Real Estate Blog - What is the Real Estate market coming to? Can we survive?

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What is the Real Estate market coming to? Can we survive?

I was with a few Realtor friends tonight and we were discussing this current market....Are any of us full time agent's going to survive...Yes, we saved up for this market...then again...we're draining the saving's to hang in there to help the people who are still out there as our customers.

HOW LONG TO YOU TRY?

The interest rate remained steady...however...if anything...it will go up.

What do you tell your customer's...They want to understand this current market...they want to know why you cannot find someone to buy their property...Comment's like, "But, my home is for sale for what I paid for it...5 year's ago!"

What do you say to these people? How do you comfort them? What do you say?

I know, some people say, it has to get better...I hope so! But, how do you explain this?

Please do tell...

http://www.KarenMonsour.com, 954-464-4194

Posted by Karen Monsour,REALTOR® Broward,Palm Beach,Miami/Dade! 954-464-4194 anytime! on 06/27/2008 10:10 PM

Comments (12)

current market, interest rates, customers, karen monsour, realtor, real estate

Originally posted at: Karen@ www.KarenMonsour.com: What is the Real Estate market coming to? Can we survive?

Post is included in group: Realtors®

12 Comments on What is the Real Estate market coming to? Can we survive?

JUN

2008

You need to explain with postive approach but real that you need to separate them from the other houses on the market go tour size up the competition and be better, there will always have someone to qualify. good luck with all you do.

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"Do not sell if you don't have to."

Lynn,

I know I didn't get that response...can you explain a little more???

Karen, tis is a real conundrum for all of us! The caveat that I give to my sellers is to be patient, tolerant, and more patient. Then, I review my marketing strategies briefly to remind the sellers how I will approach their listing. I am very conservative on the amount of time it will take to sell their home- regardless of what another REALTOR has told them. Truthfully, I don't have many listings right now. My sphere of influence is going to "wait it out," I believe. If they can, so can I!

Bill,

Totally agree with you...however..some are within a month of a short sale...then what?

Roseann,

Sorry to have to disagree with you, however...wait and see doesn't work... I do have almost 20 listing's and that is not the answer...Some of these people are a month short of a short sale...one is letting a property go into short sale...just b/c it was a bad investment and he has given up on it...and it's not someone who is without funds...

Wait and see...sorry...that just doesn't work.

JUN

2008

Karen, I usually tell people that Real Estate like other investments, goes through cycles. Right now we are in a down cycle. But if you're in this for the long haul, you're in good shape. If you're looking for a quick buck, now's not the time to invest in Real Estate.

Jim,

True, however, this is (in my humble opinion)a time for people to buy...interest rates are down (probably as low as they are going to be on the last pass), and prices are low, here in Florida...,

So why is it not the time to invest? (with all due respect)...Prices in Florida are below 2005, and people are walking away...about 30% less than 2005???

Please advise my friend... :-)

JUN

2008

Karen, you're right, and maybe I didn't explain myself well. It is a great time to buy. But some people think they can find a bargain on someone Else's misfortune (short sale, foreclosure, etc) and quickly turn that property around for a quick profit. I don't think so unless it's a distressed property that needs work and additional investment (time and upgrades) that will increase it's value and bring (hopefully) a profit. I'm involved in one such property now, nearing the finish (stay tuned) and currently looking for another. Here's who can really benefit from this current market. First time buyers. If they are planning on buying and staying at least 5 years, I think they will be be the real winners of this market. First time buyers should be coming out in droves right now and striking while the iron is hot! I think we are in agreement, but maybe I'm not expressing myself clearly. I have a habit of doing that!

It is a very difficult time, but I have to be very realistic with all our clients. We are hand picking who we are listings, and we are selling them by the Grace of God! Our sellers are great, and they are motivated....it is very stressful to see friends leave the business, and companies I know close their doors. This is very different from he markets of the 1980's. And yes, even for those that prepared for this, the reserves will not last for ever. However, it is not the end of the world. We closed 2 listings this week past, and our referrals got at least 5 homes under contract....so homes are still selling. Don't let a down market paralyze you.

Jim A.,

That's what I thought you meant as well. Just wanted to make sure. :-)

Jim C.,

Everyone I talk to here is moving to your neck of the woods! :-/

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