When will the Real Estate market pick back up?
- Thread starter ayo4yayo
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^If people knew when the market will rise back up, evryone would stop trying & jus wait for that day. From what I've read, '08 is lookn to be WORST than the market in '07. Im also waiting on the market to be back up but thankfully I'm still in highschool so I aint really gotta be worried bout it. I'm hoping to take my R.E. test sometime in '08 hopefully in time before the market to uprise again. I say within a yr or 2 it should be back to normal but then again, who knows.
I think this is a good example of never focusing on one way to get money. I know hella people that based their profession on R.E. & they cant wait another 1-2 years for it to come around. Glad I aint one of 'em.
I think this is a good example of never focusing on one way to get money. I know hella people that based their profession on R.E. & they cant wait another 1-2 years for it to come around. Glad I aint one of 'em.
i show houses if im not working at my full time job on Sundays. I can't say that Im very knowledgeable about the real estate market but I can tell you that houses are still getting sold no matter what the state of the market is. I think real estate is something good to do on the side. One of my friends got his license just so he can sell his mom's house in the near future instead of having someone else sell it which i think is pretty smart. So if you start out selling real estate on the side and it works out for you you can always transition into doing real estate full time. I'd think starting out and trying to do it full time would prolly be stressful if you ain't got another source of income.
I work for an invesment bank so I can give you some general information only based on the opinion of our analysts. As always, you should talk to an adviser before acting on any advice to determine it's suitability for you personally.
We don't think that the US economy and the real estate market is out of the woods yet. The Fed has pumped a lot of money into the market and improved liquidity but it hasn't been the complete solution.
Our analysts don't believe there will be a recession in the US, but we are expecting a slowdown to continue over the next 6-12 months. WE don't see any real reason at the moment to be in stocks which are exposed to the US housing market right now and are sitting on the sideline in this area until we get further economic data and see how things develop.
We don't think that the US economy and the real estate market is out of the woods yet. The Fed has pumped a lot of money into the market and improved liquidity but it hasn't been the complete solution.
Our analysts don't believe there will be a recession in the US, but we are expecting a slowdown to continue over the next 6-12 months. WE don't see any real reason at the moment to be in stocks which are exposed to the US housing market right now and are sitting on the sideline in this area until we get further economic data and see how things develop.
The market won't 'crash' like everyone is saying, though it could get worse before it gets better. The key to real estate is the financing and because of all the failures in the sub prime market, lenders have really tightened up their underwriting guidelines so its harder to qualify for a loan. In terms of loans, i think you're going to see more foreclosures as more borrowers, who got into neg am loans, start to cap out and need to pay the fully amortized payments.
I think the market will still be good but you definitely won't see the appreciation you saw within the last five years. Like everything else, real estate market is cyclical. I know i'll be ready for the ride next time it comes around.
I think the market will still be good but you definitely won't see the appreciation you saw within the last five years. Like everything else, real estate market is cyclical. I know i'll be ready for the ride next time it comes around.
Prices are expected to drop about 7% nationwide on average in 08. I know places like Oakland and Richmond where the foreclosure rates are crazy, we're seeing about a 2% price drop every month, and it's getting worse. Other places like San Leandro, San Lorenzo, Hayward, Fremont are seeing a 1% drop every month. The market will not get better any time soon because of all the option arms that are due to reset in 08. Right now prices are resetting back to about 02-03 prices, and are still falling probably back to 98-99 prices before shit started to sky rocket. You have to remember that the only reason prices went that high to begin with was due to a lot of speculation from investors, and also people buying homes who really couldn't afford them thinking they were gonna gain hella equity and be able to re-fi out of the arm, or people who just didn't understand the loan structure period, basically falsely inflating the market. Now without a sub-prime market, and all foreclosures and short-sales increasing the inventory, and the banks letting properties go for less than regular sellers can, prices will continue to fall until all the short sales and foreclosures get bought up. If you figure another 2 years at least of foreclosures, and another 2 years at least for the inventory to bought up, we're looking at least 4 years until it starts to get better, unless the fed's pull something out their ass and get people to buy into the market, cause right now there's nothing thats making people jump in with prices falling and interest rates still low. There's still little pockets here and there where prices are steady or even going up, seeing multiple offers and over asking sales. but for the most part, it is ugly and it will be for a while
and i wouldn't go to school for real estate, you can take the classes over the internet and get your license pretty easy. trust me, you can go to school all you want for real estate, get a degree or whatever, but it will not teach you to SELL and MAKE MONEY!!
and if your thinking about making real estate a career, just know that the average REALTOR closes less than 3 deals a year. yea in the bay thats 20-30K but if you want to make any kind of money in real estate you have to be willing to WORK. and i'm not talking about holding open houses, or sending out postcards, that's not work, that's waiting. you have to be willing to talk to people who want to buy and sell everyday, and i'm not talking about just anyone like your family and friends and people you know (which is a great source for income) but qualified buyers and sellers. i'll give you a hint. expired listings and for sale by owners.
and if your thinking about making real estate a career, just know that the average REALTOR closes less than 3 deals a year. yea in the bay thats 20-30K but if you want to make any kind of money in real estate you have to be willing to WORK. and i'm not talking about holding open houses, or sending out postcards, that's not work, that's waiting. you have to be willing to talk to people who want to buy and sell everyday, and i'm not talking about just anyone like your family and friends and people you know (which is a great source for income) but qualified buyers and sellers. i'll give you a hint. expired listings and for sale by owners.
well said. i was about to say the same thing. it might succ for sellers and agents, .... but the investors are tha ones who should be cashin in. snatch up the foreclosures, sit on em (rent em out) til tha values go bacc up and sell. fucc bein an agent, u should invest. that's where tha scrills at. fold.
Within the last year oh yess. The hardest hit places are the valley. In my neigbhorhood alone the end of 2005 at its peak properties were hitting above the 400k price range. Today a piece of property just down the street foreclosed. Starting asking a year ago was 375k by the time it got taken away it was 230k and this is in a decent area of South Sacramento about 12 mins away from downtown. In my old South Hayward neigbhorhood average at the end of 2005 was just above 600k now they're are properties listing below 500k. San Pablo damn near every block got a foreclosed home, shit goes on n on. The market is at a rapid decline but nothing state of emergency status just yet. Until the soldiers come back, war has ended the money being used to fight terrorism is being pumped back into the economy things will be better but as long as a republican president is at the executive spot dont hold your breath just yet....
all the basic terms you will learn from taking the principals course and the exam itself, along with the other 2 classes that are required before you get your L's. for the most part, there's nothing on the real estate exam or the online classes i took that has helped me find a prospective buyer/seller, negotiated the contract, and closed the deal. if you want to go to school, i think it'd be more benificial to take a business class, or even a sales class. a lot of people think of real estate as a job, it is not a job, it is a business. you are running your own business and in any business you need to know how to operate like one, and know how to find clients to keep you business in business.