I have been a broker for 16 years and in the business for 19 and I truly am floundering for the first time. I read a couple of recent articles from Realtors who have suggested that their clients rent their house while seeking employment elsewhere. Sounds like a great idea, in fact it is (was) such a good idea that this is precisely what I have been doing for the last year, that was until the banks are now telling my clients "NO!"  They won't allow them to buy another house because so many people have been "dumping" there supposed rental after they get into their new house, that they have ruined for those who really needed this as a way out of a bad geographic (economically speaking of course) area.

    So the question remains what to do now??? We have houses selling for 40 and 50 cents on the dollar because of the great many bank owned properties. Our sales volume for the county has fallen by 50% - YES 50% in the last 3 years, when people ask me how much there home is worth I have a hard time not starting to laugh, "I have no idea" is the thought that goes through my head but that isn't very professional, so I proceed to tell them about how tough the market is right now and explain that the home is only worth what someone is willing to pay for it and our current buyers are all deal shoppers and if they have to sell now they are going to have to be prepared to take less than what they paid for it. (this is just the start of the conversation.

  Where do we go from here? I really want to roll up my sleeves and turn my business and my attitude around for 2009, but I am just a wee bit lost. Can someone help give me some direction and answer the following questions for me.

 

     1.) What do you do with a seller who has to leave due to a job and they are 25% upside down in the value of their home and the banks won't let them rent it out? (OH, I take that back - they will let them rent it out but they won't allow them to buy another - kind of a difficult situation for someone who has been a homeowner for 20 plus years.)

   2.) How do you work with buyers in a marker where houses are selling for 50 cents on the dollar and the buyer wants to offer 50% less than the asking price??

 

  3.)  When do we get back to those warm fuzzy feelings when you helped that nice young first time home buying couple get their first home and they are so appreciative because you helped them save a couple thousand off the price and held their hand through the entire process?

 

4.)   How do you approach a home owner who is looking to you for answers to sell their home when it has been on the market for 2 - 3 - or even 4 years.? I moved into my current home just under 4 years ago and my neighbor directly across the street has been for sale that entire time.

 

5.) I always try to look for the silver lining, yes there are some great buys out there, but where do you find a real buyer - someone who wants to live-in and care for the home not someone looking to make a fast buck by buying and flipping in this crazy market?

 

6.) I don't have a killer instinct - I  never have - my joy in this job has always come from being kind to people and helping them. It appears that the sellers are hopeless and the buyers are ruthless - so where am I to go in a market such as this??

 

I truly would appreciate some insight into these questions as I ponder how to continue in this business for a 20th year. Thank You in advance - And I wish everyone a warm and memorable Christmas. My three boys are all home for the holidays - and my home is busy, noisy, and happy once again - God Bless and Merry Christmas!