The Reality of a Realtor 2009

When I got my associate broker's license in 1989, I joked with my family that I was going to sell $1M houses, pop bonbons, and drive a Jaguar. Of course, the market tanked immediately after I got my license, there were no bonbons (bad for my waistline). I never drove a Jaguar - always drove a Jeep (but hey- they both start with "J"), and I told my family that I was now selling $1M houses for $300k.

Then the market improved, and even rocketed beyond itself. Suddenly I was selling $300k houses for $1M. At least my family and my accountant were happy - I never got the Jaguar, found out I could do without it, and I still didn't pop the bonbons, but at least I was selling houses!

Then the market tanked and I find myself selling $1M houses for $300k again. There are a couple of differences though - rather serious differences. This time, I am truly truly grateful for any sales in this market! And most startling of all - most of the houses I show have no heat or water. I was showing houses on Thursday morning and did an inspection on Thursday afternoon. Out of the 7 houses I showed in the morning, 5 were in foreclosure and had been winterized. There was no heat, no water, and sometimes no electricity. The inspection in the afternoon had no electricity because the owner was in bankruptcy and either simply couldn't incur any more debts or couldn't afford to pay the electric bill.

This is in the DC metro area - which is supposedly "insulated" from the rest of the country's hardships. I confess that I am a little frightened at the shape of the housing market, even in DC. I wish all of you a good weekend, and some buyers out there to turn the tide. We need something to change. We need to get on with the business of America and to get the politicians to stop fighting over very meaningless things - we are in a serious situation here.