Land Market Viewpoint: Peering Through the Mists.


46 views
Uploaded on:
Category: People / Lifestyle
Description
First-time purchasers are the main edge of the home purchasing business sector ... for a littler home is one of the top explanations behind purchasing. Source: 2007 NAR Profile of Home Buyers and Sellers ...
Transcripts
Slide 1

Paul C. Religious administrator, Ph.D. Overseeing Director, Research NATIONAL ASSOCIATION OF REALTORS ® Real Estate Market Outlook: Peering Through the Clouds OHIO ASSOCIATION OF REALTORS ® Winter Conference January 14, 2008

Slide 2

Overview The Market Setting Sales are down and shoppers are sketchy The Outlook Partly overcast What do Buyers and Sellers Expect from You in this Market? Mastery and direction

Slide 3

Buyers and Sellers are Jittery about the U.S. Economy Unemployment: 5% (Dec), up from 4.7% Job development: +18,000 (Dec) GDP: +4.9% (Q3) Consumer burning through: +2.8% (Q3) Business speculation: +9.3% (Q3) Residential venture: - 20.5% (Q3) Exports: +19.1% (Q3) Oil costs: $100/bbl Stock business sector: Up, Down and Sideways

Slide 4

New Construction Has Been Hit Hard a huge number of units 38% decrease from pinnacle Source: U.S. Statistics

Slide 5

Consumers Rethink New Home Purchase Plans a great many units 40% decrease from pinnacle Source: U.S. Enumeration

Slide 6

Existing Home Sales Have Also Fallen a great many units 20% decrease from pinnacle Source: NAR

Slide 7

More Sellers than Buyers = Rising Inventory months supply Source: U.S. Evaluation, NAR

Slide 8

As a Result Prices Have Declined % New Home Prices: - 2.1% Existing Home Prices: - 1.9% Source: NAR

Slide 9

Some Markets Remain Quite Robust Source: NAR, 2007Q3

Slide 10

But Others are Suffering Source: NAR, 2007Q3

Slide 11

Tough Job Situation in Ohio thousands Decline from pinnacle: - 195,000; - 3.5% Source: BLS

Slide 12

Areas of Strength and Weakness in Local Job Market Source: BLS

Slide 13

No Upturn in Existing Home Sales in Ohio Yet Q3 06 to Q3 07 U.S: - 13.7% Ohio: - 11.6% Indiana: - 9.4% Kentucky: - 7.2% Michigan: - 4.0% Pennsylvania: - 3.2% West Virginia: - 19.0% 11% decrease from pinnacle a large number of units Source: NAR

Slide 14

Median Prices Weak in Many Ohio Markets Source: NAR, 2007Q3

Slide 15

Subprime Loan Implosion Homeowners confronting higher resetting rates and dispossessions Wall Street reassessing hazard Sub-prime intermediaries getting out or being pushed out Potential home purchasers forgot wide open to the harshe elements

Slide 16

Mortgage Delinquencies: A Tale of Two Sectors % Stagnant costs limit capacity to renegotiate out of high hazard advances Housing blast licenses re-financing and brings down wrongdoing rate Job misfortunes push up Delinquency rate Source: Mortgage Bankers Assn

Slide 17

Foreclosure Rates Far Higher Among Subprime % Source: Mortgage Bankers Assn (3Q07)

Slide 18

Share of Subprime Loans is Relatively Small… Source: NAR Estimate

Slide 19

… But Subprime Loans Account for Most Foreclosures Source: NAR Estimate

Slide 20

Wide Regional Differences in Foreclosure Rates % Source: Mortgage Bankers Assn (3Q07)

Slide 21

Highest Foreclosure Rates in the Upper Midwest % Source: Mortgage Bankers Assn (3Q07)

Slide 22

U.S. Financial Outlook Source: NAR, January 2008 estimate

Slide 23

U.S. Lodging Market Outlook Source: NAR, January 2008 estimate

Slide 24

Getting to Know Today\'s Buyer and Sellers In today\'s business sector, what do purchasers and dealers need? First-time purchasers are the main edge of the home purchasing market Evolving demographics impact who is in the business sector to buy a home Generational contrasts influence inclinations for area, highlights, scan process and purposes behind purchasing or offering a home

Slide 25

What do Buyers do First When Looking for a Home? 91% utilized the Internet amid their home quest Desire for a littler home is one of the top purposes behind purchasing Over half blog or utilize interpersonal organization destinations no less than a couple times each week Over half went by an open house Source: 2007 NAR Profile of Home Buyers and Sellers Age of Home Buyer

Slide 26

Buyers Look for Information Online… Age of Home Buyer Source: 2007 NAR Profile of Home Buyers and Sellers

Slide 27

… But Most Find their Agent Through Referrals Source: 2007 NAR Profile of Home Buyers and Sellers

Slide 28

Sellers Also Depend on Referrals When Choosing an Agent Source: 2007 NAR Profile of Home Buyers and Sellers

Slide 29

What Buyers Want Most from Real Estate Agents Small contrasts among demographic gatherings Source: 2007 NAR Profile of Home Buyers and Sellers

Slide 30

Trust and Reputation are Key in Buyers\' Use of Agent Source: 2007 NAR Profile of Home Buyers and Sellers

Slide 31

What Sellers Want Most from Real Estate Agents Source: 2007 NAR Profile of Home Buyers and Sellers

Slide 32

Educating Sellers – Your Role as an Expert 24% of homes were available for 17 or more Weeks home was available Source: 2007 NAR Profile of Home Buyers and Sellers

Slide 33

What Does everything Mean Big changes in the land market Sluggish action in numerous (however not all) districts Foreclosures will keep down business sector in a few zones Pent-up interest will lift numerous business sectors in the following year or so In an extreme business sector, purchasers and venders require your mastery Real home stays one of the best ventures for most family units

Slide 34

For more data: Paul C. Religious administrator NAR Research Division 202-383-1246 pbishop@realtors.org www.realtor.org/research

Recommended
View more...