Rhythm Nation

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RISMEDIA-NRRE November 2001

Rhythm Nation

Certified Residential Specialists have the pulse of the market

By Walter J. Frey, CRS

The housing market peaked in the first half of the year and slowed in the second, according to the National Association of Realtors? (NAR). This national trend is also reflected in most regions around the country, as Certified Residential Specialists attest.

These Realtors are recognized nationwide for their advanced professional training and experience, and have earned the CRS designation from the Council of Residential Specialists, NAR?s largest affiliate.

Corporate downsizing and a falling stock market are key contributors, they say. Regardless, they agree that local markets are still healthily fueled by low interest rates, and that a good home priced right will always sell quickly.

“In Boston, housing prices are increasing at more than its usual rate of one percent per month,” says Bob Imperato, CRB, CRS, of Boston Realty Associates. “It?s still a seller?s market in the Northeast, but it?s evening out.”

LINK, a private MLS listing service for the downtown Boston area, reports that housing inventory has gone up during the second quarter of 2001 from the same period last year. Houses remained on the market 28 to 80 days, depending on the neighborhood.

“Consumers used to stretch themselves financially to purchase their dream home. In today?s uncertain economy, they are buying smaller homes to leave themselves a cushion,” says Imperato. “It remains to be seen how the recent terrorist attack will affect the economy. Right now our market is a healthy one.”

South along the eastern seaboard, Chapel Hill, North Carolina, actually had better than average sales for a third quarter and homes are selling at 97% of their list price, according to Myra Zollinger, CRS, a partner at Coldwell Banker Realty Center. Chapel Hill has a large retirement and second-home market that attracts buyers year round.

In the Midwest, “the frenzy of the Chicago real estate market has shifted to a more normal pace,” says Glenn Downey, CRS, of Coldwell Banker. “Fewer homes are selling in a matter of hours with multiple offers.”

Downey recently had a listing receive three offers and sold over list price. “The home was priced right and was in move-in condition, and the market responded,” he explains. Properties in his west suburban market had an average 35-day market time and 96.5% list to sale price in the third quarter.

Out west in Denver, “it?s a flat and extremely price-sensitive market,” says Ingrid Glancy, CRS, of Coldwell Banker Preview Office. “All the zip is gone.” Denver has 38% more listings on the market than it did at this time last year and is saturated with more high-end homes than it?s seen in a decade. In addition, foreclosures for the first half of 2001 were up 17.9% over the same six-month period last year.

Homes are spending more days on the market, and Denver has four-and-a-half months of inventory. It is not quite a buyer?s market, but I expect it will be very soon, she says.

“Buyers don?t want to purchase at the top of the market and sellers need to price their homes according to what the market will bear,” says Glancy. She cites a $2.3 million single-family home in an upscale part of town that dropped its price $400,000 to $1.9 million before it even listed because the agent knew that the market wouldn?t bear a home for more than $2 million.

In the southwest, the Texas market is beginning to balance between buyers and sellers, according to Dick Dillingham, CRS, of Keller Williams Realty. He notes that consumers are buying more conservatively and are more cautious to avoid a two-mortgage situation.

He says there are more houses on the market than there were six months ago and the average market time is 60 to 75 days, up from 30 to 45 days.

As in other parts of the country, layoffs, particularly in the dot-com and technology industries, have led to decreasing home sales. “I?ve seen buyers lose their jobs in the middle of getting their loans approved and backing out of purchases. I?ve also seen buyers relocate here for new jobs and get laid off as quickly as two months later,” Dillingham recalls.

In spite of recent tragic events in America, Dillingham feels the economy and housing will remain strong. According to the latest statewide quarterly Texas Real Estate Confidence Index, consumer confidence remains positive.

Walter J. Frey, CRS, the 2001 president-elect of the Council of Residential Specialists (CRS), is the president of Walt Frey Seminars, a real estate mentoring organization, based in Alamo, California.

Discussion Forum

Topic	Posts	Last Poster
Is Social Media Marketing Effective in Real Estate Industry?	3	katescape
The importance of Local.com to real estate agents	1	HItxt101
NEED AGENTS / & REFERRALS	45	DainaBurness
Ethical values in real estate business	2	ballyhoo
MLS exposure without paying the commissions!!	5	uniquepam
Ethics	2	garyfrimann
3 Point Digital Marketing Strategy and the Importance of the ‘Assist’	1	HItxt101
35% Referrals to Valley of the Sun - Arizona	1	k4homes
Inexpensive Real Estate Websites	5	ncarey
RisMedia Forum - What a Response!!!	1	mycondospot

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