I've only been in residential real estate for three years (I was in commercial for three years prior), but I've noticed each January it's like an after Christmas sale for real estate. There's this rush to buy homes and everyone is out shopping. I thought maybe I'd have a chance to get some buyers into contract who keep getting beat out by multiple offers over asking price on homes, but no.
We are still getting beat out. These same clients are now offering well over asking price. We'll see if that works. Fingers crossed.
Monday, January 19, 2009
Monday, January 5, 2009
Real Estate Predictors are no Nostradamus
While reading the Sacramento Bee's synopsis of real estate predictions over the past year, it was comical to see how positive everyone was. The Bee did an article showing each prediction and then what actually happened. Almost all of the predictors thought we would be out of this economic housing mess by early 2009 at the latest.
Well, we are no where near out of it. Let's see how this year's predictions go.
Well, we are no where near out of it. Let's see how this year's predictions go.
Thursday, January 1, 2009
2008 was a Doozie in Real Estate
For some reason, I stopped writing in my blog back in July. I'm not sure why -- lazy, the crazy market revealing the same things, I don't know.
Anyway, I'm back with a recap of 2008. All year long, those in the real estate business, kept saying we had hit the bottom. I said it too. Now those in the know are saying mid-2009 will be the bottom. I don't buy that either. I think due to higher unemployment and mortgages that will continue to reset, we are looking closer to 2012 for this whole mess to be over and back to a stable market. It's not a bad market, but it's definitely a sad market for those going into foreclosure due to job loss, adjustable rate loans, relocation and other hardships.
Of the listing appointments I go on, the majority are for short sales. Homeowners who are upside down on their mortgage and unable to make their payment due to some hardship. The stress and anguish these sellers go through can be unbearable. Many of these sellers shed tears during the appointment. It's heartbreaking. No one wants to lose their home. It's a family's one safe place and when you lose that safe place, the bottom falls out of your world. I can only imagine how hard that must be.
I really want to see the end of the market, but not only because I'd like to make a better living, but because it's just so sad. This sadness trickles down just as our "boom market" trickled up.
Here's to a new beginning in 2009.
Anyway, I'm back with a recap of 2008. All year long, those in the real estate business, kept saying we had hit the bottom. I said it too. Now those in the know are saying mid-2009 will be the bottom. I don't buy that either. I think due to higher unemployment and mortgages that will continue to reset, we are looking closer to 2012 for this whole mess to be over and back to a stable market. It's not a bad market, but it's definitely a sad market for those going into foreclosure due to job loss, adjustable rate loans, relocation and other hardships.
Of the listing appointments I go on, the majority are for short sales. Homeowners who are upside down on their mortgage and unable to make their payment due to some hardship. The stress and anguish these sellers go through can be unbearable. Many of these sellers shed tears during the appointment. It's heartbreaking. No one wants to lose their home. It's a family's one safe place and when you lose that safe place, the bottom falls out of your world. I can only imagine how hard that must be.
I really want to see the end of the market, but not only because I'd like to make a better living, but because it's just so sad. This sadness trickles down just as our "boom market" trickled up.
Here's to a new beginning in 2009.
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