"Government home price index posts largest drop in 17-year history" was a headline on today's Yahoo Finance, an article from AP. Thank you, press, once again, for contributing to our current real estate Fear Bubble.
Florida is notorious as one of the hardest hit areas of the country. Well, despite the current headlines (which, of course, are averages), let me tell you that things are getting better in Florida, or at least they're better in the Tampa Bay area, of which St. Petersburg is a part. Agents and companies I talk to are saying things like:
- Our company board is now showing twice as many sales as new listings;
- I'm so busy with buyers these days - I wish I could have a weekend day off;
- Showings are at record highs
- (One call center today for a local company with multiple offices told me that for a 2 day period last week, Friday and Saturday, they set 670 showing appointments!)
- We have multiple offers on that property;
- Four parties have scheduled repeat showings on this home.
That's good news. No, that's great news! Florida was one of the earliest to experience the decline, so perhaps it's one of the first to experience the rejuvenation.
You won't know it's the bottom until it's turned around and is no longer the bottom. All I can say is, here in St. Petersburg, the signs are out there that it's turned around.
Hi Sharon, thanks for sharing some good news! The situation has changed noticeably on the Central East Coast in Brevard County also. Much more activity, now if the media would just catch up.
Sharon, I so am joining in with you on the fact that I am exhausted and need a day off. Oh my back to 12 hour days. But, I'm not complaining it has been months I've been waiting for this.
Sharon - This trend is happening in various parts of the country. I have been speaking to agents who are extremely busy. Since real estate is truly local it is best to ignore the nation media.
Sharon: As others have already said, we are ssing the same here. The reports just continue to focus on the averages, and data which are not up to date. Granted, there are still huge problems with short sales and foreclsoures, but the negativity expressed in the general media is misplaced in so many ways. I know mnay here, including myself, who have gotten VERY busy in the last couple of months, and the number of pendings has gone way up, yet the inventory is not rising much. Time will tell, of course, adn higher rates may spur some people to action.
Jeff
Hi Sharon, Recovery usually takes 6 months of going on before it is recognized by most. Same with most other market changes. Usually a 6 month period and by then it has become crystal clear.
We must all recognize that the media want to be the unelected drivers of politics, the economy, the housing markets, education, social standards, etc. They no longer are satisfied being the bearer of the news. They often with their prognostications create the news.
The better way for all concerned is to recognize that the media is a form of entertainment, not always stellar and many times down right untalented as being entertainers. Journalism aside, they are fighting for dollars and who ever pays them usually can get their message conveyed. We offer very little today to them and as entertainers they pretty much have the act down as entertainers to deliver the message that keeps the bucks flowing. The real profit today is in the hedge funds that bet against recovery. Billions and billions have been made.
After all it is a business whose model has changed and most forms of media are fighting for profits and position to keep it all rolling along. Institutions all though history have sought to control people's actions and thinking and that I am afraid will never change.
Our advantage (if there is one) is that real estate by and large is local and the message we all convey and the insight and care that we use may actually be offsetting. Nothing is easy, nothing is off the table, if it is too be, it will be up to each of us to carefully guide, counsel and hopefully in the longer run, make a difference. We can leave the entertainment to the the entertainers and reconcile it as best we can with our consumers one on one.
Sharon it is good to here that the market is improving in your area. Unfortunately up here in MASS things pretty much mirror what that article was saying.
Sharon - Great to hear about your market picking up. Our market in Knox County Ohio is improving and we are getting more offers and increased activity as the spring weather has settled in. Happy Selling!
Hi Sharon. I'm an investor in the Tampa Bay area. I have homes in Tampa, Clearwater, Palm Harbor, Bradenton and Orlando. I have seen a lot more activity since back in March. I think the tax cuts did a lot to help in this state and with the prices so low I'm seeing a lot of people from out of state beginning to flock in to purchase before the inevitable rise in prices. I feel we have a ways to go before we fully recover. There are still a large number of excess homes on the market and foreclosures out there that need to be absorbed but it looks as though we are on our way to seeing that recovery.
Denise - what's the saying? By the time the media tells you it's the bottom, you'll be well past it!
Missy - it's always Feast or Famine. Let's enjoy the Feast!
Jennifer - that's why they need us, the local experts.
Jeff - you're so right. The low rates now make up for certain price declines.
William - unfortunately some of our local read estate news writers are the worst of the crop.
Bill - come on along with us!
Sam - that's the start of the improvement, even though the offers and contracts may be low.
Karen - we do have inventory, foreclosures and short sales, as well as hidden inventory, to work through, but the positive signs are a start.
Sharon - Those national statistics make people think we are giving away homes down here at 1950's prices and that is NOT the case!