If we learned anything about real estate markets over the last 7 years its that we need to be more vigilant about watching signs and trends, and since everything is on line now, we have no more excuses for not seeing the coming trends. People are talking about bubbles again, but from what we are seeing this isnt the case on a major scale. People want to get back into the market … that much is clear. Here is an interesting article from Redfin about this topic…..
Article by by Tim Ellis in Redfin.com’s blog:
The number one question Redfin’s real estate agents are being asked these days is: “Is this another bubble?”
For now, the answer is no. Overall, the housing market this spring is hot, way hotter than any normal spring. For the most part, this is just the natural result of supply that is at record lows thanks to the price declines of the last few years.
|The Great Bubble||Spring 2013|
|High price to income (PI) ratios||Low to average PI ratios|
|Lots of new listings||Record low new listings|
|Record high sales volume||Average sales volume|
|Extremely easy credit||Relatively tight credit|
A Mini Bubble Brewing in a Few Cities
The market today is so hot that many Redfin Agents are concerned that we’re entering into bubble territory. At a recent lunch with a half-dozen Redfin Agents, Redfin CEO Glenn Kelman asked whether they felt that the market was getting bubbly. They all nodded vigorously.
In some markets, there may be a “Mini Bubble” going on right now. This map shows the four markets most likely to be in a Mini Bubble, and the four least likely:
|Market||Price to Income
|Sale to List
* “Flips” refers to the percentage of home sales where the same home also sold at least once more in the preceding 18 months.
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