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Realtors finally begin to recognize a slow/declining market

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Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
North Texas figures show a 16% decline in sales and a 17% increase in listings along with an increase in marketing time. They try to say it was due to the bad weather. These kinds of figures are more than weather related. Still, they will continue to say that the market is still strong.

Roger
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Here in this part of rural Wisconsin, see decrease in value, longer times on market, more homes sale then buyers. At least in my area. Closer to Madison I understand the market is still perking along.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
That would be a normal slowing of the market "seasonality" in my area. Now if the "expanding inventory" and "declining number of sales" leads to a "decline in values" then you have a scoop! If you were to do a Relocation Appraisal appraisal you could do a "forecasting" adjustment.
 
B

Bemis Pownall

Guest
We are seeing the YUPPIE type neighborhoods selling for 10% or more less then list price. Unemployment is running out, no job, gotta sell scenerios going on.
Lower end hoods still strong.
Our office got the most sales weve had all year this week!
 

Linda M Lynch

Junior Member
Joined
Dec 12, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
You're right Ray in saying that here in Madison the boom appears far from over. Prices just keep going up by leaps and bounds and you have to wonder how long it will be before no one can afford to live here. The thing that drives me nuts though is when Madison based LO seem to think that prices are the same all over. They'll send you to appraise a property in Beloit or Sauk City and be "shocked" when the property is appraised at much less than a similar one in Madison. They don't seem to understand that the rest of Wisconsin isn't willing to pay $250,000 for a 4 room condo.
 
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