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What to be thankful for in real estate
November 21st, 2009, 12:01 am · 43 Comments · posted by Jon Lansner
The federal tax credit extension, lower foreclosure rates, rising home prices, increased revenue and some rosy forecasts. Has real estate — after four years of slumping sales and prices – hit bottom? These thoughts may be some of the things evoking smiles on the recession-weary faces of real estate types this year. Insider Q&A asked some real estate insiders what is there is to be thankful for this in the real estate business this Thanksgiving …
“We are thankful for the message the consumer has provided to us as an industry and as a company. As a 33-year-old company, we have been witness to several business cycles, but nothing like we have experienced in the last four years. The devastation to home values, to people’s lives and to their finances has humbled our industry and our firm. The consumer has drawn the proverbial line in the sand and is demanding much more from us an industry and as a company. It is no longer, get a license, sell a home. It is now, understand the very client you serve, meet their needs and most of all, with education and integrity. I am thankful for the line in the sand and those companies in our industry that miss this wonderful opportunity to assist buyers and sellers of real estate in a new and meaningful way, will not survive the current market. As we look to the future, there is an end to every cycle and we believe that the end to the current cycle is in site.” – Michael Hickman, Seven Gables Real Estate
“I’m thankful that housing in Orange County has become affordable again to first-time homebuyers. After being priced out of the market for so long, prices have dipped to a level that people can again afford to buy their first home and building for the future. Many Realtors have re-discovered the simple joy of handing a first-time homebuyer the keys to their first home and to the American Dream.” – Tom Pelton, Prudential California Realty
“This year gave hope to many folks priced out of the housing market, from the artificial price run up back to the beginning of this century. Some families are grateful they can now qualify for a home in more realistic price ranges. Government intervention with their loan modification efforts have saved thousands of borrowers homes from foreclosure, giving them a chance to preserve their home ownership.” – Tom Moon, Pacific Moon Real Estate
“I am thankful for the incredible buyer activity that has returned to Orange County. After a dramatic drop in values, home prices have finally dropped to levels that have enticed buyers to enter the market. Homes are truly affordable again and interest rates are at historical lows. First time buyers can buy again, after being priced out of the market for years. The active inventory is extremely tight, especially in the lower price ranges, with multiple offers and tremendous competition a new norm. As a result, prices have stabilized in many areas. These are the roots to an Orange County housing recovery.” – Steven Thomas, Altera Real Estate
“We are looking forward to a Happy Thanksgiving and new year as we feel we have hit bottom. We at First Team are up 35% in transactions, and 15% up in sales volume, October year-to-date 2009 over 2008 — and our average sale price has been rising steadily. We are now seeing clients with equity moving up and taking advantage of the prices and interest rates.” – Bill Plattos, First Team
“I’m grateful for the reality check we’ve all been given. I’m grateful that ‘irrational exuberance’ has been taken out of the markets, and that we’re heading toward a housing market that will be driven by fundamentals — job-driven demand and price support. Many of us won’t feel thankful for a while yet, but job growth and housing market stability are now within about a 12-month window in most California regions. We should be thankful that we’ve been able to survive the nastiest of market crashes. Let’s learn from our mistakes and move forward.” – Mark Boud, Real Estate Economics
“I am most thankful that as a real estate broker, I specialize in a very desirable city; Cypress, California. Cypress inventory levels averaged 30% below normal this year, driving demand for Cypress homes. With low interest rates and low prices; in 2009 it made more sense to purchase a home than rent. And I was fortunate to represent many of the families that chose to move this year.” — Cary Hairabedian, Remax College Park Realty
Insider Q&As …
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Be thankful for the tax payers who are paying for the pending FHA collapse.
I’m thankful that a crook like Marshall Reddick is going bankrupt. He hurt many many people.
http://www.myfoxla.com/dpp/news/investigative/real_estate_network_complaints_20091105
I’m thankful that the governments efforts to keep R.E. prices high with the use of billions of taxpayers $’s will soon end. The R.E. market needs to find it’s proper level and only the free market can determine what that level is.
I am thankful that it costs me as much to live in the OC as I was paying to live out in the isolated part of California 5 years ago. Not only that, it is cheaper than living in Seatttle. In 3 years, my Seattle RE taxes will be higher than my OC RE taxes.
Thankful..? there’s nothing in nowadays to bragg about it.
Thankful…what a joke.
How about being angry that they still can’t afford real estate?
How about being thankful for 1 in 7 mortgages being 30 days or more behind, or a 9.8% unemployment number in Orange county.
Yes there is much to be thankful for.
Such a miserable person. Get a job and a life already.
Did you look into the mirror as you typed that?
Bum.
I’m thankful we can make comments here that can contradict most of the crooked realtards.
I’m also thankful I wasn’t stupid enough to listen to anyone of them and buy during that time when real estate was way too high. I’m going to wait still.
