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Housing News How Does it Effect You?

I just picked up the New York Times today, where I read a few articles about sub-prime lending, and came to the conclusion it was not painting a pretty picture. Then I read about DR Horton's sales, and how they are falling far short of their goals. If you run a Google news search on Home Sales there are a variety of articles that spell out what is taking place in various markets. Just as the press and the media painted a picture of boom times in real estate for the last several years, they are there now covering another side of the story. Do you personally react to current events in real estate, or do you employ the knowledge you are gaining to refocus your business? I am a firm believer that each event in life opens another door to quality growth, and personal fulfillment in life and business. Or do you just not pay attention to the news?

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Posted by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO on 04/10/2007 03:02 PM

Comments (15)

real estate news, new homes, sub prime loans, new homes sales, jim crawford, real estate news stories, real estate sales fall

Originally posted at: Atlanta Real Estate | Atlanta Housing News for Real Estate: Housing News How Does it Effect You?

15 Comments on Housing News How Does it Effect You?

APR

2007

Hi Jim-

I try not to focus too much on what the news says. We are in our little bubble here in Bend and so much of what is happening nationwide doesn't correlate with what we see in our local markets.

A friend used to say " God gave you two ears for a reason, let it go in one and out the other". When it comes to media hype, that's what I tend to do: )

We love our D.R. Horton homes here in Bend. Beautiful ; )

Hey Kelli! Thanks for the response. The news is just the news, but sometimes it is a bombardment. Latley, I feel the coverage of the news is a little over the top. Peerhaps it is because this is my livihood. Even with markets correcting, there are always homes being bought or sold. It is a reality of real estate, Sometimes the qualifier is location due to gas price run ups. Other times it is school districts that drive home buyer traffic. Our market has held up well but starting to slow with a lot of inventory on the market. Atlanta still remains a popular destinations as a best place to live in the USA! We continue to do OK because we work a niche Internet market. Atlanta has very affordable new and resale homes for sale, and reasonably priced housing, a fantastic 4 seasons, (without snow), year round golfing, and great weather are all pluses. However, our market relies on other markets for people downsizing, relocating, or retiring. If home buyers cannot sell there, they cannot buy here. So there is some empathy in the news of the day for several reasons. One is I feel the pain of friends, and associates across the country hat work this business full time. When you look at the numbers, it is other peoples money being lost not my own. The other is that I 've worked real estate long enough to know this is a bigger change than most we've seen in a real long time. So that is where I come back to refining what is taking place as a strategy to do even better in our business. I view this as an opportunity to grow our business in a different direction.

Jim, I'm a firm believer on focusing on staying positive about my own business. The negative comments from the new media really set me off. My business this year is actually ahead of last year, after letting two assistants go (working quite a lot more hours). I can attribute the increase of business to the information I've read in Active Rain, the new website from RE/MAX and and the many hours I've spent putting all this information to work. Thank you for being a part of this great site.

Jim, I follow the news as negative as it may be. I think it's important because I have many investor clients that will call me and ask me about articles that they have read. We have to stay up with the news, good or bad, for obvious reasons. Lately, I've found some of this negative news "helpful" in assisting sellers in appropriately pricing their homes....or maybe I was just lucky :)

It would be interesting if some comments were shared on where the opportunities lie in the coming market. I know for myself it will be buyer side. In a buyers market you need buyers. There will be a lot of buying opportunities. Will the opportunities be with individuals or investors? Whom do you prefer to work with? What price range will the deals be located in? Will the homes be vacation homes in a contracting market or second homes? Will the buyers be baby bloomers scaling down?

National news is not always what I go by. I see a different light in Myrtle Beach. We are a resort market and as long as there are vacationers, there will be buyers.

That is correct. I know your market may be considered ahead of other markets...with some of the issues of insurance, taxes etc. I think you have loads of opportunity!

APR

2007

Jim - I will come over here and talk to you a bit, now. I guess this is just what I wrote about earlier, kind of. The news is obviously full of negativity about real estate. Does it affect me? Not really, I just have to work a bit harder to educate my clients.I see these days as a time to strengthen my skills in other areas.

As far as your question about where the business will be. I have a couple of thoughts on that. First time home buyers would be a good market now. It may even open the next level of move up buyers. My next option would be investors. I know there are many investors pulling out of AZ and looking to exchange. I have had a few from California call me about duplexes and fourplexes because of the incredible value here. I'm not sure if that is as lucrative a value in Atlanta. My 2 cents!

Thanks! It is my understanding that the first group of buyers locked out in many markets is first time home buyers. The loans are not available, and these were large players in the real estate run up. I may bet money on downsizing, baby boomer's, ranch or one level homes moderately priced. Call it a hunch!

You may be right. I had another call this week form a gentleman who is relocating his Mother here and looking to downsize to a maintenance free community.

Indiana home prices are still good for first time home buyers, so I will keep all my buyer options open!

If you can get hold of the Bank of America Survey it is really interesting. It goes through all the top markets in teh nation, and identifies a lot of the issues that effect each area. It is very informative, and I got a lot of great ideas from it.

I used to receive an invite to participate in their survey when I was in Phoenix. I don't receive them now; we don't have BofA in Indy. I'll check with a friend from there and see if I can get my hands on a copy. Thanks!

APR

2007

Anytime. It is loaded with informaton, surveys, statistics etc.

Hi, I don't focus on the media hype. I focus on my local region and even when things are slow, I stay postive because it is just a matter of time before things turn around. I also take this time to market even more

Hey Dianne! Same here! I just get blue at TAX time! LOL I try to avoid news, and not let it spill over to clients. I also take advantage at this time to review marketing, take continuing ed classes etc.

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