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So Why is Everyone Telling Me the Party is Over and I Need to Turn Off the Lights & Leave?

Yup, credit is tightening. Yup, there is too much inventory. Yup, if your house is overpriced, it will more than likely NOT sell. Yup, there are a lot of foreclosures & short sales.

There is a lot of waaaaaaaaaa waaaaaaaa waaaaaaaaa moaning and belly aching going on.

I don't want to answer my phone if it is a seller, agent and sometimes even friends. I am a prisoner in my home/office because I like to be positive and upbeat.

Here are how some of the conversations start:

Don't you want to make money?
Sell my house!
I can't get an escrow to save my life!
Whoa is me!
When are you going back to work?

There has been a whole lot of change in the market in the last thirty days, heck even the last week. $40 billion in adjustable loans are set to adjust in the month of August. The next four months is going to be hell. Period, end of story.

Agents: I don't want to work 12-14 hour days myself and I don't know what the easy money of 2004 was like, I have no reference in my mind. Why is it that most agents think that the only thing they can do with their license is sell residential real estate? Commercial and property management is HOT right now. Prospect to renters, show rental property and get that referral fee!

Sellers: Unless your property is listed under the FHA limit (304K currently), fuggetaboutit! Open up other doors. Put your house up for lease or offer a lease option to purchase. Yes, Vegas area renters are tough on property but there has to be a way to minimize the pain and negative cash flow and put a band aid on the situation for a couple of years. Don't lease option for more than one year. Investors are coming out of the woodwork and trying to do two year leases, they are hedging on a 2009 boom at your risk.

Friends: I am resourceful, I don't need to get a job. My license takes me to great places and even though I am working long hours for very little money, I find this job rewarding in every way. Real Estate is in my blood. Everything will be OK.

To the people who feel sorry for sellers selling short and people being foreclosed upon ~ dry your tears! It really isn't that bad. Who is caught in the cross fire? I would say the majority (read majority) are people who took money out, like lots of money. Like we are talking over 6 figures ~ you know, 100K and above out of equity in their homes and have nothing to show for it. Where is that money? Why should the bank sell short and at a loss? My favorite short sale story is about a couple getting divorced, they want to short sell the home they bought last year, and the wife wants to buy it for $300K less. FRAUD!

Oh, and don't get me started on foreclosures. Working with renters, I can tell you I get at least one story a week about a renter who has to scramble because the owner (aka INVESTOR) is getting foreclosed on. People who were hedging on a "quick flip" and didn't anticipate a long hold.

Like I said, there is a minority of "normal" people out there selling short and getting foreclosed on but I don't hear too many of those stories. Those are the people my heart aches for.

I long for a normal market, although getting into it in 2005, I guess I don't know the definition of "normal".

It's my party and I will cry if I want to.

All the Best,

Renee Burrows
Realtor®

Nevada Realty Solutions - Your Dream, Your Investment, You\'re Home!
8942 Spanish Ridge Avenue
Las Vegas, NV 89148
direct: 702-580-1783
fax: 702-995-8237
Renee@ReneeBurrows.com
http://www.ReneeBurrows.com

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Posted by Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR on 08/09/2007 12:40 AM

Comments (71)

Originally posted at: Nevada Real Estate >> Las Vegas Real Estate Specialist: So Why is Everyone Telling Me the Party is Over and I Need to Turn Off the Lights & Leave?

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71 Comments on So Why is Everyone Telling Me the Party is Over and I Need to Turn Off the Lights & Leave?

AUG

2007

Having worked thru the last downturn in the late 80's early 90's I can tell you agents need to be positive. That is the only way to survive. Keeping a positive attitude will keep you sane and stay away from negative agents. We are getting busy but not like the last few years.

Renee-I hear you loud and clear. There is a lot of this going on right now. Here in Utah, we're just starting to feel it, but I don't get it. Business is still flowing great. We all just need to think outside of the box and make the most of our careers. It's all good. We, the ones who keep up with the change will stay. I love your attitude. You will have no problem at all. That's the best thing you have going for you. All the rest just falls into place because of your attitude. Thanks for the great post.

