November 30th, 2007
Selling the worst house on the block
What if you own the worst house on your block? How do you sell it?
What if you own the worst house on your block? How do you sell it?
The National Association of Realtors yesterday released its sales data for the month of October. And while the sales of existing single-family homes were down, the numbers for condominiums were even worse.
A recent story on CNNMoney, says that the mayors expect housing prices to decline an average of 7 percent across the country in 2008. This will result in a $1.2 trillion loss of property.
In more bad news for the housing industry, the massive Congressionally chartered provider of home loans, Freddie Mac, last week reported that it lost $2 billion in the third quarter of 2007.
When I started covering the residential real estate business back in the late 1990s, real estate agents had a lot to celebrate. Their conventions – held both by brokerages and the associations that serve them – were fun affairs. Agents looked thrilled to be selling homes, and with residnetial sales skyrocketing and their commisions soaring, why wouldn’t they be?
The association’s latest quarterly survey, released earlier this month, showed that the median sales prices of existing single-family homes in the third quarter of this year increased in 93 out of 150 metropolitan statistical areas. Six of these areas had double-digit gains in the median price, while 21 showed price gains of at least 6 percent.
Loan originations for commercial and multi-family projects dipped in the third quarter of this year, according to a new report from the Mortgage Bankers Association.
Builders recognize that green building can be a profitable enterprise for them. And that’s the only way that environmentally friendly construction will truly enter the mainstream: It has to make financial sense for builders and developers.
A home’s purchase price is only the beginning when it comes to figuring how much a residence will cost you.
No reporter I know caused mortgage lenders to loan money to buyers with awful credit. No newspaper forced homeowners to raise the prices of their houses to artificially high levels. And not a single Web expert forced buyers to take out ill-advised adjustable-rate and interest-only mortgage loans.
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Written by Dan Rafter [email] for b5media.
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