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Former “Apprentice” contestant Katrina Campins and Douglas Elliman CEO Dottie Herman on the improving outlook for the housing market.
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To some top real estate experts on whether this that I saw was the start of the new mania.
Or maybe -- tomorrow -- Florida Hoover realtor Katrina campus joins us as -- -- strong New York counterpart.
Dottie Herman all right attributed to you first in the belly of what used to be called the -- -- better how would you define.
Neel everything that you said it is on point.
Our biggest concern now as real estate professional is that we don't have enough inventory.
And when I state that people think we're out of our mind.
But you know the difference this time around is the 1980s most of the demand for real estate was coming from South America.
Now you have the demand coming from South America but also so many other continents so there's an influx of the international buyers but you also have.
A lot of people coming from the north and there are no long -- -- -- birds -- people that are really spending a lot of time here in Florida.
So -- as a whole is getting extremely strong as a market and if everything continues its -- to be the third largest state in the entire nation.
But the problem right now -- is that sellers aren't.
Putting their properties out there right now maybe for a variety reasons including that could be underwater so it's creating this weird conundrum where.
The demand is there the supply is not.
The war and -- and don't -- the first to -- Annette and Katrina wanna get backed him.
Yet the demand is across the country I just came back from San Francisco big CEO conference well the biggest CEOs will stay -- the country there isn't a market.
That doesn't have an -- has enough inventory and -- that's the problem.
Well it's only it's -- it's it's a lot of things fourth wall it's pent up demand a lot of people haven't done things for a lot of years.
And has people's equity starts to come back and people can move.
People putting my snow it's bottoms so vague figure you know what -- authority reached bottom but we can't make the move.
What sellers of it is waiting it out because they feel of its reach bottom.
They wait a little longer there than appreciation in their value.
We'll go well they know that and they think interest rates my go off.
You know that the you know we have low low interest rates.
And that's already starting to happen -- Katrina.
What is it gonna take I can't believe I'm saying it's sellers all -- -- gone to start selling because they're the only part of the equation that isn't coming together.
You know what's interesting and most of our buyers now our cash to so they're no longer having to overcome the obstacles of the financial contingencies at least in South Florida.
And nobody here in the night and -- ride in -- of -- high end of their cats but not everybody.
I am I am and in order to get sellers to south.
You're there really -- you have to paid on top dollar which is still interesting because we -- never thought that this would be occurring in Florida at this point.
But it's really become such a destination for that international buyer and we don't have enough inventory the amount of buyers that I have right now on the sidelines.
Waiting for that perfect property.
It actually a little frustrating because I can't locate that -- right home for them because of the lack of inventory so I would.
A seller right now now's the time to get top dollar for your property especially in South Florida but overall.
As you were saying the inventory around the nation and it is very low in the West Coast you're seen -- same thing occur.
You know doubted what I'm not seen yet is the next logical -- Bidding wars properties I'm sure you have anecdotal evidence of something sometimes that's happening at some locales but that would be the next logical step -- We are saying it.
And we've seen across the country and it's happening I felt even what.
Higher prices still by and large.
-- -- the worst levels still look pretty.
Hello it's well again they've come back and again it's something they've come back -- again something to be up 20% depending on where it.
Sell but if -- -- prospective seller would you wanted.
Be it in that party.
Why why are you holding that.
They're not holding back the ones that too old and want to -- doing that general -- you just mentioned earlier that there is one of the block of supply to go with the -- Because there's a lot of demand now -- is okay that's a wire more sellers coming out it was apparently over stocks.
Well I think that have a lot to deal with.
The unemployment.
-- insecurity that people have about the next hike up another lords you know lots to move up.
A level you have to be pretty secure that shouldn't be able to make that -- And I you know and I and I think that you know people that -- -- mean look behind and -- -- doing it.
May and they also know if they have some extra cash.
3% and needed some returning anything so that's one thing but in the very middle that's a hard job to make with so absolute guarantees.
Katrina.
I'd mention my concern that the government would try to get involved in due to mortgage mortgage freeware programs of the like.
And I did with the best of intentions and and I've seen this -- -- there the number times.
To little -- I think it's ST to prolongs the agony -- these freeware programs themselves that have to be reworked.
People who they try to keep in their homes ultimately get thrown out of their homes because the rework program doesn't work so my best advice approvals it sounds of the government.
To stay -- let the market do its thing.
It's one thing it's gonna be more efficient for all involved it will ultimately be better and it won't put an artificial veil over this what -- And I agree with you a 100% for the past two or three years you and I have been discussing these and 86.
And issues and that the government is proposing an alternate -- we just need to let nature take its course I think it's supply demand.
And -- and demand continues to just dictate the market that we will do just fine and another component is well I the developers that are coming back into the market and this time they're coming back smarter.
You know so many of them that's suffered during the bust.
Are now building more inventory which is going to be great for South Florida but they do we know lot wiser now and they're not letting people -- -- And by five to ten properties and with with speculation that we're going to flip them.
So that's another component that's also in our favor in Florida but I agree I think the government needs to stay out of it and just let supply and demand dictate the market which is the country -- -- and a.
I think you're absolutely right and I think that we're seeing -- was all over -- request the board not just in Florida.
They're taking bigger down payments.
Again in New York you know within never allowed developments they'd never allowed people to buy 1015 properties and outlet and there's so we didn't have that problem.
It's true it's back.
And it's been back for about a year it started.
Financials and this is a big giant anecdotally notice that but it you know -- -- weather was perfect some of those -- sunny disposition anyway anyway.
Speculators web -- so.
