Calculated Risk has a very long reach.
A staffer at CNBC saw the Sunset Sermon video posted there, and called this morning. They are going to interview me today live on CNBC’s Street Signs at 11:10am, Pacific Time.
Here are my talking points that I discussed with her, all specific to my market:
- There aren’t enough reasonably-priced homes for sale to satisfy the demand.
- When reasonably-priced homes come on the market, they have no trouble selling. Bank-owned properties happen to fall into that category, but any home that is priced fairly gets a lot of attention early, and usually sells in the first couple of weeks.
- The only homes not selling are those that are way over-priced, usually 10% to 20% too high.
- Banks/servicers should push more properties onto the market when rates are at all-time lows.
- Many elective sellers think it is a bad time to sell, but it’s not. It is only a bad time if you want a crazy-high price, because buyers are being very patient, and are only willing to pay a reasonable price.
- Foreclosures don’t need to be discounted to sell, they sell for retail value – what they are worth in today’s market.
- Banks are fixing up their REOs before listing to ensure they are attractive to retail end-users.
See you at 11:10am!
8. BIDU is a bargain… buy buy buy!
Go Jim!
Homes are selling when the playing field is fair, we are a testament to that fact!
Excellent job Jim! Definitely underline the point that the banks should:
1. foreclose on people sitting in houses for 2 years not making payments & get rid of the shadow inventory
2. put their REO’s on the market FASTER
…so we can clear out the distressed inventory and start fresh with a real, true, authentic real estate market and not the whacky craziness that started in 2002 (and still continues due to the banks manipulating the inventory and not foreclosing on deadbeats)!
Good talking points.
But I doubt you will be able to get to them…after you say your first point you will be side-tracked no doubt.
Make your first point your most important….
Have a good time.
No mention of Bubbleinfo.com on CNBC????
Oh, I missed it! Can you post the interview, Jim?
Willing buyer, willing seller advertised to the market for a month. The price it sells for is ALWAYS the fair market price in real estate. Price too high? it doesnt sell. Price too low? a bidding war.
Hey, Jim, good job. 🙂
Business Insider also picked up your Sunset Sermon from CR. Don’t read the comments over there though, buncha morons.