BrokerIPTV: Today, we are talking with Bob Kosena, Realtor and owner with Fuller Towne & Country Properties and Bob, thanks for being with us, appreciate it.
Bob Kosena: Hi Dan. Thanks for inviting me.
BrokerIPTV: Glad you are here. 25 years you have been in the business, I imagine you have seen a variety of markets come and go. Have you seen one quite like this with foreclosures and short sales and credit crisis and prices plummeting?
Bob Kosena: Unfortunately, I have. Go back about 25 years into the mid '80s and we had a similar type of market across the Denver area certainly. It wasnt a national phenomena that this market today is. This one is affecting everybody. Foreclosures were maybe not so prevalent back in the mid '80s, but certainly the softness of the market and the consumer awareness of the problem was as great as it is today.
BrokerIPTV: I have been talking with both buyers and sellers and I said, "Listen, as much as you think it's probably a good thing for buyers that the equation right now is so lopsided in their favor, it's really not a good thing for the overall economy and the state of real estate, would you agree?"
Bob Kosena: I certainly do. Any time you have a large swing to either a buyer's side or seller's side, you have an imbalance in the marketplace and its a short term proposition because even as a buyer you can buy into that, into that market and if you are going to be selling at any time soon, then it could be a disadvantage to you. So, the best market is where you have an equal balance between buyers and sellers demand in the marketplace.
BrokerIPTV: And then you know despite all of the advantages that buyers currently have and even the Colorado Real Estate contract is kind of slanted towards buyers, they are still skittish to pull the trigger. Have you seen that as well?
Bob Kosena: I have and again I think the proposition that you have to look at with each buyer or each transaction is, are they comfortable making the decision and today buyers are skittish because of the coverage that the news media presents to them.
BrokerIPTV: Right.
Bob Kosena: On an ongoing basis. The economy certainly has a factor in their confidence level to make a purchase and another factor is there are just so many properties to select from. Its hard for many buyers to make a definitive decision given the choices that they have.
BrokerIPTV: Bob, go ahead, rub the crystal ball, when does it all turn around?
Bob Kosena: If I knew the answer to that one, I would be sitting on my yard in the Caribbean somewhere and the leading experts right now are seeing that the reminder of 2008 is probably not going to be a turn around period. I think at best it is going to be a leveling off period. The decline or the negative numbers are starting to soften, so I think you are going to see a recovery again from a federal level, maybe not just the,
BrokerIPTV: Colorado
Bob Kosena: Colorado, thank you, in the '09 kind of timeframe.
BrokerIPTV: Sure.
Bob Kosena: I dont think it will be two years out.
BrokerIPTV: Yeah.
Bob Kosena: In my own opinion from what I have been reading with people that are much more knowledgeable about that subject than I am.
BrokerIPTV: Bob, great information. Thanks for being with us. Appreciate it.
Bob Kosena: You bet. Thanks for having me.
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