All these things are true. Another thing that is true is that this has happened before and will happen again.
Yes, real estate is cyclical. It's a seller's market and then it's a buyer's market. The shift can be swift from one to the other.
As a REALTOR® you sometimes wonder which is the hardest market. The one where there are several buyers for the same property and your buyer is not the lucky one with the winning contract or the one where there are many more listings than there are buyers and your listings aren't the ones purchased.
Among the REALTORS there will be some winners and some losers. Those who have been in the business for a number of years have been through this before and some of them will say no more. Others are facing a tough market for the first time having gotten there license when the housing market was booming. Some of these will see this down turn through and others will disappear.
Whatever happens some REALTORS® will survive because we are needed. We provide a beneficial service to the public in good times and bad.
WHAT ARE YOU DOING TO SURVIVE? ARE YOU DISCOURAGED? THINKING OF QUITTING? ARE YOU BEING INNOVATIVE? AND HOW ARE YOU USING YOUR "DOWN" TIME?
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If you or someone you know is thinking of buying or selling property at or near Lake Anna, please contact Kathleen "Kate " Elim. Kate lives at Lake Anna, knows Lake Anna, loves Lake Anna, and specializes in Lake Anna area real estate.
Call Kate at 540-226-1964 or by e-mail at lakeanna.kate@gmail.com. Be sure to check Kate's Web sites and blog at http://lakeannaandbeyond.com/ or http://lakeannacountry.com/
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Specializing in Lake Anna, Virginia Real Estate-Resident since 1992-Quality Service-Local Knowledge-Multi-Million $ Producer-Representing Buyers & Sellers- Homes & Land-Investment-Commercial
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Kathleen, you are right it is cyclical. I was not here or in real estate when the oil bust happened in Texas but I guess at that time all that was on the market was foreclosures. When I moved here and got in to real estate 11 years ago I talked to a lot of agents who had went through it so they did survive. Our market here is really not that bad as what it was back then but I have seen more agents leaving.
Marchel...It is especially difficult during the down times for the agents that rely solely on their income to manage. Sometimes I wonder how they do it. It is one thing if you have a very established business but for those that do not, it must get very rough.
Glad to hear that it is not too bad in your market. Hopefully, we'll all make it through.
Take care,
Kathleen
I hate being negative but our down market is getting to me - I've been in this business for 20 years and I've seen up and down markets before and have always been able to survive them. I'm not sure that's going to be the case if this goes on much longer.
I'm fairly new and didn't enjoy the "up market." I have to say I'm discouraged sometimes. Every negotiation seems endless - if we even GET that far that is. Mortgages are very hard to come by. I have to be doing better than some of the top producers to make enough money - so that's daunting since I've only been around 2.5 years.
Mary...I think what is so worrisome is the fact that it is the whole economy not just the housing market. If we could see some upside in other areas that would be comforting. The stock market keeps trying but it is like a roller coaster. Before, when I was earning less in real estate at least I was doing better in the stock market.
Hopefully you will be able to hang in.
Best wishes,
Kathleen
Hi Ruthmarie...The "up market" was pretty frantic in most areas but this down market seems to be even harder for most people to deal with. At least when the market was up some buyers were disappointed when they didn't get the house they wanted. Now, people are losing their homes.
For those that are able to buy and can find the mortgage money it is a good time. It takes a lot of patience and understanding to be a REALTOR. You've got 2 1/2 years which gives you a good foundtion.
Take care,
Kathleen
Kathleen - There are opportunities in every market... When the market is hot and homes are flying off the shelf, that's the time for us to reinvest in our buyer representation skills... when the market slows it's a great time to hone our listing/marketing skills. In slow times and fast, buyers and sellers still need us because we, as a rule, still act as their advocate in a transaction.
It was a down market when I entered the business and there were days I got a little discouraged and there are days now I dream of retirement... but I still love what I do. The option is to return to corporate America or buckle down and work harder... hard work never hurt anyone, so they say. ;)
Hi Kathleen,
It is true this is a difficult time for our economy. Fuel prices are driving prices of food and many other necessities up. I believe we will work through this and come out stronger and better prepared to help our clients. We must keep up the faith. :0)
You are so right. I have been in both kinds of markets and all those that fall in-between and I think they all require creative and innovative approaches but the bottom line it if we are good and care we will be fine!
Hi Kate, Kathleen, Katy, Kat, I am here and still kicking. I'm one of those trying to make it in a trying market! I have been working continiously for the last several days. My big one fell apart today...it was the lender. Poop. Oh well, I'll keep my nose to the grindstone. I have missed visiting with you too! Are you going to be at the Barbeque? I would love to meet you in person. We will stay in touch. I'm not going anywhere!
Later in the rain~Deb
Jesse and Kathy...I'm a believer. I've seen it when it has been a buyer's market and when it has been a seller's market and when it has been neither. That is possible too. Most of us that really care about what we do and not just what we earn will make it. Some, unfortunately, because of circumstances may not but I would encourage them to try very hard to make it as this is a profession well worth it.
Thanks for your comment.
Kathleen
Cynthia...Many of us have good work ethics and we love what we are doing enough to do the things necessary to make it through. There are so many ways we can promote ourselves and for those of us that have been in the business long enough, we have our referral system working for us.
Take care,
Kathleen
Diane...Yes, I've been through it all too and will make it once more. I worry about all the others that are having to struggle. I was hoping people would share what they are doing to help their business but haven't really gotten much discussion about that.
Cheers,
Kathleen
Debra...I gave a thought to the barbecue but have a conflict, a settlement for a nice waterfront home. Thank goodness. Guess I'll stick around here for that.
Have fun and one of these days I may get back to Texas. Meanwhile, work hard and get another big one.
Thanks for your comment.
Kate, Kathleen, Katy, Kat