Firat off glad to see ya back and posting with that attitude and cofidence I missed. For someone who i would consider fairly green in the market... you know what you're talking about and thinking long term and resourcing out your business.... SMART!! You'll be around a long time.... this market is going to weed em out quicker than quick and then you'll enjoy and good and steady market with professionals all working toward the same goal.

Have a great evening!!!!

Love the post. Couldn't agree with you more. And the truly resourceful agents will still do fine...even in a market like 'this one'!

Renee...excellent...but this market and all the whining that is going on may just get rid of some of the riff-raff we have in Realtors in this town! Too many got into this biz for the quick buck! Well, there ain't no quick buck now...I'm going to call GLVAR and see if I can find out how many Realtors there are here now. I bet it's A LOT less than we had 3-4 years ago! I think our tops was 17,000...would like to see that at about 12,000.

Oh Renee... I live in a wonderful place (Stamford, CT) where every time a home turned over someone took an extra 100 k to the bank... when will it all end they asked, giggling to themselves, oh oh the bubble will soon burst and lo and behold it did... no more back up binders waving with full asking price...or more.

But you know that really was la-la land and bad news for buyers. We have to stay positive. Buyers are winning today, and sellers are adjusting. Theres lots of inventory and smart people will fix them up to sell.

We all have to roll with the punches. But they all really need our help.

I invite you to read my post,Dont let the news get in the way of you and reality It's really not that bad, matter of fact some will tell you its pretty good!

This is a great post, things are tough right now, and I think the rest of the year will be hard. I myself work long hours for less money. for now. When the market comes back I will be sitting pretty.

Great attitude! There is no way that a negative attitude will help you in any way whatsoever. And if you love your work then it will show.

Hey!! Where did that other picture go?

Oh, anyway. LOL.... yes, it is doom and gloom. 40% of the loan officers need to pack it in and go to selling used cars. more loans for meeeeeeeee!!!!!!!!!

Life is good here.... positive thoughts and positive efforts.

Renee all this true and more.Same here.I feel terrible for these who were stretched when they got their loans in the first place. .

Renee, we must have started about the same time. It's funny, because I'm right there with ya on the attitude. I wrote a post not so long ago... "What do you MEAN it's a slow market!?" I've doubled the business I did last year, and haven't quite been able to figure out where all the whining is coming from. Maybe I won't sell another house all year... but I think I'll be fine!

AUG

2007

Renee,

What more needs to be said?

Right on target Renee,

Markets change, life changes, heck even hairdo's change. Yep I love what you did with yours. While some may want to call the whaaaambulance, others are staying positive and honing their skills and adapting. You will succeed as you seem to get it. Opportunity shows up in disguise sometimes. Recognizing it is what separates the have and have-nots. Be a have!

Best to you and yours.

Jay: I am trying and keeping my head above water :)

Julie: Change is a must. Agents must be aware of the change so they can educate the sellers and go where the business is otherwise you have no business

Desiree: Love to see your face and positive attitude :)

Kaushik: Absolutely!

Mary: You don't need to call. Log into MLS, click on Search, top left Click on Search type, scroll down to user, don't enter any fields and you will hit results and you will get a pop up. Right now: 17,900 MLS users :)~ and 1790 offices. October will be the next MLS dues notice so we shall see then.

Stephen: I love your attitude!

Charles: Thanks for the link, will check it out in the AM!

Beth: That is precisely why agents need to quit crying and be resourceful, go where the business is. Thanks for stopping by!

Jefferson: Absolutely! Thanks for stopping by!

Tom: The picture is on your desktop silly :)~ Selling used cars. ROFL!

Lloyd: I feel bad also, they really are the minority in this market.

Sandy: YOU GO GIRL! Congrats on your success!

Fran: :grin:

Bob: Whaaambulance....ROFL! Thanks for your kind thoughts!

Amen and Hallelujah! Who ordered the Wha!Burger and French Cries? LOL

I have not gotten two listings this week and it didn't bother me one bit! Unrealisticly priced homes DO NOT SELL. I'll send them some French Cries in 6 months when their listing expires.

