http://activerain.com/blogs/craigsloane en-us http://activerain.com/blogsview/749264/the-silver-lining-in-the-financial-meltdown-for-real-estate-agents <p>We all know the real estate market was suffering before October. Now that the financial markets have been hammered, it is widely assumed that the economy is set to go into a tailspin for some time. This outlook&nbsp; certainly makes sense on many different fronts. When you consider that the equity markets are down about 40% from a year ago, the real estate markets have been sliding for longer than that and that the country , in general has about a zero savings rate, with tremendous indebtedness, it only makes sense that there will be difficulties ahead. The slide in the stock market has happened so fast that the fallout from will only be felt as we move forward in time.</p> <p>So where does that leave us trying to make a living in the real estate market. Well, as one of the featured blogs said quoting Winston Churchill, an optimist sees opportunity in difficulty. And that is how I am looking at. When I speak to my sellers now, I am not trying to sugar coat anything. I am letting them know that the probability that we are headed for a long and pronounced retrenchment in the real estate market has been raised substantially by the financial /economic meltdown. So, if you don't sell now, you may be waiting for years to get back to current price levels. For those expired listings who as we all know say that they want to put it back on the market in the spring, I am l telling them the same story. Why should the market come back in the spring if we are now just entering an economic downturn where unemployment,now at 6.1% may go to 8% or higher. I tell FSBO's the same story. Now is when you need the most help, that is if you don't want to wait around another 5 years or more to move. Just look at the last major downturn in housing, after 1987. It took 7 to 10 years to get back to a rising market. What we have just been through makes that look like child's play.</p> <p>&nbsp;</p> Craig Sloane (Keller Williams Hudson Valley Realty) Mon, 20 Oct 2008 13:52:05 -0700 http://activerain.com/blogsview/749264/the-silver-lining-in-the-financial-meltdown-for-real-estate-agents