We've brought the Santa hat back again today to remind you that our short sale training items or going to be on sale Thursday and Friday. I'd also like to talk about what's going on in the news. There are some interesting things that we should be aware of. Like Kevin spoke about yesterday, there is so much changing in the real estate business. Many of you want it to return to normalcy, but this might be the new normal.
According to Freddie Mac, for the last four weeks, mortgage interest rates have been on the rise. We haven't seen a four week rise for quite a while. There are also some companies out there that are predicting a 10% drop in home prices nationwide in 2011.
Lots of realtors have been talking about how the market is leveling off. They think that we have hit bottom and can't go any lower. With this new prediction of a 10% drop, some markets will remain unchanged and to balance that out, other markets will drop more than 10%.
Several months ago, we shared some statistics about what is happening in the Phoenix area. At that time, there were about 33,000 listings. At the end of the year, we should be over 40,000 listings. Now, more than ever, you should be out there lead generating. You might need more inventory in 2011 to sell the same volume of transactions that you sold in 2010. You've got to be prepared to price low and be prepared to speak with the lenders about why you have priced the home at that level.
Be watching for the trends in 2011 becaus e they will have a direct impact on your business.
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