Press Call: Q3 Home Prices Survey

Posted by: Jessica Gopalakrishnan on September 8th, 2009

homegain_radio Last week we met with Realtor® survey respondents and members of the press to discuss the results of the Q3 Home Prices Survey of Realtors on HomeGain Radio.

If you didn’t have a chance to attend, listen to it here:

A Taste of HomeGain Realtor Member Participant Comments:

Mitch Ribak in Florida – “The last 3 months look like home prices are stabilizing, although a significant number of homes are still overpriced, and inventory is shrinking from 8,000 to about 4,500 in the Melbourne area.”

Gary Belhumeur in Colorado – “REO properities were dragging down the Denver market. As banks slowly release them, it’s helping stabilize things.”

Kathy Marlowe in Florida – “Buyers are showing that homes are fairly priced. We are now ending up with multiple offers. And often those properties sell for over the asking price. There are still so many short sales, it’s a hard say what’s going to happen.”

Mike McCutcheon in California – “When listing houses, the caveat is that we need to go a little higher on the price initially with the need to drop the price a few weeks later. The appraisers are the determining factors these days — and that can be scary. Sellers do seem receptive to lowering the price — particularly in the East Bay of San Francsico area where homes have been sitting on the market a long time.”

Orin Sherman in Hawaii – “Newer developments built around 2000 were really hit hard. Recently, however, there’s been a frenzy to gobble those up, with multiple offers and above asking prices (even though they’ve lost a lot of value, up to 40%).

Also on the call: Should the $8,000 tax credit be extended?

News coverage of the August Home Prices Survey includes: