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Pendings still going down...

By
Real Estate Agent with Keller Williams Realty Portland Premiere

It's hard to be optimistic when pending sales for the month of November have hit a 7-year low, but you just have to try. 

There are so many factors working against home buyers like strict lending standards, recession, rising unemployment and the likelihood that their currant home isn't selling and/or the value has dropped too much.  Even historically low interest rates have only caused a lot of people to refinance their currant mortgage.

The bright side?  Well, we can only go up from here, right?  It will be slow, but it will be in the right direction.

http://money.cnn.com/2009/01/06/real_estate/pending_home/index.htm?postversion=2009010614

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Comments (7)

Timothy Butterworth
Taking a break - Portland, OR

I agree with you, the outlook does not look wonderful for a short time but it will get better I feel over time.  I have been saying that things will really bottom out in 2009 then start a steady rise, not fast , but steady. But the outlook has been sad to say the least for many. My Brother just lost his job last friday along with his insurance, they have a baby on the way. I just can not even imagine that right now. I feel for those goign through this. I also think it will give people a new way to view what is important and not so important in the future. Homes will more then likely not be used for ATM's agian anytime soon. People will do with a little less and appreciate what they have.  I know that for myself I have tried to make cutbacks and think of the times my Grandparents went through during the Depression. I clearly have a better understanding on why they bought with cash, paid things off fast and lived within their means.

I know better days will come and I choose not to look at everthing negative right now because it will not hlep me get through the Now.  We dig in , plan and make things happen.

I hope you both had a safe and wonderful Holiday with the snow not keeping you in too much.

Best to you both always.

PS I had too much coffee so I rambled sorry :)

Jan 07, 2009 12:55 PM
Margaret Oscilia
Creative Concepts-Home Staging and Contracting, Salem Oregon - Salem, OR
Home Stager, Salem Oregon

Now is the perfect time to keep positioning you and your business as one that will endure - that provides top quality service and marketings, one that is the BEST at what you do!  Yes, there are fewer buyers, but houses are still selling.  We've been through recessions before, and will be again.  We are blessed that Oregon is not hit nearly as hard as many parts of the United States!  Hang in there and keep working on your 2009 plan -- your efforts will pay off!

Jan 08, 2009 06:07 AM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

At this time we have to just keep working. Tt is obvious this existing market will not be here forever and those of us who weathered the storm will do well.

Jan 08, 2009 06:37 AM
Chuck Willman
Chuck Willman - Alpine, UT
NewHouseUtah.com

I like to take a look at the pendings and figure out what *is* working... because that's the clue to what's hot in the market.

Jan 12, 2009 06:23 AM
Lanre-"THE REAL ESTATE FARMER" Folayan
Samson Properties - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

Tony and Libby Kelly, CRS, ABR, ePro, SRES, CLHMS, CNHS -Well, we can only go up from here, right?- Amen to that. Like Jennifer said,those of us who weathered the storm will do well. Thanks to the both of you for making a comment on my post. Great post.

Jan 12, 2009 11:11 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

While the pendings may be down, perhaps the inventory levels are also dropping.  That would be good news.  There is nothing worse than the widening gap between actives and solds/pendings.

Jan 13, 2009 08:57 AM
Gene Allen
Fathom Realty - Cary, NC
Realty Consultant for Cary Real Estate

It looks like the market is still slowing down.  Hopefully it will start back up soon.

Jan 13, 2009 10:37 AM