Buyers are in a necessity and not a luxury buying mode. Property ownership historically has been and continues to remain a long term investment and not a commodity traded as a stock on Wall Street. The national economy is struggling under the weight of many economic pressures. Real estate is and remains local. As realtors we must know our market, be attuned to the wants and needs of buyers and sellers and fully understand the basic laws of economics. Supply and demand! We can give great assistance to the real estate market by only listing sellable property, and not listing property where client motivation is low. The hardest thing to do as a professonal is to turn down business, but I have found that the profit margin is greatly reduced by the days on market if I am not honest with my clients. Let's rock on realtors. We are heading in the right direction. Our cycle is going to come out of the "'sloppy bottom" and move back into the hills.
Interesting take on the market! I Am gratified to read that you are feeling an uptrend in real estate. We are, too, although we are living off the REO world right now. At our present (increased) burn rate, we have about 9.8 months of inventory, down from 26 months a year ago.
JimG
We love our market niche currently have 40 active clients, WOW matter of staying with it have a great weekend.
With the price of gasoline and the shift of people's driving philosphy. I believe the shift to "city dwellings" has begun and the shift out of "suburbia" is changing. The luxury suburbia homes are going to become the "slums" and the city dwellings will now become the "must haves".
The only way I see that changing is if we have much more Mass Transit (Trains, Buses, etc), then suburbia might survive.
;>)
Amy
Interesting post, your right we have to tuned into are customers, and identify their wants and needs and have patients with them as we guild them though the sales process
Good luck and success
Lou Ludwig
Jim, I'm optimistic that with mortgage reform, we will see leveling in the REO market. I hope it's sooner than later. You are rising to the needs of the industry. Many successes!
Lynn, that is great! Many successes in your business. Is there a price point for you that you are finding most desirable?
Ann-Marie, that is an interesting observation. The US is definitely behind on mass transit. Too many road to be maintained and too many gas guzzling vehicles.
Living in a coastal area of North Carolina, we primarily expect to have a large number of sales in the second home market. Our second home market is very few. At least 20% of the buyers we once had are out of the market for investment purchases and 20% of buyers have been eliminated do to inability to qualify for a mortgage. Primary homeowners still need a place to live. As long as you remain in less than a $250K price range you will sell inventory.
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