My Magic Eight Ball and the Current Market

By
Real Estate Agent with Coldwell Banker 69190

 

 I get questions all the time about the current state of the market and what is going to happen in the future. Just for the record, I can assure you that I am not the only person in the world that has noticed we have never seen a headline in any paper that reads psychic wins lottery. That's mainly because no one can predict the future or what lies ahead for any of us. This market has presented many challenges that many people have never faced. It will simply take time for everything to come around, level off, and get back to "normal."

 However, one thing that I have been suggesting lately to all those that ask me questions about the market, is to run out and buy a magic eight ball. It's guess would be just as good as mine on many of the answers that the general public would like to have. Or that we in the industry would like to have as well for that matter. The truth is that no matter how in the loop we are, it's still a guess.

 Now all the various economic stimulus programs are the latest set of confusions running through the industry. The fact of the matter is that none of us know exactly what Congress is going to do either, and it's not like we ever have. But, there was a good deal of excitement created in my clients at the thought of possibly cashing in on the $7,500 tax credit and this one I understood and could explain. Now, with all the new proposed stimulus packages, such as extending the tax credit and raising the amount available, and including more than first time home buyers, people have a ton more questions. Again, I have to offer them my magic eight ball. I have no idea what they are finally going to pass and what they are not going to pass. Everything for now is just a rumor.

 So, I will continue to watch the market closely, like everyone else. I will hope for the best and prepare for the worst and see where it all ands up. As for time frames on any of the questions that are asked of me, who really knows how long any of this will take. I usually give the same answer all the time. When people ask, "so when is the market going to completely turn around?" I always say it will do so in the Spring, I just don't know what year.

 www.jlboney.com

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Rainmaker
661,496
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Randy- The eight ball juice comes in much more handy in my opinion. Good suggestion on the crystal ball, I do like to bowl once and a while.

Feb 09, 2009 12:37 PM #6
Rainmaker
2,636,290
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

JL - While the Eight Ball might work for some, perhaps a crystal ball would work better.  I know when I have asked fellow real estate professionals what they think the market will do, they often reply, "None of us has a crystal ball."  Well, perhaps we need to get one:-)

 

Feb 09, 2009 12:38 PM #7
Rainmaker
661,496
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Myrl- That's just it, no one has that crystal ball, but you can get a magic eight ball. So which one is better now?

Feb 09, 2009 12:40 PM #8
Ambassador
942,257
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

JL - You and I are in the same boat.  Will you start rowing, dangit.?   I am watching and waiting.  My clients are waiting for me to explain it all to them.  But, they all want to buy NOW.  Not bad for me, but I need to make them aware that a good deal of this will shake out only in the next month or so.  Everyone wants everything now. LOL....nothing changes, yet everything stays the same.  Hmmm

Feb 09, 2009 12:46 PM #9
Rainmaker
661,496
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Suzanne- I know just how you feel, I assure you. One day we will all be able to look back and remember these days, but that day isn't today.

Feb 09, 2009 01:09 PM #10
Ambassador
1,726,324
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Jl...

There you go ...you are so right ... attempts to predict the future are just like shaking that magic eight ball, except that I think that you have a better chance with the eight ball tan in trying to figure congress out!

Feb 09, 2009 01:18 PM #11
Rainmaker
661,496
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Richard- I don't even think the eight ball will help with Congress my friend.

Feb 09, 2009 01:26 PM #12
Rainer
137,882
Roy A. Peterson
Domicile Analysis of Texas - El Paso, TX
P.R.E.I.

JL, thanks for the suggestion of the 8 ball. I went to buy one and came home and ask it all kinds of questions. Great answers. Now I don't has to wonder no more about certain economic events.

                                                               ~ Life is Good

 

                                                                                             

Feb 09, 2009 01:52 PM #13
Rainmaker
1,748,087
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Between the Magic 8 ball and the St. Anthony's statues (buried upside down!) I am ready for 2009!

Feb 09, 2009 02:38 PM #14
Rainer
65,725
Alyce Martin
The Realty Group, LLC - Albuquerque, NM
Albuquerque - THE Place To Be!

A ouija board is easier to carry around but I do like the basic black of the 8 ball (goes with everything).  .   

Feb 09, 2009 02:52 PM #15
Rainer
336,210
Chip Jefferson
Gibbs Realty and Auction Company - Columbia, SC

Thanks for stopping by and reading about granddad. I am traveling up there today and coming back late.

Put that magic 8 ball to use for me.

Feb 09, 2009 09:15 PM #16
Rainmaker
116,834
Kim Southern- "Sold" with Southern Hospitality
Century 21 In the Mountains - Ellijay, GA
Greetings from the North Georgia Mountains!

JL - You are onto something here! Fun post!

Feb 09, 2009 10:36 PM #17
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

JL,

I wish my crystal ball was better than you magic 8 ball but alas it's not.

Feb 09, 2009 11:50 PM #18
Rainmaker
661,496
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Roy- It can be a life saver.

Lise- Sounds like you have all the bases covered.

Alyce- You have to learn to properly accessorize. The ouija board just screams needy in social situations.

Laura- Have a safe trip, hope all goes well.

Kim- I may be you know.

Don- No, the crystal has let us down.

Feb 10, 2009 02:18 AM #19
Rainmaker
3,983,869
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

It is suprising how people think that we still run the market, and think that we will know exactly what will happen tomorrow.

Feb 10, 2009 04:31 AM #20
Rainmaker
661,496
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Bill- I wish they were right, things would be much easier if that was true.

Feb 10, 2009 04:32 AM #21
Rainmaker
645,960
Susan Mangigian
RE/MAX Preferred, West Chester, PA, RS152252A - West Chester, PA
Chester & Delaware County Homes, Delaware and Ches

JL, I like your idea of the Magic 8 Ball!  You are right, it will be right at least as often as the "experts".  I have been watching hte market with my eyes closed the way I watch Max's game when we have 52 seconds left and we are only up 2 points.  Usually eyes closed, my back to the action.  I can't stand the suspense.

Feb 10, 2009 08:15 AM #22
Rainmaker
661,496
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Susan- I can understand what you're going through, but I must say, I love suspense.

Feb 11, 2009 02:12 AM #23
Rainer
42,659
Mandi Perkins
Pioneer Title Agency - Pinetop Lakeside, AZ

I always tell people that if I had the crystal ball with all the answers that I'd be traveling. I guess the next addition to my office needs to be the magic 8 ball....I'll just hand it to them instead. :)

Feb 13, 2009 05:00 PM #24
Rainmaker
661,496
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Mandi- I think the eight ball is a must for every office.

Feb 14, 2009 01:52 AM #25
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JL Boney, III

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