Sunday, June 5, 2011

Roy Wheeler Realty CEO Expects Real Estate Market to "Turn A Corner"

We do, too.  In 2013...or later.  The latest local (and here) as well as national data elicits responses from "shrug" to "awful."  As mentioned recently, we expect prices and sales to bob up a bit in June, July, August.  But that's seasonality, it's not an upswing or "recovery."  

On the occasions of the NAR's "National Open House Weekend," Roy Wheeler's Michael Guthrie  tells NBC29 that interest rates may spur people.  Rates have been in the 4's since 2009, and currently are 4.55%, the lowest of 2011.  The rates haven't done much nationally to entice buyers.  CNBC's Diana Olick: If Mortgage Rates Keep Falling, Why Are Home Sales So Bad?

Guthrie said, "I think we'll start seeing a gradual increase" in sales.  We agree.  As prices keep falling and "correcting," sales will gradually increase.  In this area, it's pricing, not mortgage rates, that will get people to market.  Before that, there will be lots of sellers, especially those in the mid-to-high end who bought during the bubble, who will endure a good deal of painSupply far exceeds demand here, and there's nothing at the moment to change this.

4 comments:

Anonymous said...

Delusions abound: Recently put in a high six figure offer in Albemarle- seller's agent a major realtor - Zero response, silence. This is second time for this agent's bizarre and rude behaviour, the last time property eventually sold for our offer -8 months later. It can only be that he is likewise delusional. We are now staying away from any properties he and his firm represent and will counsel others to do the same if asked.

C'ville Bubble Blog said...

Just to clarify, you're NOT saying that this was Roy Wheeler Co. Just commenting here b/c it's a post about expecting the market to turn....

Anonymous said...

No, not RW, just of the view that the same delusions that prompt one CEO appear to be working on the managing partner of another. Seems to be the only rationale that makes any sense.

Foreclosures said...

Ive heard this, but happy to finally have a decent understanding of them. Thanks for sharing.