Jim Cramer: Housing Market Has Bottomed
Jim Cramer on Tuesday’s show stated that we’re at a housing market bottom nationally (article). Below is the video of this segment.
While time will tell if Jim Cramer is right, on a local level I’m not ready to call a housing market bottom. I do believe however that foreclosures have price-bottomed in our market. Unfortunately I also believe that the typical Traditional Seller has further to fall.
Comments
Comment from Mike
Time August 13, 2009 at 6:26 PM
when do agents start SELLING houses instead of expecting sellers to GIVE AWAY there homes? Sticking a sign in the front yard with some flyers and listing on the MLS is not selling. Earn your 6%-7% “commission”. Quit deflating the price and expecting the seller to eat it. Sell the value of the property. otherwise you’re perpetuating your own demise.
Comment from Aaron Dickinson – Edina Realty
Time August 14, 2009 at 8:13 AM
The “value” of the property goes only so far. If you have had 30+ showings on your house and don’t have an offer, then your house is priced too high. Most agents do much more than simply flyers and listing on MLS. One of my biggest problems is sellers starting their price too high because they want to “try it and see what happens.” What happens is that they lose their best buyers in the few weeks that they are substantially overpriced. Each of my sellers this year started their price too high and each time they’ve wished they had known better at the beginning.
Also please remember that unless your agent finds the buyer on their own, they share the commission they charge with the agent that does bring the buyer.
Comment from John Watne
Time June 17, 2009 at 8:45 AM
I don’t know. This is the same genius that claimed Bear Stearns would never fail. I would take anything he says with a grain of salt, especially since his interview with Jon Stewart and how he admitted to how ridiculous his show really can get. What’s your take on when traditional housing bottoms out, Aaron?