Redfin reports a "significant" slip in home sale activity, but it's not the economy, says CEO...

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InvestingInMobile Comments (53)
 
If true, this is a good sign. People having to spread their geographical searches will help spread the recovery.
6 Jul 2012, 12:51 PM Reply Like

wigit5 Comments (2473)
 
Or the lucky people selling homes in desirable areas will be great, and those who bought in less than desirable will be stuck with a house they can't afford or don't want!
6 Jul 2012, 12:54 PM Reply Like

TAS Comments (1128)
 
Redfin is nuts.

I am involved in real estate in six states and there are a glut of homes, for sale/abandoned/ listed in all areas. Sure, there will be a few bright spots, such as NYC and DC, but to claim there is a shortage of homes for sale is an insane observation.
6 Jul 2012, 12:55 PM Reply Like

Atkins Comments (633)
 
Agree with TAS.

After that comment by Redfin's CEO, I am wondering what island he is living on. Maybe St. Barts.

The Midwest market remains a mess, albeit much better than the coasts. Lower-end houses are selling well, but that's it. Higher-end houses are a disaster. The price decreases are shocking, and that is within a region known for its lack of volatility. I know several people who bought last summer, thinking they got a "bargain," and they are now grumbling that they should have waited because they could have bought the same house for an additional five or ten-percent discount in 2012. My best friend is a successful real estate agent, and he echoes my thoughts above. He's doing very well on lower-end housing but sales in the middle and higher-end ranges are sluggish at best.
6 Jul 2012, 01:03 PM Reply Like

glenos Comment (1)
 
Fo Sho. Certain Boston markets are crazy right now, and inventories of quality homes and condo's are down so it has definitely become a sellers market in select areas. In fact, a lot of sellers are purposely lowering the asking price so they get a number of buyers out to see the home, and subsequently set the proverbial hook. Once a number of buyers are convinced they want the home it obviously causes a bidding war, which is becoming a regular occurrence.
6 Jul 2012, 12:57 PM Reply Like

InvestingInMobile Comments (53)
 
I am an hour outside of Boston and my backyard indicator shows that we have had more sales this year in the 750k range than in the previous several years combined.
6 Jul 2012, 01:13 PM Reply Like

sosleep Comments (5)
 
I own a condo in Brighton and its been cash flow positive for 5 years as rents steadily crept up. During that same time period zillow claimed a 15% decrease in value. Went looking around recently in the same area (Allston/Brighton) and there are only a handful of 2 beds available which require a ton of work. I'm convinced the market has recovered in high quality areas but we are so backward looking that everything in recent memory is too glum.
6 Jul 2012, 01:37 PM Reply Like

InvestingInMobile Comments (53)
 
Zillow is not accurate. Their algorithms are relatively new and have yet to go through a cycle like this.

Massachusetts recovery does not mean the rest of the nation is doing well. We have a very strong Biotech industry that has been spurred on by the billion dollar life sciences initiative. I just wish we were doing as strong in the tech market as the valley. The country needs more of these modern economy jobs.
6 Jul 2012, 01:43 PM Reply Like

Topcat Comments (293)
 
Seattle is also seeing good sales in the best locations, w multiple bids. Location location location as usual.
6 Jul 2012, 02:06 PM Reply Like