Summertime Blues?

By
Real Estate Agent with Rosa Agency 8333152

Well, here we are at the end of August and the buyers are still on vacation.  BUT, the sellers are calling us and listing their homes, foreclosed homes are selling, and we just about have a system to work the short sales through most lenders in under 90 days!.

But, where are the buyers.  I get the calls, but no call backs.  I track the lookers on the web sites... but not enough action.  I listen to see what ads generate the calls... and still not enough to say it's a great (or good) rate of return on the investment (be it print, or internet).  What now?

We keep on fishing.  All indicators show that the fish (sorry Mr and Mrs buyer) are there.  We just have to find the right bait, or keep on hoping that sooner or later the Buyers will get tired of paying rent, or watching their savings go nowhere... and buy a home/house!

Off the record, my listings on the foreclosure front have doubled. Most of them are not the hard luck stories that you read about in the paper, but greed.  Investors who lied, appraisals overinflated, rarely a buyer who cannot afford the mortgage.  This is terrible for the banks (and OUR savings rate of returns) but good for the investor and fibbers whose greed kept the values high while "flipping" their homes dishonestly.

No, nothing is wrong with flipping.  What is wrong is to expect a 20% rate of return on your investment by just painting a property and having a friend over appraise it.. while you try to sell it and have your funds already in your pocket.  Equity skimming and never completing the work.  THAT"S what helped keep this mess for such a long time.

Comments (2)

Betina Foreman
WJK Realty - Austin, TX
Realtor, C.N.E., with WJK REALTY

Some people will try anything to make a buck, its a shame. Good luck!

Aug 28, 2008 07:06 AM
Manuel Couto
Rosa Agency - North Arlington, NJ
CRB

Betina, they're back.  The investors and first time buyers are staring to get hungry.  The values are great and the interest rates are reasonable.  We are getting sales and listings, and the phone is starting to ring.   YEAH... maybe it will be a good Holiday time after all.

Nov 25, 2008 07:15 AM