California resales plunge

[promortplanner]

California resales plunge from 2005 levels. The sales of existing homes in California were down 28.7% in October from the level recorded a year earlier, according to the California Association of Realtors. The seasonally adjusted annualized rate of closed escrow sales of existing single-family detached homes totaled 443,320, down from the 621,530-unit rate recorded in October 2005, CAR said. The median price of an existing single-family detached home in California totaled $548,680 in October, up 2% from $537,930 a year earlier, according to CAR. While it seems as though things have for the most part stabilized over the last few months, it's hard to tell whether or not we've seen the bottom yet.

[OregonLO]

interesting information. That seems like quite the drop, Oregon has stayed pretty steady which is always great for me. But we've still seen a lot of Mortgage Brokers shut doors so it is definitely getting thinner out there. Always the more reason to have good networking in place as well as advertising.

[promortplanner]

Agreed, shops are closing their doors and the herd is definitely thinning out. It really makes a difference networking with good people and building on trusting relationships.

[OregonLO]

I couldn't agree with you anymore...I'm not complaining about it thinning out though. I've networked myself quite well and try to advertise in the right area so I'll be around for a while. :)

[abrahamchaffin]

As far as selling in this market goes - I feel that if you have the listing priced right from the start - it will move. A lot of times things that arn't priced right and then reduced and reduced just sit there for a long time. :(

[Codythebest]

Well, I think this is happening throught out the country.
Same tendance everywhere...
Florida is not moving at all..
Colorado has high foreclosure rates...

[JohnHoward]

I've also noticed Oregon's market has been somewhat flat. In my market our inventory is still down. I do agree with other post that networking and good advertisement is the key to with stand market trends.

[promortplanner]

I was reading reports today from California based buiders who took a 30% decline in profits year to date from 2005. Reflecting back from earlier posts on sales I'll say it again - the key to this business is relationships. Words from the great sales movie "Jerry McGuire". Although inventories may be up or down in various markets with signs of flattening in others, the playing field is still wide open for those exceptional individuals who want to make a difference in their communities and sincerely care about their clients. We need to work together and weed out those who've worked in this business over the last few years reducing this businesses reputation to no more than used car salesmen. Keep up the good work and continue networking with other good agents, loan officers, and service providers. As for your advertising, keep it simple and consistent.