The Market has Changed! Real estate is an ever changing landscape in this economy. One minute the press tells you that the market is going up, sales are going up, or that more people are moving to your town. No matter where you live, "it" has changed. Whether it's the prices of homes, jobs or simply the conversation, things have changed.
Change includes distressed properties. In my state, we are near the top 5 in this category. Our current numbers show that less than 40% are "regular" sales. A regular sale of course means someone selling a home that either has equity left, or can come to the table with the cash to close escrow. Managing expectations here is critical.
Change means that it is more important than ever to stay current on Federal programs, methods of locating homes for clients, and loan programs to name a few. We have to know what to say to almost every situation. If someone is headed to foreclosure; if someone has missed mortgage payments; if someone has lost a job; if someone is headed toward divorce; and if someone just needs answers. Of course we refer them to a real estate attorney and a CPA. AND DO NOT GIVE LEGAL OR TAX ADVICE. Can't stress this one enough.
So to say the market has changed is an understatement. We have to be more prepared than ever before!