SO WHAT DO YOU DO NOW?

By
Real Estate Agent with Benchmark Realty TN 288457

The other day I was having lunch with at a civic group and we all must eat with someone we do not know as to share our background and knowledge with one a nother. During lunch this young man who is employed in the medical services industry asked my "So what do you do now?" I looked puzzled and and replied politely I do not understand your question. He restated his quaestion " Well now that the bottom has fallen out of the real estate market what are all you agents going to do for a living?"  I simply responded "continue to sell real estate..."

See folks, for those of you are new to the business remember all industries have corrections in their marketplace. We are in a correction mode for the next 18 months in real estate and home building. Prices in some areas are ridiculously high, other areas are over run with sub prime foreclosures and the 0% Down loans have all but gone away. The other side of the coin however shows us with higher home ownership than any other point in US history, the foreclosure market still represents only a fraction of the total mortgage market and international businesses and US based businesses are still healthy and growing so jobs are stable

As with all market corrections we will see some good people forced out of the real estate industry as a whole. This is part of our economic cycle and yes good times will come again....Another problem will be to educate consumers that a 7% interest rate on a 30 year fixed mortgage is still a good rate. When you compare current rates to the 30 year average the 30 year average is still over 8 75% after a decade of rates at or below 6%.

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Rainer
130,529
Al Maxwell
Keller Williams - Marietta, GA
Real Estate Agent
I've always wondreed why we refer to it as a "correction period". Does that imply that prior to now we have been living in an "incorrect" period...or that I should look forward to the end of the "correction" so that we can get back to an "incorrect" market?
Sep 02, 2007 03:00 AM #1
Ambassador
2,740,947
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Mmm.  I believe I would hoped to be quick enough to say "Probably the same thing you'll be doing if National Health Care is passed and you're out of a job.

Who does he believe is going to sell homes??   Perhaps not as many this year, but folks still buy homes.

 

Sep 02, 2007 03:18 AM #2
Rainer
7,866
Claudia Clausen
Keller Williams Elite Realtors - Metuchen, NJ
Middlesex County Real Estate
I think it's sad to hear so many real estate agents saying that they are forced to get a "real job". But having lived through the "market correction" back in the late 80's I know that this too shall pass. We all just need to get back to basics, work hard, streamline our budget and hang in there. There will always be those who will want or need to buy or sell in any market. This market isn't going to scare me away! And you sound like you feel the same. Best wishes for much success in your business through these tougher times.
Sep 02, 2007 03:46 AM #3
Rainer
29,213
Tim Haight
Pinal Realty & Property Management LLC - Arizona City, AZ
Broker/Owner

This business is very cyclical and those with the patience and also with the means to stick it out will survive. We just have to keep working hard. Now that it is slow I am taking the time get more education in the field. It is easier to take courses when you have a little spare  time, ifyou know what I mean.

Sep 02, 2007 06:27 AM #4
Rainer
49,884
Brian Foxworth SC, GA, FL, & TN Mortgage Loans
Palmetto South Mortgage - Columbia, SC

Well done Paul! What most Consumers see on TV and the Net gives them the "Doom & Glooms".  I love working with professionals like you who understand that people are stil going to buy houses and vacation properties and don't give in to the doom and gloom mindset.

Sep 13, 2007 09:15 AM #5
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Paul Moye

Broker, GRI, SRES
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