The Market has Changed! DUH!!

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Real Estate Agent with Value Added Service, 602-620-2699 SA5376460000

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!

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HomeSmart Elite Group                                  

8388 E Hartford Dr., Suite 100

Scottsdale, AZ 85255                                                         

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Rainmaker
1,560,731
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

I remember the time when a distressed sale was the exception, not the rule.  Sad how this happened to home owners.  You're right -- DUH!  Good post.

Dec 10, 2010 05:41 AM #1
Rainmaker
981,221
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thanks Carla.  I was a banker between 1977 and 1982 and I feel like I'm working for the banks again!

Dec 10, 2010 05:48 AM #2
Rainer
249,159
Bill Pohl
Tetra Homes, Inc. - Loveland, OH

Jan - You're right about the market being changed. I wonder if Nevada, Arizona and Florida are every going to be a stable RE market in the next decade. There is (was) just so much destruction of value going on.

Dec 10, 2010 08:11 AM #3
Rainmaker
204,429
Candy Miles-Crocker
Online Real Estate Agent Training - Chevy Chase, DC
Realtor - Real-Life Real Estate Training

Thanks Jan.  The market is constantly changing and we must adjust right along with it...or go out of business!

Dec 10, 2010 08:46 AM #4
Rainer
63,378
Loren Green
Greens Home Design L.L.C. - Buckeye, AZ
Phoenix Home Inspector & Designer

Jan - I hate to state the obvious, but people need to learn to save their way into wealth instead of borrow and spend their way into wealth.  I can count on one hand the number of furnished homes I have inspected this year.

Dec 10, 2010 10:20 PM #5
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Rainmaker
981,221

Jan Green

HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN
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