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Better Homes & Gardens Real Estate CEO Sherry Chris explains why she's optimistic about the housing market.
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Us home price is now at their lowest level since the housing prices began in 2006.
They again.
Spoke with the co author -- report Robert Shiller in the last hour take a listen.
There's a lot of positive signs now.
But you know a skeptic who believes in momentum and -- that's been going on now for six years.
Might well say that and I -- us a little bit of that -- -- you can might well says gonna keep going down after.
After this season though you know blip -- over and we.
It may not be over.
Sherry Chris from Better Homes and Gardens real estate joins me now he's a little skeptical -- are you.
Well I'm not quite skeptical as he hasn't actually his numbers support.
The recent NAR numbers that work.
Released last week and with we look at those numbers we see.
You know a slowing of the downturn in prices but an upturn in actual sales and so if we look at those numbers they show.
Ten consecutive months of a year over year increase so that's a positive things I'm a little more optimistic about the market okay.
Is so we're looking at what kind of worsening activity and and Las Vegas and Chicago -- -- and have a look at Phoenix.
Do you think that that's because of the investment capital was going and is up the cash investment buyer that's that's moving the homes and beatings and he was saying -- -- an agreement.
-- -- -- Yes.
Well I think that Vegas will happen if we look at the Arizona market as a whole.
In -- the heat of the downturn that was over thirty months' supply of inventory today there's two -- so.
Second time home buyers investment buyers are going in and you know finally buying up some of that inventory.
The Arizona market is different then the Nevada market Las Vegas market Arizona is a pure play on vacation.
American power and mr.
-- also won -- ask it this he was curious about flippers.
And he was curious about buyer psychology.
He wanna be asking that what is buyer psychology.
Well buyer psychology used is pretty interesting and actually.
I knew that you were going to ask -- this and so what I did was I -- -- out to my Better Homes and Gardens real estate network across the country and -- that's an interesting replies and so.
What they're telling me is that.
I'm buyers are cautiously optimistic and first time buyers are starting to into the marketplace which is a positive thing.
And -- there's still a lot of investment buyers out there but but that is actually dwindling.
Another interesting statistic is that.
-- -- distressed market has has downsized considerably it was at 40% a year ago and today it's sad about 28 just.
That's properties that are under the threat of foreclosure or in foreclosure it was -- -- -- years.
The lower end -- sales are strong higher end sales are strong what's going on with the middle market.
The middle market is the market that we really need to move and the middle market -- are you know people.
Wanting to sell their homes and buy new homes and so that's the market that needs to move.
The lower end market is investor first time home buyer the high end of course is cash.
The -- what do think that -- were saying out this year that we saw back in 199119920.
Was that you're saying it being it cheaper to own than to rats that shift is happening are you feeling -- Herring that well.
I read a number recently that stated in you know 986 out of a hundred major markets it's cheaper to own today than rent.
And so you know we need -- moving.
Those buyers and and die you know when you talk about psychology.
This psychology peace is very important.
Homeownership is an excellent long term investment share we -- -- -- but what can -- get along.
That's the big question that's -- -- that's the big question and you know it obviously is more difficult today than it was before.
But you know if we look at four point six million potential sales this year they're not all cash Sherry -- Better Homes and Gardens CEO great to have you on.
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