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People keep asking me, "So, How's Business?".

And they don't ask like they are expecting a positive answer. Almost like I may have possibly lost a puppy kind of look. You know what I'm talking about.

The truth is... It's slow. Well slower than when we were putting homes on the market and having them sold by the end of the day with the buyer offering to pay $50,000 over list price and agreeing to pay the cash difference between sales price and appraisal price. Whew, just typing that gave me flashbacks.

My answer is to those who ask me "So, How's Business?" I say.... Business is good. The market is good.

Most houses are on the market for a longer period of time. Having homes on the market for three to nine months isn't a bad thing. As a matter of fact, I would call our market at this time a normal market.

Sellers, depending on the area, are getting within approximately 3%-6% of their asking price. That's not so bad. Buyers are able to negotiate now. Their interest rate is below 6.5%. That's not so bad, not bad at all.

So what. The Sub-prime market is having major issues. Good! Buyers who should have loans will get them. We will no longer be showing homes to people who may just qualify with some loan that may just exist.

...and remember to tell your sellers, just like a sweater at the store. At retail price, I may glance at it and say "That's pretty!" and barely give it a second thought. At a reduced price, I will touch it, try it on, won't even be able to sleep on it... I will buy it!

SEE THE INFORMATION CENTER FOR OAK RIDGE TENNESSEE REAL ESTATE MARKET

Posted by Anona Large-Oak Ridge, TN Real Estate on 11/29/2007 06:43 PM

Comments (11)

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11 Comments on People keep asking me, "So, How's Business?".

People ask me all of the time too, how business is. I always tell them the market is always good.

11/29/2007 06:59 PM

by Stella Barbour - Real Estate Agent - Serving Northern Virginia (Jobin Realty - Real Estate Agent)

Very true posting, Anona. No matter how slow the market may be, you have to stay positive, keep a good attitude and keep moving forward. I always tell everyone business is going great, because to me it is!

11/29/2007 07:55 PM

by Marey Hoeppner- Kalamazoo, MI Virtually assisting you anywhere.. (Virtual Assist Expert)

Sounds like you have the glass is half full attitude and not the glass is half empty. Good for you! The sweater comparison is perfect. I hope you don't mind if I use it on my clients.

11/29/2007 08:22 PM

by Mary Ann Salvatore, GRI SRES (Coldwell Banker )

Business is NORMAL - what we saw for the last couple of years was not. This is great because it's like it is SUPPOSE to be! Great post!

11/29/2007 08:24 PM

by Eleanor Thorne, Cary Mortgage Loans (Meridian Residential)

My reply is Business is great, we're in a great market with interest rates still under 7% and the county is still averaging between 4k-6k solds per month. So are you buying or selling? Good Post!

11/30/2007 12:08 AM

by Rodney Barnes, Realtor, ABR, GRI (RE/MAX Integrity, REALTORS)

Stella, I like that. Market is good. Great seems like fluff. Good is perfect. Expectations are more realistic.

11/30/2007 05:17 AM

by Anona Large

Marey--- Yours is doing great? Good for you. I did real estate in Vegas for just over 8 years and have been rebuilding my business in TN for about 5 months now. Even with the challenges of rebuilding, I can still say business is good.

11/30/2007 05:19 AM

Mary,

Just writing that made me want to his the stores and see what is on sale. If it is priced good, I don't even have to like it that much. lol.

11/30/2007 05:25 AM

by Anona Large

Eleanor,

Your speaking my tune! A normal market is a good market.... of course, you need to be a good agent to make it in a normal market.

11/30/2007 05:26 AM

by Anona Large

Rodney,

Interest rates are great for buyers. So much negativity on the media, you would think no one can qualify for a loan. Truth be told, with rates as low as they are, if you paid your bills, you will qualify.

11/30/2007 05:28 AM

The market is good. With the right pricing, right Realtor, and right showing, ANY house will sell. Well at least that's my line :-)

12/03/2007 10:02 PM

by Scott Wall (StoneHouse Realty, Inc)

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