Whenever someone asks what I do for a living and I say I'm a REALTOR they always ask isn't the market slow. I tell them that I have actually been busier than I ever have been. If you know the price range that most buyers are looking in then you can stay busy and have money coming in.
In my area Northwest Indiana the homes under $200,000 are moving. Especially under $150,000. I know that isn't a whole lot of commission but when you can close a few a month then it's not so bad. I figure I sell thise first time home buyers a home they will eventually want to buy a larger home. Plus some of their friends might me looking for homes soon. Great way to get referrals.
My last three deals were first time home buyers. Knowing that this is their first big purchase. I try to go over with them the advantages of owning a home. The deductions on income tax. That the equity that they build while owning a home. I also make sure that I call them about 5 weeks after the closing to remind them to file their property tax exemptions. Most people forget to do that.
I actually had a client lose their house because the taxes went up and they couldn't pay the payment increase. I felt bad. I even tried to sell their home using a short sale but the lender wouldn't go for it. Now it has expired on the market three times and is listed for less than the short sale offer was.
I know a lot of the top producers in my area are hurting. I know that some of them only like to sell higher end home $300,000+ . That could be why they are hurting.
There is not a lot of buyers in that price range. Especially those that bought their homes in the last two years are upside down and would take a loss selling their home in this market. But what if they need to relocate for their job what do they do. A division of the real estate company I work for has helped those owners find tenants to rent their home. We have been pretty busy with that. We have more tenants wanting homes then we have home right now. We are helping them find homes to rent.
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