"The sky is falling, the sky is falling... " Chicken Little

Anyone who follows my blog knows I am an optimist.  Even when others have lamented that the real estate industry was all about bad news, I have pointed out the many opportunities that continue to exist for hard working agents. 

Now Department of Commerce figures indicate that new U.S. home sales appear to be bottoming out after a 74% decline since July, 2005.  Home sales hit a record low in January, jumped a bit in February, and then fell flat in March. New home inventories dropped 5% from February levels.  All this means that the demand for new homes is likely to start increasing again.  The demand for new homes never really goes away, even in a recession, but builders are counting on an upturn in sales the second half of 2009.

Median prices are down 12% as builders clear their inventories of unsold homes yet builders are confident as homebuyers take advantage of the $8,000 tax credit and low mortgage rates to opt for new construction.

This is definitely good news in the real estate industry.  Builders and buyers are feeling a degree of confidence and taking the steps that make recovery a reality. Confidence feeds confidence.

At this point demand for new homes is rebounding faster than demand for existing homes.  But when buyers are out there with a "home jones", they may be open to a good deal on a "used" home with features and location they want. Real estate agents who aren't wasting their time lamenting that the sky is falling can show buyers the options.

Bob Corcoran

Corcoran Coaching

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Bob Corcoran

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This post has been included in Illinois Real Estate News Saint Clair County, IL Real Estate News Swansea, IL Real Estate News
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4 Comments on I Told You the Sky Wasn't Falling

APR
27
2009

I am just getting into the business, and definitely want to do this full-time. From the different posts I've read it seems being positive, and finding ways to adapt to the market are key to being successful.
12:58pm • #1
338,033 Points 3 Featured Posts

The cycle has begun to turn back to the positive and those ready can find good buys.
1:26pm • #2
143,987 Points 3 Featured Posts

Both of you are exactly right! Being positive is the key to being successful!  Times have been lean for some agents, while some have quit the business. Those who been creative in finding new ways to help their customers have booming businesses these days. Welcome to the world of real estate, Chad! Thanks for your comment, Heath.

Bob
1:31pm • #3
161,444 Points Localism Sponsor

There are so many options available right now for buyer, it is an exciting time to buy if you are a financially responsible/safe/sound person.
9:57pm • #4


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