle Pines Village home of the International Golf Tourny
homes from $250k(condo) to $2+ million.

10% of homes listed

Hang on the bubble is gunna burst soon!

(Tiger better show this year!)
 
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