Sales in April 2008 were off 24% from the year prior, but activity in the low end continues to improve. The under $300K range decreased to 12 months of inventory with another big jump in pendings from 370 to 490. The $300K-500K range came down to just over 12 months of inventory showing improved activity once again. The $500K-1 million category had a slight uptick in activity but still favors the buyer with well over two years of inventory. Over $1 million is slow, with 4-5 years of inventory. If you’ve been waiting for the bottom in the low end, this may be it, as current pendings, sales and activity will probably result in a further reduction of inventory next month. Full report.
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Dave
Smarten, they’re always making more real estate, and we can only fill so many homes with qualified buyers.
Claude,
Inflations a #%!$&, ain’t it? That’s what we get when our federal reserve has no concept of monetary policy. Notice how the price of food, metals, etc have all gone up dramatically as well.
smarten
Sorry for the tangent, but you really need to read Chase agent Michelle Plevel’s “Stop Making Bogus Offers – China has $$$” blog on ChaseNation at http://www.chasenation.com/profiles/blog/show?id=2000642%3ABlogPost%3A7002 .
Talk about spin jive!
We know from Diane’s numbers that the Reno SFR $1M+ is essentially non-existent. Yet Michelle suggests that buyers making offers in this price range which are $200K-$500K under listing price are bogus [I would submit that many of the sellers with their unrealistic listing prices are bogus].
She then recounts some supposed all cash offer she has received from China over the internet on one of her listings for $50K MORE than her listing price. From this we’re supposed to conclude that “buyers…have competition…when…find[ing] a property that is already a great investment, [so] don’t try to slash the sellers to death. There’s a lot of people out there that have more money and will scoop…our deal up right in front of [us], with pleasure.”
Reno Ignoramus
Smarten, come now, are you really surprised? If the Rich Californian spinjive has run out of credibility, how about the Rich Chinese spinjive?
Realtors always try to create a sense of urgency. It’s always some version of buy now before prices get so high you will never be able to buy in the future. You know, buy now before some guy from Shanghai drives up the market.
Why do you spend so much time at Chase Nation? Other than Chase agents, nobody else appears to care. Why cast your pearls before swine?
Marla
Pearls before swine indeed. I have checked out Chase Nation a couple of times. Just another realtor kool-aid site.
Except for when the discussion wanders off to things like peak oil, this blog offers far more objective and valuable discussion than Chase Nation. It’s like this blog is an NPR documentary and Chase Nation is an infomercial.
Sully
All I can say about Plevel’s article is “bring em on”
Reminds me of all the Japanese investors in Silicon Valley in the 80’s that lost their respective a$$’s and had to sell cheap.
Remember Pebble Beach, sold to Japanese investors for many millions, bought back by US investors for dirt cheap.
relocating buyer
michelle makes it clear her interest is with her sellers……….too bad as one sided business is difficult these days. but at least no unsuspecting buyer will contact her to be their buyer broker
smarten
RI, “the Rich Chinese spinjive?”
Someone else on ChaseNation recently posted something about the Rich Abu Dhabis having discovered Reno. So where will it end?
To answer your question why I spend so much time at Chase Nation, I’ll try and give you my answer. In life there are people who lead, follow and get out of the way. There are people who try to make things happen in their lives. And there are others who sit there waiting for things to come to them.
I’m trying to influence this particular market in some very small degree by using Chase agents [as well as other agents who frequent ChaseNation] as my vehicle.
Laugh you may, but IMO it beats sitting on the sidelines watching and complaining in frustration.
Think about it for a moment. Over a year ago you, BB and Lindie were preaching the oncoming doom and gloom. What were Diane’s and Guy’s views at the time? What are they now? Who really showed them the light?
Now you may respond what good does it do to change an agent’s views about the market? Well this agent now has a forum through the RGJ that reaches hundreds of thousands. That means when Diane shares her views about the market [which are in large part our views (aren’t they?)], she’s preaching to the sellers of the real world. And if even one such seller takes Diane’s gospel to heart; and it happens to be the one whose property you’re interested in purchasing; haven’t you had a hand in making something materialize from nothing?
Now maybe I’m just naive and I’m not going to name names, but there’s at least one agent out there who has graced the pages of this blog and ChaseNation who’s opinion of the market has changed specifically because of some of my posts [yours, BB’s, Guy’s, Diane’s, GreenNV’s and others as well (so I’m not taking credit)]. How do I know? This person has told me.
