The housing market, whether we like it or not, in most parts of the country, has gone stagnant, or at least slowed. The few places in the country where it is vibrant and healthy is a minor factor in helping the economy right now.
It seems a lot of dominoes have fallen and everyone is waiting for someone else to stand them back up again. Until the demand creeps back into the markets that have gone stagnant the other markets cannot begin their upward sales trends.
Once the news becomes more positive about all kinds of investment markets (stocks, bonds, real estate) then we will see people begin their old habits of spending, buying and selling and taking risks. Right now, not many people are willing to spend or take great risks.
Risk, of course, is what makes some people rich, so it will eventually turn around, because those folks will sense a bottom and start buying, expecting great returns on their investment, and like the falling dominoes, others will follow. The bottom is not necessarily when the prices have hit a new low.
Problem is, no one really knows when the markets will begin their turn-around, but a good guess is, we can't sit still for long. The urge to spend and improve our lives is very strong. We sometimes just have to see someone else make the first move.
We have more followers than leaders in the world.
As Realtors, mortgage lenders, and marketing professionals, we must find the leaders. They know the facts, but helping them fully understand your market place is what will allow your careers to withstand the slow times and make you much stronger in the healthy times.
There are always buyers and sellers. It's your job to find them.
Your attitude can make a difference. Are you the one to set the dominoes back up in your market?
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Great post, the dominos have definitly fallen. In my area there is still some decent demand as some homes are still even selling for above listing price. Just last summer I bid full asking price on a Foreclosed property and lost to someone who bid over $20,000 above list price (which was still actually a great deal), especially when the dominos start rising again.