Slow times are nothing to get very discouraged about, especially in the summertime. Many of the Hobby Agents should fade away leaving more work for us when the boom time returns. In the meantime take advantage of your slack time rebuilding your database and refreshing your marketing marterial.

Renee,

As we all know, when it's good it's good, and when it's bad, everyone wants out, keep on doing what your good at, and the this will fly by, leaving you with alot of work and very few agents to compete with :0)

Hey Renee - your post is right on the money honey!! "Everything will be OK." We just use the slow times to tweak and perfect and work on other things, and maybe go on a vacation for some R & R.

Everything WILL be okay - we know it.
Ann

Renee, Here are some things I do in a difficult market that may help you:

Sleep late
Work on my tan
Play on AR
Go out to eat
Spend time making senseless videos
Talk to TLW!
Read a good book

All of these are things I didn't have time to do over the last few years. :)

Renee, Negative people try and drain me of my enthusiasm but I won't let them! Every day that goes by we lose more mortgage products, less exceptions get approved and we hear more terrible news from the media. BUT, we also have less competition because people are leaving the industry. People will always buy, sell and refinance no matter how bad the market is.

This is going to sound corny but I see this a s a tremendous opportunity to increase my business! I am in it to win it!

Renee, the definition of insanity is doing the same thing and expecting different results.

It is the time for trying something different. You mentioned a quite a few things that are "different" now. Can't you figure out how to profit from those differences?

Like the lease options? Like the renters getting displaced because their landlord didn't make the payments? It seems that for a positive person a solution should come to mind.

Good luck,

Bill Roberts

The one thing in life that never changes is the fact that everything changes. You seem to have a pretty realistic handle on things and your passion and love of the industry will always assure you that you will stay in the forefront of that change and not be following it.

You masterfully executed this blogging site and transformed into a real asset. Your guidance and delivery is spot on. You and I will live to see other shifts in the market place. My greater concern is will our industry yield to the outside pressure or deliver as we always have to the needs of the consumer.

I am banking that we will make whatever modifications that need to be, when they are needed. In a year or two the market will shift to another "New" normal market.

I think Forest Gump said it best , Stupid is as Stupid does, and we as professionals arn't as they sau " stupid". We will be fine and the nay sayers will still be there to, that part won't change. Great post!

Hey Renee, I like your attitude! By the way "It's My Party & I'll Cry if I Want to" was one of my favorite songs too. :) Fact is...no condition is permanent. The good times could not continue forever & fortunately, these times will not either.

Renee - this was a great post. I think you call it like it is, and that is the key to your success!! Nice job!!

AUG

2007

Be positive. Surround yourself with positive people.... and market market market...Homes are always going to be sold.... whether it will be you or someone else getting the commission check is up to you!!!!!!!!

Renee I really liked this blog post, one of your best, and it gets a '5' from me.

My take on this market is this: It's like of like when you buy and sell stocks. Buy low, Sell High is the objective right? No-one knows what that 'bottom number' is... so just like a stock:

Pick one you can afford to buy
Make a Smart Decision at the right time (using your own best judgement)
The people that Make the most money aren't flippers, day traders, paper swappers, they normally 'sit' on their investment and watch it mature.

Despite the mortgage woes of today, if you have good credit, on-time housing history, and a little bita $cash$ . . . Now is one of the best times to buy a home.

The GOOD stocks, just never return to the 'penny stocks' they once were, so buy (as much as you can) as close to the floor and sell (as much as you can) at the ceiling, because there are some REAL BARGAINS to be had! Happy House Hunting!

I agree with you completely and I refuse to let people get me down. Most people that are in trouble with their mortgages did things they shouldn't have and now they are crying for having to pay the price. I learned early in life that if you want to dance you must be prepared to pay the band.

Renee- What a great post. I also started my career in late 2005 and missed all the frenzy. That is ok though I'm learning how to really work the business and become a great agent. I feel all the hard work will really pay off when the market turns around again.

Renee,

There is not much else to talk about these days:)

I cringe when the sellers call me even when they are priced right and still do not get pffers and showings on their property. We can only keep telling them to be positive and patient.