Now this agent has a listing of some interest to me. Although the agent doesn’t represent me as a buyer, he/she does represent the seller. So the person who’s giving the seller his/her opinion of the market; where it is and where it’s going; and the person who will be counseling the seller when it’s time to adjust his/her price or accept an offer; is the very person who has changed his/her opinion because of you and me.
Now maybe none of this will go anywhere but if it does, you’ll never convince me I didn’t play some small proactive role in making things happen.
Although it’s a learning experience for me and fun to be a part of this blog, I’d like to think there’s something more fundamental at stake than education and recreation. And besides, I have to make a purchase before Derrick does.
Sully
Smarten, Emirates of Dubai Apr 4th, author was the same lost (or as she likes to say – loose) in the woods babe as above.
GreenNV
It bugs me that Ms. Plevel screens and deletes comments on her blog entries. I’ve posted several responses, they show as comments on the main page, but when you go to the blog, no comments! Then they quietly disappear on the main page, too. There was one comment listed on her China post earlier today (smarten’s?) and it’s gone now. Her preferred method of discourse seems to be the monologue!
Allen Murray
Smarten, I too think the discourse on this blog does make a bigger difference than some may realize. I recently met a realtor who recognized my name from this blog after we met. I also know that this blog has dissuaded buyers from purchasing now and also know that there are realtors that think Diane is doing a disservice to the industry for allowing all the negativity to be spewed on here. I commend Diane for not screening and deleting commments (except for her own from time to time=), after all this is America. I also think it is very telling that Smarten himself is considering buying a home at this time. Hopefully this will convince others that now is not a bad time to buy. I’d be curious to see if BB chimes in and tells you how stupid you are to be wanting to buy now, and how you don’t value your money. Besides Derrick, I seem to catch the most flack on this board for pointing out that things aren’t as bad as our more vocal poster’s seem to think I know for a fact that there are many buyers out there right now, including myself, looking for deals. There is no question that the crap has hit the fan, but I have little doubt that we will recover. I actually look forward to not having to get into bidding wars with the local bartender when trying to purchase investment property. Good luck with your possible purchase, and by the way, tomorrow I have a repeat showing on my property, keep your fingers crossed for me BB=)
Reno Ignoramus
Hey Allen,
Yes it will be nice to not have to compete with some bartender with a Voodoo Supreme nothing down, I/O, neg. am, 1.9% teaser, stated income liar loan. But then, how else did starter houses in Cold Springs get to be above $300K 4 years ago?
You are right there are buyers out there. Last month, there were 336 of them. 92% paid less than $500K. 70% paid less than $300K. Best of luck to you in your efforts to score in the 1.5% of the market selling above $1 million. Keep us posted, ok?
smarten
GreenNV, I agree with you that Michelle’s blog comment screening and deletion policy is offensive. Yes I posted comment #1 to the blog I referenced. Although I see there has been a second comment [is it yours], neither has appeared. Seems to me that the whole purpose of promoting blog discourse is defeated by allowing this type of censorship. But if you take a look at the number of people who are actually participating on that site, it’s woeful.
When I first experienced her censorship, I wrote to Diane complaining. Diane replied that anyone who starts a blog on ChaseNation has the power to censor comments. If you’re reading this post Diane, I think the policy needs to change – otherwise, why go through the effort.
If Michelle doesn’t have the guts to display my comments [and you care], I’ll share the jist of what I wrote. And then you and I can start a new blog on ChaseNation that basically blasts bloggers [without naming names] who not only attempt to spin the marketplace, but the discourse related to her blogs.
GreenNV
No need to share the gist, smarten. I KNOW what you would have said! I don’t bother posting on her blogs anymore. Too bad, since a couple of her numerous entries could really be worth discussing. Actually, the comment total went down to zero earlier today when you got deleted, so there are two new comments in the screening process.
You must have missed it, but Sheri put up a blog “Chase Agents Private Exchange” and I went ballistic on Diane. It has since been toned down to “Chase Agent Group”. I threatened to open a “Non-Chase Agent Private Exchange” blog where we could discuss tag-team offering strategies, agents’ personal finances and who really needs to close a sale fast, and who is burying the bone!
Though I don’t like it, I can see where some folks would feel the need to screen comments for content. But to delete them for no reason other than that they disagree with the poster borders on criminal stupidity on a site that is trying to create an open discussion about real estate issues.
smarten
Okay GreenNV, what about this one.
What I would have said in response to Michelle’s blog, if she hadn’t exercised editorial censorship over it?