Each year our company produces a Trends Report of the things that are impacting the real estate profession. Not to spoil all the fun of reading the 2008 Trends Report, but ActiveRain is mentioned in the section on Social Networking and Sub-prime Meltdown is also discussed.
It is interesting that the sub-prime meltdown is a TREND, because it happened in the past and we are just feeling the effects that will eventually go away ... not true. The reason the sub-prime meltdown is a TREND is the lasting impact it will have on the real estate business. The impact comes in two forms; one is the changes it has in the credit market and how these changes will impact the availability of credit to those that are first time buyers of buyers with great credit but little down (especially in areas where home prices are twice the national average) two is the legal impact on our business.
New laws will be enacted by those that may have never been part of a real estate transaction with the exception of signing on the dotted line after their spouse found the home and worked the deal. Is this what we want?
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