Okay brokers:
Not sure how things are for you locally, but for us in Southern Oregon our new media tends to over dramatize the condition of the local real estate market.
There's a lot of doom and gloom coming from the media here, which is sometimes directly impacts the local public. In fact its not that bad at all. According to Southern Oregon MLS stats, and local market and home value experts - Jackson county hasn't been a declining market since last spring. In addition to this sales, are up. And up quite a bit.
Also, in many areas home values have only decreased by a minor amount. But the more negative press the public is exposed to, the more nervous they can become. So whats a broker to do?
Well, educate, educate, educate! Talk to your neighbors and friends about the many buying opportunities available now for the savvy consumer. With Shrot Sales, REO (bank owned properties), and many people feeling a tightening budget due to the economy - there are truly many amazing deals to be had for those who are willing to shop.
In fact, in this so-called "declining" market - my office had its best month ever. So the key ios to help educate the public to the fact that while it may not be the best time to sell a home you bought two years ago - its a great time to invest in a rental property, or in some cases to seel your home at a bit of a loss - only to buy into a fantastic priced home that is larger and offers more land.
Think about this. We've been seeing more sellers willing to reduce prices, or cover closing costs than in a long time. We've been seeing prices around $100 a square foot here locally, which means that those who qualify for financing have some great deals awaiting them.
Just the other night I was out having dinner with my family when we began to discuss the definition of a short sale. I began to talk about how they worked and how they can offer fantastic deals for those with a bit of patience and preserverance. Others in the restaurant began to listen in, and before you knew it I had some interested people and potential buyer leads. If nothing else I helped to correct the perception of our local market to some folks.
So remember, don't get caught up in the doom and gloom. Those who are willing to work for the business, are still making money right now. Go back to your database, make some calls, and help educate your sphere about the great deals to be had. You might be suprised at just how easy it can be to make money in this so called "down market".
Comments(5)