In the Northeast, we rode the wave of rapidly accelerating home prices for several years--and what a ride it was! But anyone that has been around this industry for long knows that Real Estate, like everything else, has its cycles.
Sure, a "slower and lower market" hurts those of us who are full time Realtors who have no other income sources. At the same time, it is toughening us up and the strongest will not only survive, but will rise to the top of the industry, having truly earned our spot there!
Chin up fellow Realtors! Homes are still being bought and sold, as long as they are priced realistically for this current market. But if ever HONESTY was important, it is now. You must be honest with your sellers about this market; if they will not face the truth and price their home properly, then it would be better not to take that listing as it will shortly turn into frustration and upset for all.
The good news is that mortgage rates went down this week and by all accounts, are expected to be cut again next week when the Fed meets on Sept. 18th. This should help to requalify some first time homebuyers that have been shut out in recent weeks due to all the sub-lender problems. When the "first-timers" get going again it will spur activity all the way up.
When the dust settles, we will have a more normal market. The Buyers will be more solid and might actually have a small down payment :-) That will be refreshing and certainly healthier.
I guess as much as we don't like it, pain can be a good thing. When you're working out, a certain amount of pain means your muscles are stretching and growing. Pain can also make us aware of a problem in our body that needs attention and thus healing can take place. Pain is an integral part of giving birth; but once that baby is in your arms, the memory of the pain recedes and is replaced with joy and excitement.
This really will make us better at what we do! It will also be best in the long run for the consumer. Hang in there everybody!
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