Is Housing at a Bottom – Part 10 or Part 3?
by Tom on June 18, 2009
in Market Musings, house prices
In Part 3 of the Series “Is Housing at a Bottom,” we talked about how one of the signs of a return to a healthy real estate market is the presence of the “move up” buyer. Well, this report by Reuters isn’t encouraging from that standpoint. It appears that the move up buyers didn’t decide to attend this spring’s buying season.
When you talk to people, or look at statistics about home sales, look at the absence or the presence of the move up buyers. They are a very important sign of the health (or lack thereof) of the housing market.
Tom Vanderwelll
Housing Sales Lackluster This Spring: Coldwell President – Real Estate * US * News * Story – CNBC.com
This year’s peak home-buying season was lackluster, as buyers seeking to trade up to larger houses were absent, said the head of one of the country’s largest real estate firms.Jim Gillespie, president and chief executive of Coldwell Banker Real Estate, in an interview with Reuters, said sales were only modest during the spring, with demand overwhelmingly dominated by first-time home buyers and investors.
“The more important ‘move-up’ buyers were absent and that is not encouraging,” said Gillespie, who is based in Parsippany, New Jersey.
