Pat O'Brien

I volunteer at the San Antonio Stock Show and Rodeo. There are many volunteers at many of the events that are in the real estate industry. Many Realtors that I know are here, title, loan, inspectors and appraisers are here in force and not doing it for any other reasons other than to help raise money for scholarships. Even in a tough economy, when people really need to be working, they are here helping raise money for the kids.

It is great to see everyone here and realize the community involvement!

In states like Texas that use an option period to allow for inspections and the like, the power of the option has to be understood. I had an agent email an amendment that I sent to my clients. They didn't get it back to be before the end of the option period. The buyer's agent figured that since she had emailed the amendment by the deadline, that her job was finished. Since we didn't respond, her clients option expired. She thought that she just had to get me the amendment to protect her clients. All our option period gives the buyer is an unrestricted right to terminate. She had to send a termination if she wanted to protect her option period.

I think, not actually reading the contracts and forms is one of the bigest mistakes I have seen. I had a very helpful buyer's agent fill in the seller's part of the lead based paint saying that they had no actual knowledge.

If we don't do our jobs well, our clients might be better doing a FSBO. We bring the knowledge and experience. We must be the professional to protect the integrity of our jobs.

The first Monday morning of the year was the annual housing forecast as I have done for many years. I spent the morning hearing that we didn't end the year as well as we expected and that we had many more months before we are through this tough part of our economy. The amazing part was how well the San Antonio MSA (Metropolitan Statistical Area) is doing in comparison to the rest of the country. We are in the top ten of almost all of the good lists and the bottom ten of the bad lists. We are still showing market growth. Our market saturation is still at an acceptable level. Some of our numbers are frustrating after the last few years, but the summation agreed with what our last lunch speaker said - if there are no more surprises, we should be having Happy Holidays next year! All the speakers Monday alluded to similar themes as Gary Moon from Wayland had - our attitudes are the most important part of our recovery. There is enough money in the economy, our area is diversified and working hard at creating a stable and solid foundation for further growth that even if our indicators dip into the negative in the next few months, it will only be for a quarter at most. If we continue to keep our attitudes positive, we will end this year in much better condition than the previous two years. We need to push forward, stay positive and continue the work to grow responsibly.

I am on my way to a ribbon cutting of another agent that I admire. He has kept building commercial projects, working with the city has kept them full and has seen little impact from the slower economy other than having to put more of his own money into his projects.

To those in San Antonio, now is a great time to buy and to those from other area, now is a great time to buy in the San Antonio area. The low cost of funds and great pricing, we are poised for a great end to 2009!

This will be a great year.

Of all those that have been given a second chance on their mortgages, over 50% of them are re-defaulting (I think the bailout has created a new lingo for us) I looked at all the money we are putting into companies that are failing. I don't understand that a company is too big to let fail...as Mr. Moon said...that is why they are failing. I would really like to find a way to get my hands on this money...oh wait I would probably have to fail first. What about a system the rewards those that succeed?

Real Estate is local. Our market is much more sluggish then it was a year ago, but we are in a far better position than most of the rest of the Country. We had Gary Moon speak at the chamber lunch today and he thinks we have about 5 more tough months and then will have a great Christmas next year. I have thought the spring would be better for us since this started. Gas prices and interest rates are going to increase buying power and attitudes. We are almost at the end of the "bad" spot, yet I think we will still show positive numbers for most aspects of our market by year end!