Renee,

Thanks for helping us to keep our perspective on the important aspects of our careers. Sure, it's easy to get focused on the negative things but if we all want to survive, we better find a way to get through this mess.

Hurry, somebody call a Waaaaaaaaaaaambulance! Whiners and complainers get off the train!

I always told folks to save their money because you never knew when real estate would take a downturn. They didn't. Now they wish they had.

I also am telling them that I believe that the market in MD and Northern Virginia will take another 2 years or so to begin to rebound.

They're not listening to that either.

Oh well.

RB,

Yes indeed it`s all over..

Don`t believe for one second the business is not out there!

Renee,

Focus on the positives like all of the great real estate you can buy in Las Vegas at lower prices then 2004! Las Vegas CC at $320,000 for 1800 sq. ft? Spanish Trail townhomes in the $300's? Wow! (And the taxes are less then half in Las Vegas as they are up here in Chicagoland.)

It's August but we are already thinking about the cold weather right around the corner and when we see the great prices down there, it makes us want to come back down and sell some of that great stuff!

It sure is tempting when we see Prices for the premium real estate in Las Vegas the best we've seen in 3 years!

-- Paul

You are correct....Here's my take on it. Everybody wants to get ahead. But say for example you're in a minus 10% market..

-You have to work 10% harder to make up for the down market

-You have to work an additional 10% harder to keep your clients that the other agents are trying to steal

-The last 10% will get you ahead of last year...

SO...the bottom line...You need to work about 30% harder/smarter to be 10% ahead of last year...

Great post girlie. Stay strong and keep adapting... that's what it's all about. The strong will survive and MAKE ways to make money. So, I think you owe me a phonecall? :)

What a breath of fresh air!!! I hope a slower market leaves you more time to post! I, for one, would love to see more posts like this.

Great Post Renee,

It is hard to keep all the negtive infroamtion from us. I have found that I have to keep away from the press, raid and TV. My outlook is that this ia a good thing. This will weed out the weak and it is making me think outside the box to win business.

Thank you,

David

We're with you! We're in it for the long haul as well. We get the same rhetoric from family and friends - when are you gonna get a real job! HA! Blah, blah, blah..... All I can say is that after ten years in the business, even in lean times, we're doing better than most people we know with those so-called "real jobs". In my book, a real job is one that makes us happy and Real Estate is under that definition. Thanks for the positivity!

Completely agree. Markets and life always change and the folks that figure out how to adapt and serve today's market will thrive. Whining about what used to be is a loser's game. Better to figure out how to adapt and serve and thrive with the opportunities that exist today (and there are a bunch) and keep on with your life. It's that constant need to think and adapt that makes this business so darn much fun.

So true So true

Renee - I think I'm in love. :) LOL

Great post! I too am tired of seeing my friends each week and having them say "so, how's the market" in a tone that would suggest someone just passed away!! Sellers HAVE to be realistic and buyers need to be prepared to go through the process with me just like in the days of old- damaning and impatient buyers will be pushed out the door! "But it's a buyer's market" -- I DON'T CARE! :)

As far as other agents, we need times like this to thin our the agent population. If a large enough percentage of agents don't renew their license, we won't need the market to improve to make more money. There will simply be more sales to go around!

Anyhow, good post - I love it.

Renee...It is good to see you back my friend! I have missed your witty and creative writing that only comes from Mrs. Burrows! Keep up the great attitude and don't let anyone get you down dear! People love to be around positive people and that is why (among other things) people love you!

Pep talk and thanks! I needed that. I have decided all ago that I would remain positive but I would not lose touch with reality. I also get to lean on my faith more! Way more! I wasn't doing Real estate during the "boom" for whatever those reasons were (family illness, etc) but I did have my license, just had to take a break. So I missed the joy of "not normal" times. And I really don't think this is normal, I guess I just want it somewhere in the middle and I believe I can work with that. One reason I believe that is because I am working with this trying times right now. Good post, thanks.

All I can say... is you go girl! Feel exactly the same way. Everyone needs to toughen up, have a good attitude and stay afloat. My belief is that if you can make it now, in a few years, life will really be good. Plus, you will have developed habits to be successful in any market! Thanks for the post.