I’m thankful because Matt is able to write accurate, truthful news about the current housing market:
“A total of 14% of loans are at least one payment late”
“The New York Times reported on rising delinquencies and few loan modifications becoming permanent”
“I’ve been pretty bearish on this big ugly pig stuck in the python and this cements my view that home prices are going back down,” said the housing consultant Ivy Zelman”
http://mortgage.freedomblogging.com/2009/11/21/delinquencies-could-pull-down-home-prices/21657/
Matt is the man with the word. Lasner’s blog has become the voice for the “RE Profesionals”
I couldn’t agree more. Look at all the lap dogs questioned in this posting.
However, this is still a fun venue to poke at the blind, naive, Permaidiots.
Ditto. Lasner has been mailing it in for the past several months. Very little critical analysis by the blogger any more here.
You mean very little analysis that you agree with. Go elsewhere with your agenda.
Yep Tom,
Them real estate “perfessonals” are an interesting bunch.
I like this:
“…….we believe that the end to the current cycle is in site.”
– Michael Hickman, Seven Gables Real Estate
Do you suppose he meant “sight”?
Maybe a Freudian slip………. This site is the only site that sees the end in sight. At least among those “perfessonals”.
un F’n believe able. You know the best part, Jon didn’t even correct it with brackets. Ha. Classic!
As Scott said: - “Very little critical analysis by the blogger any more here.”
Thank you for pointing out my error in grammar. I actually meant “sight”. Pretty bad error on my part. Aside from my error, you have insight. I was hoping you would you comment on a few other issues; What can we do better as an industry? What would you like to see us do to change the image of our industry?
LMAO. Why does it matter to you so much?
It matters because you can’t have your cake and eat it too. We can’t prop up unaffordable RE prices while pretending to make things affordable. It’s the left over money that fuels are economic recovery not mortgage servicing. But you’ll never, ever get that because your head is so far up for A$$!
Honesty is the best policy - when there is money in it.
~ Mark Twain
yes, I agree. I read Padilla’s blogs when I want facts. I come over here when I want to learn the latest hype. Sad but true.
Interesting……it’s done a complete flip. This used to be the good source and Matt’s started a bit light, now it’s the opposite.
My guess? The extreme never-ending t roll here has disrupted so much for too long.
I’m thankful that all the fake wannabe rich types in South OC will soon be homeless.
build a house sell a house
It was most disturbing to have built homes
for other people yet not have my own home
I think real estate is disgusting ,
to make thousands for opening a door
sell the stuff you make , not other peoples stuff
if some one helps build a home it should give them credit
I have built homes and I have creditors call me once a week for student loans . my credit is junk
yet some who have never built or helped upkeep communities have credit
that means in our society you can do nothing and accrue
more credit than some one who builds stuff
this is an insane practice of or money system of trade
I dont like being nuts , so please be fair
thankful that a home near my newport home just went under agreement. the price was more than 3 million. i bet you renters hate that.
TRS, No, there response will be to ask what it sold for in 2005!
Something wrong with that question, bozo? That’s the whole issue with real estate at this time. Dropping values.
Values were dropping last year bozo. Most areas have leveled off. Wake up.
You were sleeping when the market crashed — you’re dreaming now.
“……there response will be…..”
Shockg, get your realtor dictionary out….”there” is why I called you bozo…..
That and your foolish statement.
And to think you will be worm food in 5 years.
In what price range? We have properties that are receiving over 100 offers from buyers. The 0-600k properties in OC are not declining in value.
I’m thankful for this unprecedented opportunity to buy a bunch of real estate in the last 2 years that will support me for the rest of my life in the part of the world that has the best weather in the world. We seem to forget that this time of the year people envy us as places like Seattle haven’t seen the bright yellow thing in the sky for 30 days. Those people want a piece of this and one day I will let them buy what I have (when the price is right).
too bad they won’t be able to afford it or, if they are educated, they won’t want to buy it. Think about this for second. California has UE rate of 12+%, is $20B+ over budget, it’s University System just recently raised its fee 40% (it now stand at 4x the rate of inflation in the last decade) and it’s public school systems rank as some of the worst in the Union. Oh, but the weather is great, unless you live on tiny 5 mile strip along south California. And don’t bother trying to drive anywhere unless you do in the dead of night. Business are fleeing this state in droves. The only thing you’ll have left is services for reality TV shows (boobs, hair, jewelry and makeup) and selling homes to fools like you.
i am thankful for no rental properties near my home.
I am pretty sure that Lansner is thankful for all of your blog comments (nice or not….) which support his site and his message!
More people from out of the area that are trying to bash the area they want to move to and own property some day.
We must be thankful to still have a house!
For the record, the person representing themselves as Tom M. is NOT Tom Moon.