Real Estate Housing Market Oh It s Just Back To Normal Yea Right

" It's just back to normal',      decade!                            "Just a seasonal                                                   slow-down', "A normal minor     What will be the industry P.C.     adjustment', "A great time to         phrases we'll be hearing in about  buy, with a much wider                six to nine months? "It may well   selection', "A cooling market'",      go as: "This home is a great buy,  "A soft landing", "A slight           why just nine months ago you       tapering off" etc. Yes, these         would have paid $25,000+           P.C. phrases are now replacing        more...what a great savings."      the "We should have a strong          Naturally, you would be talking    market for the foreseeable            to a buyer. For a seller (who has  future" industry line prevalent       owned for some years) you might    just a few short months ago.          say: "Well, you are still making                                         a profit. Who could have even      The sad fact is people are still      known that the market would have   in self-denial here. We're            turned down so fast?" For the      "special" because of our weather.     downtown high-rise buyer who       We are known as America's Finest      though they got a real deal on     City after all. It's still common     the final phase of their Gas Lamp  to hear someone say, "If you          digs, a real estate agent may be   don't buy now, you're going to        saying: "Well, because the resale  get priced out of the market!"        value is actually below your 100%                                        interest only trust deed, you      Talk about your irrational            really should consult a real       exuberance in the Southern            estate attorney and/or meet with   California real estate market. In     your lender to propose they        a 2004 summer poll in the LA          accept your deed in lieu of        area, residents believed prices       foreclosure".                      would continue to go up by more                                          than 20% a year for another           Are you reading this and thinking  I'm way off base? Here are a few      "miracle" could stop soaring       recent headlines:                     mortgage rates from eating into                                          housing prices. "The real estate   National Association of Realtors      market is slowing down             reports, in part: Total               dramatically and we‘re going to  existing-home sales - including       have a problem down the road,"     single-family, town homes,            Bloomberg said.                    condominiums and co-ops - were                                           down 5.7 percent in December from     "If people who want to sell their  November.                             houses have to wait a longer time                                        before someone comes along and     Time Magazine reports that 'Vegas     buys it, it would be a miracle if  Condos Go Cold."                      prices didn‘t start to go                                              down," he said.                    The Washington Post reports "Real                                        estate groups in the Washington       "'The market has definitely        area have also reported declines      peaked,' said Jack Kyser, chief    to varying degrees."                  economist with the L.A. County                                           Economic Development Corp. 'The    "The bloom is definitely off the      fever has broken and now the       housing rose. Housing peaked last     question people are asking         summer and has been weakening         themselves is if there is a crash  ever since," said Mark Zandi,         ahead.'"                           chief economist at Moody's                                               Economy.com.                          This is my own opinion on a                                              realistic view of what lies ahead  New York City Mayor Michael           as far as the San Diego real       Bloomberg recently said the real      estate market: A multi-year        estate market was slowing             depreciation that could easily     "dramatically" and only a             take 30% off the highs which       reached this market's peak during     This would be a combination of     the summer of 2005! Plus, I           value-range reduction as well as   foresee headlines, maybe even         agent and buyer incentives to      national, announcing how the San      position the property as the best  Diego high-rise downtown boom has     total value for the area.          turned into a foreclosure city!                                                                                I think as Realtors we must adapt  As a realistic San Diego Realtor,     and not deny. To otherwise will    I provide these facts to my           have a dramatic impact on your     sellers. If their property is not     financial health and community     generating meaningful activity        reputation                         within the first month of being                                          listed, it would be prudent to        Copyright 2006 -                   consider a revised marketing plan     websitetrafficbuilders.com All     similar to what many San Diego        rights reserved.                   real estate developers are doing.                                     About the Author: Bob Schwartz, is a Certified Residential Specialist, San Diego real estate broker with http://www.Brokerforyou.com w/over 27 years of residential real estate experience. Bob's other sites are: San Diego for sale by owner, http://www.san-diego-for-sale-by-owner.com, Downtown San Diego real estate, http://www.downtown-san-diego-real-estate.com Source: www.isnare.com