Renee,

Great post!! I am so tired of listening to agents saying how "bad" the market is. A positive attitude & working smarter, not harder, is going to be the key to success for the agents who "survive" this market. Thank you for your insights.

Hi Renee, I hear all the same stuff and just do what I do.....and the others wonder how I do it. Great Post...it take more now than ever but attitude goes a long way.

Great post this sounds like me talking to my agents last office meeting. My company is doing better this year then last. No waaaa waaaaa here.

This is why is love AR - I am reminded that there are always options. My Mom - a fellow AR member and tenured agent of 30+ years - reminds me that her best years were in down cycles. Others fled, and the smart gents prospered.

Terrific post!!

Renee,

Your attitude is contagious and you will prosper! :)

Great message, Renee. I had lunch with one of my good friends, who is also one of the top agents in town yesterday.

He was "whining" because he is working 50 hr weeks, says he can't get to the gym, has 66 listings, and hasn't had an offer in four weeks.

I looked at him incredibly and said "do you realize how many agents would KILL for 66 listings?"

He didn't get it and was "Debbie Downer" all thru our meeting. I am forwarding him your post!!

Great attitude Renee! Like you real estate is in my blood too and I will not fail. You only fail if you don 't try. I am in for the long haul as I am sure you are too.

Preach on, girl! There are lots of grea things to accomplish while in a slow market...like I actually get to spend more time with my son this summer!

I absolutely agree with everything you are saying! I also missed the "hey days" so I have no frame of reference to the whole "easy money" thing. I love real estate and I am in it for the long haul. I'm also tired of the whining and complaining. I want to say: Jeez, just get back to work and shut up already!

But I don't. I just roll with it. Keep positive. Change and adapt. Work harder. Be more innovative.

It will pay off! I'm closing on two homes and a rental in the next two weeks.

Signed, Mary Poppins (just kidding-but I once had a boss that used to call me Mary Poppins cause I tend to be upbeat and positive!) hee hee.

Keep the good attitude. All the negativity of people does not help anyone.

There's opportunity in every market - you just need to hunt for it. Create a new specialty. Learn a new niche. Work smarter, not longer.

Renee,

Loved the post. I've always been in a "par" market. Started in Tulsa when it was "par" and everywhere was booming. Then moved to KC at the end of it's boom and we are "par" here. Who cares? I just go to work everyday. Keep your head up and I loved the comment about what you can do with your license.

Hi Renee, Good reminder post. Only been in this business a little over 3 yrs so have yet to see a full cycle. What I can see is that the buyers are every bit as ruthless towards the sellers as the sellers were in '04/05.

CEG: Is that considered a "sad meal"? waa waa waa

Dan: Absolutely. Just because there is no work (not me) doesn't mean "don't work!"

Thomas: Competition keeps us on our toes but I do like the concept!

Ann: YES we do!

Bryant: Making lemonade from lemons :)

Rey: I have no doubt you do with your work ethic and standards!

Bill: Yes they are coming to mind! I do let my sellers know what is going on and what the possible solutions are!

William: Thanks for stopping by and your positive comments!!!

Lola: Splendid way of thinking! I think those that are staying active in the market are those that will win at the next turn around.

Brad: Thanks for your kind comments!

Michael: On the same note, people still need housing. We still have our steady influx of residents!

Katrina: I always love the sunshine you spread :)

Darrel: ABSOLUTELY!

Robert: I am with you! I do think it will get a bit worse before it gets better but worse is in the eye of the beholder!

Neal: I know, it is what it is. Unless they are conducive to going to short sale prices to generate a bidding war, it is a waiting game.

Will be back l8er to do more replies!

What a great post. I look at this way, you can only focus on the things which are within your control.

60+ comments, wow!!! This is definitely a neat post. I too got into the business in 2005 so I don't really know the ways of the REFI boom where all you had to do was answer a phone and take an application and people were dying to buy real estate. I've done the necessary steps to make it in this business during the hard times. I've networked and keep in touch with my past clients. I'm doing okay and looking forward to my clients that I did have to put into ARM's wanting to Refi through me...

