Before the Fall
David Lerah, chief economist of the National Association of Realtors, is usually one of the more optimistic forecasters of residential real estate. “I’m hoping for prices to drop” and “sellers are not bringing prices down fast enough” are two statements that home owners would prefer weren’t uttered by Lerah. But those are two quotes from a Wall Street Journal interview he did in relation to the July housing statistics that recently came out.
An increasing numbers of homes are coming onto the market, while the number of homes selling declines as compared to a year ago. That means there is a virtual stalemate, where sellers aren’t budging while buyers are being spoiled for choice and feel that there isn’t a need to offer the list price.
Lerah, traditionally the optimist, may have dealt another card to buyers, particularly in California and Florida.
David Lerah is definately not jumping the gun and forecosting what may or may not happen. He’s obviously taking it one step at a time. You cannot lump the entire country together as one market. There are some markets where how prices may still be increasing and markets where home prices have dropped 15%. If your interested to know the market condition of your area, contact 3 local real estate agents and ask for their opinion. You can also look through the data provided by the local Association of Realtors.
Sincerely,
Richard Johnston, REMAX
http://www.properties.la
Richard Johnston
7 Sep 06 at 12:43 am