It's Time for Homebuyers To Start Shopping

OK, I don't usually post real estate market reports or updates but this is news worthy of sharing. As a lurking buyer myself currently looking to make an investment in a personal residence, I found this information to be more than just useful, it's essential to evaluate and understand the big picture.

Stan Humphries, our Chief Economist at Zillow appeared on The Wall Street Journal Report with Maria Bartiromo this weekend to talk about the housing market.

Stan says 2012 will be a confusing year for consumers. The housing market is in a bottoming process, and during that process a lot of indicators (home sales, home prices) go in different directions.  He encourages people to pay attention to the yearly changes rather than monthly blips.

Stan also offers his advice for home buyers looking to time the market bottom.

Often consumers get hung up on home values and don’t pay enough attention to interest rates. He says home buyers need to think about the overall financing of the home, not just the initial sticker price.

Watch the entire CNBC Video interview here:

 

     

"Learn More. Get More. Do More. Be More."

Comment balloon 16 commentsBrad Andersohn • June 05 2012 11:33AM

Comments

Good post. The majority of markets timers get led to the slaughter. The Zillow economist is correct. It always blows my mind when a short term news story starts the hype machine. We must look at the long term always

 

Posted by Doug Dawes, Your Personal Realtor® (Keller Williams Realty - Topsfield, MA) over 8 years ago

Doug - so true! Long term is the ticket. 

I love that we're in a bottoming process. Stan said pending home sales are up 14% over last year and pricing has stabalized in many areas, parts of California inlcluded which is where I'm looking to personally invest. 

It's been a challenging past few years... we're overdue for a change and positive swing in real estate. 

Posted by Brad Andersohn, ActiveBrad - 707.646.1876 (Executive Director of Education at eXp Realty) over 8 years ago

Good afternoon Brad,

This is a great post..long term is where we have to focus our attention..it has been a challenging past few years..the positive swing in real estate is welcome news!

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker Realty ~ 512.750.6899) over 8 years ago

It is always nice to get some positive news, no matter what kind :-)  Thanks for sharing this!

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) over 8 years ago

How can anyone ignore the combination of housing prices and low interest rates.

Posted by Chris Smith, South Simcoe, Caledon, King, Orangeville Real Esta (Re/Max Chay Realty Inc., Brokerage) over 8 years ago

Dorie - it sure is the closest thing to a roller-coaster ride that I've ever witnessed!  :-)

Kristin - thanks, and I agree. It used to be that no news was good news...  lol~

Chris - you hammered the nail on the head... I need to hop on my Zillow mobile app, start finding some homes in my price range and need, then contact my local premier agent expert to help me lock this all down.  The time is NOW!! 

Posted by Brad Andersohn, ActiveBrad - 707.646.1876 (Executive Director of Education at eXp Realty) over 8 years ago

Brad, I find that real estate buyers have a 'herd mentality' that is the reason some of the famous investors do well because they do their homework instead of buying when there is already momentum.... they buy and word gets out that they are buying and the rest join in. I find it in my market it has already heated up from Zero we went to 200 mph in the past two months.

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) over 8 years ago
Endre - zero to 200!! Love it. Every market is unique from the State down to county level, then to the city and hyped-local communities and neighborhoods. I live in a county that was hit pretty hard which is right next to a City that went bancrupt which is only one county away from Marin who hasn't really been affected by any of this crazyness at all.
Posted by Brad Andersohn, ActiveBrad - 707.646.1876 (Executive Director of Education at eXp Realty) over 8 years ago
It is an interesting time with reports saying "now is the time to sell" and others saying "now is the time to buy." Maybe the message should be "now is the time to look at your own situation"
Posted by Mark Delgado, Benicia and Vallejo, Property Management, rental h (houses for rent, Solano County & Glen Cove) over 8 years ago
I guess the question is are you a Day Trader or is this to be an investment? Bill
Posted by Bill Jones, Realtor (403-701-1739) Airdrie & Calgary Area Homes and Condos (Discovery Real Estate Ltd. - "Homes By Jones") over 8 years ago

Bill - Both? :-)

Posted by Brad Andersohn, ActiveBrad - 707.646.1876 (Executive Director of Education at eXp Realty) over 8 years ago

I like Mark comment,

the specific situation is more important than a rate or media pressure( that often is confusing indeed). When people are motivated, it works for everyone, if they can wait ( even if they are willing, ready and able), they always find the reason not to sell/buy/invest.

Posted by Inna Ivchenko, Realtor® • Green • GRI • HAFA • PSC Calabasas CA (Barcode Properties) over 8 years ago

This is good stuff, Brad!  Thanks for sharing!  

It was great talking to you the other day.  You are always such an inspiration!!!!!

Posted by DeeDee Riley, Realtor - El Dorado Hills & the Surrounding Areas (Lyon Real Estate - El Dorado Hills CA) over 8 years ago

Inna - I think the two biggest fears buyers have are "am I getting the best deal" and "will something better pop up tommorow?" which causes many to procrastinate and not jump off the fence and take the plunge.  Every client and situation is unique which is what really makes this business fun, but also challenging at times.

Thanks DeeDee, I enjoyed our chat on the phone and hope you'll keep in touch, I want to know more about the direction you take after spring cleaning.  Looking forward to hearing and reading more about your "success" stories. :-)

Posted by Brad Andersohn, ActiveBrad - 707.646.1876 (Executive Director of Education at eXp Realty) over 8 years ago

Great point, Brad. Real estate is seasonal. And it's even more so during the economic recovery like what we have now.

Posted by Irina Riley, GRI, SFR, CNE, e-PRO, SRES (American Dream Colorado) over 8 years ago

Interest rates are a key component of the home purchase process. I think people often get hung up on price.

Posted by Gary L. Waters Broker Associate, Bucci Realty, Fifteen Years Experience in Brevard County (Bucci Realty, Inc.) over 8 years ago

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