In our real estate business, it seems like there are two real estate markets.
The first real estate market is the "distressed" market - foreclosed homes, REOs and homes being sold under a lender short sale.
The second real estate market is the listing - market. Home -sellers who are selling.
We have home buyers who are specifically looking for homes in the first real estate market. Basically, they are hoping for a bargain. But, buying such property at a lowerr price comes with risk (depending on where the property is located, such risk can include "as is" home condition, no guarantees, and minimal or no seller disclosures) and may require patience while waiting for decisions to be made by the seller.
We also have home buyers who want to stay away from the first real estate market, and concentrate on a more "normal" sale. These home buyers are more comfortable with the "normal" home buying process - the face-to-face home seller, including seller disclosures.
The market will not get back to normal until our inventory of the second gets low.
We are seeing really tough times in today's market. There are bail outs now for Wall Street, banks, auto companies, and many others waiting in line. Our industry and factories are going out of business. Many good people are being laid off by the thousands daily. I think we should focus on bringing back our industry. We may pay more for "Made in America", but it will be made of quality and our country and fellow citizens will get the revenue. That revenue will go back in the system. We are now laying off our citizens to give our business to other countries for cheaper rates. We are cheating our future. Our kids future. We'll be paying back the funds that have already been given out for the rest of our lives. In real estate, we can see these other countries come in to purchase our properties for good deals because our pain is their gain. What do you think?
Tom Smith, Realtor
I'm currently working with investors. I work as a Realtor for Century 21 Adventure, Inc. My market is in Fredericksburg, VA. It seems that most of my clients have decided to wait to purchase, thinking home prices will decrease another 20%. My perspective is a bird in hand is better than two in the bush. Prices may come down further. They may not. That's a chance they are willing to take. I'm confronted and asked daily about our current market conditions. I explain to them that now is the best time to get a once in a lifetime deal .Investors can make a fortune with flipping foreclosures. I advise my move up sellers that they may take a hit on the sale, but gain back on purchase. As Realtors, many buyers and sellers look to us and our input in their decision making process. We need to emphasize the positive points on purchase deals. The upside down clients need to consult their lender via hardship contact. The market will get better. Hang in there.
Tom Smith is a real estate agent with Century 21 Adventure, Inc. A retired law enforcement officer, he believes in values and works to keep all his clients happy and well informed in their very import
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