Offline(MarketWatch) -- Challenging real estate markets can be found across the U.S. as home prices decline, sales fall and foreclosures rise. But in some places the biggest challenge has been convincing would-be buyers and sellers that local conditions don't resemble the national trends.
It's a challenge that Randy Jeffers, chairman of the Texas Association of Realtors, faces all the time.
While the number of sales has fallen somewhat, he still regards his market of Amarillo, Texas, as a seller's market right now. The median price of an existing single-family home in Amarillo was up an annualized 11% in the fourth quarter, according to the National Association of Realtors.
"Often they're surprised about what is going on locally or statewide," he said of his clients. As the country's collective housing ills land bold headlines, locals incorrectly extrapolate the information to their own markets, Jeffers added.
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In the Quad Cities, prices were up 4% in the fourth quarter of 2007. Rental rates are at their fastest increase in 5 years. My rental rates have gone up 20% in one year. I have an endless list of qualified renters and not enough properties. I have actually had people offer me more than the stated rent when I told them there were a lot of applicants! It is just silly. Recently on an advertised 3 bedroom home, it was listed for $945 per month and there were over one hundred people that called the ad! The ad only ran for 3 days!
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
You are right in the observation. The prices out San Diego way are still a sellers market but a little further up toward Los Angeles it is definitely a buyers market. I have watched prices drop rock bottom where I am and my niece is San Diego is talking about how the housing prices are jumping higher every week. Just because you have a local trend does not mean it is reflected nationally. So do your research, plan you strategy and position yourself in the best possible way to put your self in action.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Anita... I live in SD and this is not true. It is NOT a seller's market.
At best SD is flat but it is VERY much localized.
Basically it depends on the number of foreclosures in that zip code ie no foreclosures in LJ = a very small drop, maybe 5%. Same with my zip code. Same with Carmel Valley.
But look at National City, Chla Vista, or parts of Oceanside and they have gotten crushed.
But what it IS.. is a bifurcated market. Sellers are NOT dropping their prices. They are either pulling the home off the market or just letting it sit. But banks ARE dealing. So either buy from a bank or don't buy.
Last time I looked was what I was going by. But thanks for giving current info. I am in the AV (High Desert) and it sis a fast down slide here.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Same goes for every state, not any state in peticular, all of the states. Our president says it all. Every state is in trouble. The real estate mkt is down and we are all in a down mkt now. Cindy
cindy REI
Right on Mark!
Don't Wish the Past, Create the Future! - DH