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Market News and Trends

Prices up? Prices down? Depends who you ask


Earlier this week a report by Zillow produced a flurry of “news” stories predicting a second housing crash.  Yesterday I posted Are home prices falling? to point out that even if prices have been falling in other places Austin residential real estate continues to outperform most other major U.S. metropolitan areas.

Today, RISMedia published an article offering a more complete, and accurate, view:

Existing-Home Sales Rise in Most States in First Quarter

That piece includes an important bit of wisdom from Lawrence Yun, chief economist for the National Association of REALTORS®:

“The reading of quarterly price data can be volatile because they are based on the types of homes that are sold during the quarter. When buyers principally purchase distressed properties in a given market, the recorded prices will be very low, which is what we’re seeing now in much of the country,” he says. “Annual price data provides a better guide about the direction of the market in those areas.”

It is disappointing how respected publications knee-jerked to the “sky is falling” conclusion based on one report from one source, when other information is readily available.  Aside from pointing out the fact that the Austin/Central Texas market has experienced the past four years very differently from most other large cities, I have been writing through much of that time to counter the wild swings in daily “it’s up – it’s down – who knows where it’s going” journalism about the housing industry.  Sure, NAR has a dog in this hunt, and I have not always agreed with their market interpretations or their political positions, but I am confident that NAR provides a calmer, more objective viewpoint on this subject than the other articles earlier this week.

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About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.

Discussion

One thought on “Prices up? Prices down? Depends who you ask

  1. You’re blogging has really come on when I look back over previous posts. Actually I arrived here from a forum on an unrelated topic. Worth surfing sometimes. Thanks.

    Posted by Hannah | May 21, 2011, 5:24 PM

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