Bears Turn Bull
Don’t take it from me, just take a look at what four reknowned industry analysts have to say about real estate today. They are all well known for their bear attitudes toward real estate… until now.
Christopher Thornberg 2006-2007
“Housing is by no means done. The worst is in front of us, not behind us.”
“Now is a great time to buy a home.”
John Talbott 2006-2007
Authors the best-seller Sell Now: The End of the Housing Bubble
“It is now time to buy a home.”
Ivy Zelman 2006-2007
Renowned housing analyst nicknamed ‘Poison Ivy’ for her harsh positions on housing over the last several years.
“We very much believe we’ve hit bottom.”
Mark Kiesel 2006-2007, PIMCO Managing Director
Declares: “Housing is the next Nasdaq bubble.” Sold his home.
“I was one of the most negative on housing. I finally came to the conclusion housing looks like a decent place to put money over the next several years…For those of you renting or on the sidelines, I recommend you at least consider getting ‘back in’ and buying a house.”
He just bought a home.
Other Notable Economists Weigh In
Celia Chen, Director of Housing Economics, Moody’s
“The residential property market is recovering, as the factors underlying demand and supply strengthen. Even after accounting for unusual seasonal patterns brought on by the unusually warm winter, conditions have not been this strong since the government ended homebuyer tax credits in 2010.”
Mark Fleming, Chief Economist, CoreLogic
“Since the peak in home prices, mortgage rates have declined and affordability has risen dramatically. Housing affordability is at levels not seen since prior to the early 1990s…While real estate professionals often say that ‘now is a good time to buy,’ it is clear today that April 2006 was probably not a good time to buy, while now may well be the time.”
Paul Diggle, Property Economist, Capital Economics
“The increase in households’ confidence in the outlook for the housing market, coupled with a gradual improvement in the pace of the economic recovery, should drive a rise in home sales later this year.”
Doug Duncan, Chief Economist, Fannie Mae
“Conditions are coming together to encourage people to want to buy homes. Americans’ rental price expectations for the next year continue to rise, reaching their record high level for our survey this month. With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that homeownership is a more compelling housing choice.”
One thing Daryl and I have learned over the past 28 years in the real estate industry is no matter what phase the market is in, no one ever thinks it’s ever going to end. What we are seeing today is that some areas of San Diego County are recovering much more quickly than others, and the same can be said for various price points. We are experiencing multiple offers as a matter of course, so we can attest to changing times.