Diane: Absolutely true!

Todd: MUHAHAHAHHA!

Lenn: You always crack me up, thanks for stopping by!

Scott: Inventory at record levels plus we are selling at 2001/2002 levels (uh huh stuff is selling) doesn't help with so much listing inventory out there!!

Paul: It is amazing huh? I am still going to get that blog post out that you requested a couple of months ago. Still struggling on whether to write it from a consumer or professional perspective!

Al: Great formula for success!

Ryan: YIKESSSSSSSS! YES!

Tracy: My posts degenerated at about 80K points. Got busy, had to get some systems into place, went through hell and back for a couple of months and now the train is getting back on the track. Thanks for the encouragement!

David: I think so far out, I don't even know what cardboard smells like anymore! :)

Will be back later for more responses! Just going down the list.

I always enjoy your blog posts. The news of the mortgage crisis is making buyers hold tight. But here in Nebraska, the majority of the buyers are full doc buyers. Unlike other areas that had a lot of Stated Income, No Doc loans. In the past, buyers were using these types of loans to buy a second homes in Las Vegas.

Our FHA limit is much lower than Las Vegas, but you're right, only seems to have FHA selling right now. So in this business, it seems like those who are staying positive are staying busy. SO let the party begin :)

REO Speed Wagon said it best, "Riding the storm out!" Hang in there Renee. This is a time to get creative...I love it too! All the best.

AUG

2007

Greeting from California,

There is still gold in these here hills. It is my job to find it. Who says the American dream, the goal of homeownership is not still alive and well, a challenge , but alive and well. My job is to facilitate the process and the process is not for the faint of heart.

AUG

2007

Renee,

Great comments, you definitely understand the market. Keep up the great posts.

AUG

2007

Lisa & Robert: I agree about the "real job thing". Couldn't work a real job and all the hours doing this!

Steve: It's also amazing how "adaptable" that license can be too!

George: I loved reading that right now, I am so exhausted and you put a smile on my face!

Rosemary: We are all in it together :)

Tammy: You absolutely possess the key!

Harold: I think creativity will be the absolute winner for the agent who can stick it out!

Gary: Great attitude is a must!

JR: Congratulations!!!

Jennifer: I sure like your mom's outlook on life that she handed down to you too!

Suzanne: :) Thanks!

Aaron: LOL! Love the Debbie Downer part. What did he say? OH WAIT, don't want to know, don't want negativity near me!

Ava: Bravo, yes!

Kim: It brings us all back to the basics, doesn't it?

Kelly: Mary Poppins.......LOL! LOVE IT!

Bob & Carolin: Negativity does not help, it hurts! Thanks for stopping by and the great comment!

Sharon: The niche thing is what is so important. Why does everyone have to sell residential resale?

Chris: I LOVE KC! Go Chiefs!

Bill: Karma with a whole new set!

Kathy: EXACTLY, well put!

Rick: Congratulations on developing good business sense!

Steve: I used to be licensed in Nebraska, my dad's a FSBO flipper there, my brother is a custom home builder and my sister in law is an agent. I know EXACTLY what you mean!

Lexa: Did you bring the bubbly? WOO HOO!

Paul: See my comment to Chris above. GO CHIEFS!

Dionne: Exactly!

House Front: Thank you!

SEP

2007

Hey Renee:

I just moved from Las Vegas but before I did we sold our home in "February" of all months for double what we bought it for. I have a blog on Active Reign where I talk briefly about it. We still have a Condo in Vegas. I love Vegas and I know things will turn around probably sooner than later.

I love a positive attitude. I interviewed 10 realtors to help us sell our home in Vegas. I chose the only one that had a positive attitude and what do you know WE SOLD!!! Yea!!!

Soon people will get tired of renting and tossing money in to thin air. At that point things will turn around. Lending institutions are not in the renting business they need to lend money to stay in business so they will find a way. If you meet anyone coming to Austin let me know. I will do the same for you.

Alan in Austin

SEP

2007

Wow Alan! What a story and I am so happy your home sold and made ya lots of dough! Congratulations!

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