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IS THE MARKET TURNING AROUND??

By
Real Estate Broker/Owner with Home Resource Realty -HRR MD, DC and VA

A WORD FOR THE WISE:

REAL ESTATE SALES IS PICKING UP. WE ARE BEGINNING TO SEE PEOPLE VENTURING TO BUY THEIR DREAM HOMES AGAIN. THEY ARE NOT RUSHING, AND THEY WILL NOT DO ANY ESCALATION. THEY (THE BUYERS) ARE VERY WELL INFORMED, AND THEY CHECK OUT EVERYTHING. THEY WANT TO READ AND UNDERSTAND THE CONTRACT THEY ARE ABOUT TO SIGN. THEY ARE NOT THE SAME BREED AS BEFORE. DO NOT ATTEMPT TO RUSH THEM INTO CONTRACT.HOLD THEM GENTLY WITH CARE AND A LOT OF INFORMATION.

THEY ASK A LOT OF INTELLIGENT QUESTIONS.THEY WILL PROBE YOU REGARDING EVERYTHING,THEREFORE YOU MUST BE THE AGENT OF CHOICE

WHO IS AN AGENT OF CHOICE? YOU MUST BE PATIENT, YOU MUST KNOW YOUR STUFF AND MORE. YOU MUST BE ONE OF THOSE WITH EXPERIENCE OR THE ROOKIE THAT READS EVERYTHING THAT GOES BY HIS/HER FACE. YOU MAY HAVE SOME EXTRA DESIGNATION BEHIND YOUR NAME. YOU MUST BE THE PERSON WHO IS NOT ANTICIPATING TO BE PAID BEFORE THE BUYER GETS THE KEYS TO THE HOUSE. YOU ARE THAT AGENT THAT GOES EXTRA MILE FOR THE CLIENT.YOU ARE THE AGENT OF CHOICE. YOU WILL DO WELL IN THIS MARKET.

THIS MARKET HAS CHANGED. WAS IT FIFTEEN MONTHS AGO WE WERE FIGHTING FOR A HOUSE AND USING ESCALATION CLAUSE? THIS SAME MARKET THAT MADE THE HOUSES SOAR SO HIGH THAT THE AVERAGE JOE COULD NOT AFFORD THE PRICE? THIS MARKET HAS MADE A 360 DEGREE TURN. NOW IT IS MELLOW AND IS OPEN TO ALL NOW, THE WISE, THE RICH AND THE NOT SO RICH CAN AFFORD TO BUY NOW. THE MARKET HAS COME AND GOOD HARD WORKING AGENTS CAN NOW SHOW THEIR SKILL AND MAKE IT HAPPEN. YES, MAKE THE SALE.NOW FUELED BY THE STIMULUS PACKAGE YOU CAN EVEN DO BETTER.

THE BEAUTY OF IT ALL IS THAT FEDERAL GOVERNMENT HAS PREPARED THE BANKS TO HELP, BUT VERY THEY ARE BEEN CAREFUL AS TO WHO THEY WILL GIVE THEIR MONEY TO BUY A HOUSE. HOW GOOD IS THE BUYER'S CREDIT? MORTGAGE BANKS ARE NOW LOOKING FOR SCORES OF UP TO 620. YES YOU CAN THE CREDIT FOR THE FIRST TIME HOME BUYERS. YES, THE SELLER CAN HELP FHA BUYERS UP TO 6%; YOU CAN LOCATE A BUYER THAT WILL QUALIFY FOR THIS PROGRAM. LET US USE THE VARIOUS BENEFITS FOR THE CUSTOMERS AND THE BUYERS. LET US EDUCATE THEM MORE ON WHAT WE KNOW. LET US WORK TOGETHER TO SAVOY THE MOMENT.

YES, THE MOMENT IS GETTING CLOSER, THE MARKET HAS NO MORE PLACE TO GO BUT UPWARD. YOU AND I WILL BEGIN TO ENJOY THE MARKET AGAIN. WE AT HOME RESOURCE REALTY IN BURTONSVILLE ARE READY. ARE YOU READY?

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TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

Bayo, I am being cautiously optimistic. Yes sales are picking up, but I attribute that to the springtime sales burst we typically get after the change of time. Time will tell... 

Mar 15, 2009 10:23 PM
Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

I like your optimism. . 

Mar 15, 2009 10:53 PM
Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Bayo, good post. I believe the market is "righting" itself. It is a good time to buy, and we have to be on top of things to service our clients to the best of our ability!

Mar 15, 2009 11:16 PM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Sales are picking up because it's Spring.  Sales are harder than ever because the government continues to make financing more difficult.  Sales will slow down again in June.  That's tradition.  The volume goes down every year.

There is nothing positive in the market reports. 

It is a good time to buy because, for folks with some cash, they can get a good buy. 

That's reality in my view.

 

Mar 15, 2009 11:45 PM
Bayo Oshinnaiye
Home Resource Realty -HRR - Laurel, MD
ABR, GRI, MBA, CDPE.CIPS,SFR.

Lenn, with great respect for your experience in this business, you are very correct as to the difficulties we are now experiencing with the Finance. This finance may put a damp in the market if the banks do not ease up. I will like the bank to lower their current request for 620 FICO on FHA buyers, but make every buyer to put down at least 3% into the house they are buying.

I will also want to see an end to the idea of 100% no money down to buyers. We are begining to see some buyers getting out to look at houses and wanting to take advantage of the low interest rate. I hope the trend will continue, and not limited to the Spring. Housing is the key to the return of a vibrant economy in the USA.

Mar 16, 2009 01:07 PM