Ken's Naperville Real Estate Blog : "HEY KEN, I HEAR THE REAL ESTATE MARKET IS PICKING UP..."

"HEY KEN, I HEAR THE REAL ESTATE MARKET IS PICKING UP..."

I have had four or five friends say it to me in the last week...

"Hey Ken, I hear the real estate market is picking up."

Hmmmm.

I am not so sure.  I just haven't seen it...

Am I a Negative Ninny?  Perhaps.

But I do watch the real estate market here in Naperville very closely.  I have yet to see the turnaround...

Yes, I heard the news.  Home sales were up in February versus January.  But they were still way down year over year.  Prices were way down too.

Yes, I also know the stock market has rallied 1500 points in the last three weeks.  The market does seem to go up and down a lot...

But I know lots of people are still on the sidelines.  They want to move, but many would be movers simply cannot afford to move in today's market.

They need money for a down payment.  Where will it come from?

The down payment would traditionally come from the equity in their current homes.  That equity is gone for many people.

The real estate market is stuck in the mud.

Someday supply and demand will meet...

But that day is not today.  Hopefully, it will come soon.

But who knows?  Maybe I am just a Negative Ninny...

Ken

A Realtor you can trust.

Comment balloon 17 commentsKen Tracy • March 29 2009 11:10AM

Comments

Hi Ken... I prefer to think of you as my cautiously optimistic friend... you are definitely not a ninny!

Posted by Steve Shatsky over 8 years ago

Somedays I think things have picked up, other days pretty sure they have not. Right now I am pretty busy but it is stop and go.

Posted by Steven L. Smith, Bellingham WA Home Inspector (King of the House Home Inspection, Inc.) over 8 years ago

I think what we are seeing is more or less a "normal " Market. And that was a market of a few years ago before things got super heated. Now if the economy picks up housing will to I think. So in a sense we are economy driven now rather than blaming housing for a bad economy

Posted by Charlie Ragonesi, Homes - Big Canoe, Jasper, North Georgia Pros (AllMountainRealty.com) over 8 years ago

If the media says it is picking up then people will listen. When they talked about the "bubble bursting" everyone was talking about it. So if we are getting positive statements from the media then it will help. As we know that real estate is local, You will know when your area produces more sales. Keep paying attention so you can spread the word. It is good to be honest to the people in your market area.  

Posted by Marcie Purcell, Realtor, Bucks & Montgomery Co PA (Long and Foster Real Estate, Inc.) over 8 years ago

Things are hot in So Cal. Every offer I write has competition! It's been awhile since we've seen that....I'm sure it will get to you too :)

Posted by Karen Fiddler, Broker/Owner, Orange County & Lake Arrowhead, CA (949)510-2395 (Karen Parsons-Fiddler, Broker 949-510-2395) over 8 years ago

Ken - I watch the market closely in the Sacramento area too...every week I run actives and pendings in all of the areas that I work.  I was shocked when the market started making a turn here!  I thought we were still months away but boy how things changed quickly.  We had an 8 - 12 month inventory in many areas in Sacramento County...we are currently down to a 2-4 month inventory!  We are seeing multiple offers on every bank owned home now...the investors are back big time, but some buyers are still thinking they need to sit on the sidelines.  Unfortunately here those are going to lose out on great deals and will probably jump back in too late.  I don't think we will see our prices increasing drastically and we still do have REO inventory to come on the market, but things have certainly gotten better in Sacramento! Keep watching your market...that's the best thing you can do. 

Posted by The Mode & Durham Team, Real Estate Made Simple (Keller Williams Realty - Elk Grove, CA Homes for Sale) over 8 years ago

Ken,

All I can say is that I have had more activity in the past 2 weeks than I have had all year.  I am getting offers and new clients.  I do believe things are improving in my area.  Thanks for the post.

Posted by Vanessa V. Simmons, Realtor (Real Living HER) over 8 years ago

Hi Vanessa, Lori, Karen, Marcie, Charlie, Steven, and Steve.  Thanks all for reading.

I have heard a lot of activity is happening in California...

And I understand when somebody says they are getting busier the last two weeks...

We are almost into April.  This is the time the market does heat up...

But I just don't think we are out of the woods, yet...

Thanks again,

Ken (aka Negative Ninny):)

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) over 8 years ago

We've seen an increase in activity since February.  Certainly hope it continues.

Posted by Connie Lou Barnett, GRI,CRS,CRB,SRMM,ARA,PRS,SFR,QSC (Real Living/Home Realty) over 8 years ago

Ken - Things have been busier here since the new year started, but they are not busy enough for me to mark it as a solid turnaround AT ALL.  I don't think you're being negative, just realistic.

Posted by Jason Crouch, Broker - Austin Texas Real Estate (512-796-7653) (Austin Texas Homes, LLC) over 8 years ago

Hi Ken - I've been hearing the same rumblings of hope on the horizon here, too.  But, like you, I'm waiting till we see some the graph that shows the demand surpassing the supply before I break out the confetti.

Posted by Marlene Bridges, Laguna Homes|Laguna Condos|Laguna Real Estate (Village Real Estate Services, Inc.) over 8 years ago

You a ninny? No way.  It is best to be realistic but hope for the best.

Posted by Shirley Parks, Broker, 210-414-0966, San Antonio TX Real Estate (Sands Realty 210-414-0966) over 8 years ago

Dude...life is being infused into the market.  Not nearly what it was last year or the year b/4, but I do see a pulse (albeit a faint one), but it is coming back.....I HOPE....mr. ninny.

Posted by Larry Bettag, Regional Vice-President (Larry Bettag - Cherry Creek Mortgage) over 8 years ago

Hi Larry, Shirley, Marlene, Jason, and Connie.  Thanks for reading.

Good.  I thought it might be just me...

Yes, homes are selling.  But they are priced well, too.

Thanks guys.

Go Market!

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) over 8 years ago

Negative ninny?  I love it.  Maybe you are just more of a realist?  I do believe it has picked up down here some.  I don't know how long it will last.  Also is it pent up demand from last year?  Don't know.  Keep hustling Ken.

Posted by John Walters, Licensed in Louisiana (Frank Rubi Real Estate) over 8 years ago

We have seen an improvement here, but like politics, all real estate is local too. I also won't go so far as to say that we are in a sure turn around just yet, things can be much better.

Posted by JL Boney, III, Columbia, SC Real Estate (Coldwell Banker) over 8 years ago

Hi JL and John.  Thanks for reading.

I do believe there is pent up demand.  A ton of it.

But it isn't popping for me just yet!:)

Thanks guys,

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) over 8 years ago

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