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