Thread: Market tanking....

Most article writers have already decided what the article is going to say before they ever begin to do any research, if they do any research at all. So, don't believe everything you read.

Our market here is almost back to where it was before the boom. For those of us in the business before the boom this is a normal market but unfortunately it is constantly compared to the boom years which were anomalies and hopefully will never happen again.

I try to stay away from types of articles. In this business you have to stay positive or you will sink. Yes it is tough all over but there are plenty of real estate agents that are making a good living. There are plenty of deals to be had you just need to stay positive. Read lots of success stories and listen to recordings, etc. That keeps me motivated.

Real estate is a local market. While most markets have softened some, there are always going to be articles written by non-real-estate-professionals, who have already decided on what they're going to say just to attract the maximum attention to their article pieces.

Never trust what you read in an articles. I agree that the most articles are written by people who don't have knowledge about real estate at all. They fix their criteria and then write the articles. While on other hands, the things are different than they described in an articles. If you have any doubt or question, the best way is to discuss about it and you can also Google for it.

Originally Posted by Luxury Homes Tampa

Never trust what you read in an articles. I agree that the most articles are written by people who don't have knowledge about real estate at all. They fix their criteria and then write the articles. While on other hands, the things are different than they described in an articles. If you have any doubt or question, the best way is to discuss about it and you can also Google for it.

I won't accept that all the articles are cooked moreover articles with more clicks are bound to be unique but anyway we can decide based on information from single article.

Most real estate agents shouldn't be too concerned about the real estate market prices; it's the volume we're concerned about. If prices fall, most people can sell short. The problem we're starting to see is the lack of buyers. It's true that this will continue to put downward pressure on prices but the bigger concern for real estate agents is no buyers equal no commissions. In Minneapolis, we've seen a dramatic drop in pending sales over the last month. Even with prices continuing to erode it doesn't seem to be attracting buyers; at least not in the Twin Cities.

The market is tanking everywhere! Of course you will hear the phrase "It's a good time to buy" every time you turn around. You will also hear that real estate is local, and even at a macro/micro level (neighborhoods and areas in neighborhoods). You will hear that one area of the country, or cities, have weathered the recession well and property values are not declining. Most of it is bunk when you add in all of the other factors you need to consider when buying a home.

Let's get real, it is only a good time to buy if you can meet the following criteria and situations.

1. You have not only the money to put down on the home but also all closing costs as well as a sufficient reserve afterwards to handle normal, and abnormal, maintenance needs.
2. You have sufficient additional money in reserve to handle the myriad of other daily expenses that might come up unexpectedly (i.e. medical, car fails and need a new one, etc.).
3. You have good and stable employment and there really is no chance your company, your position, etc., will be lost or outsourced somewhere else. Take a look around you as there are plenty of white collar workers out of a job up to and including CEO's. Do you really believe your job is safe?
4. Our governments (from local to Fed) work hard to reduce frivolous spending and their debts. The more they spend they more they will tax you and the less you have in reserves later. Ooops, that killed it right there didn't it?

Well if you can manage 1 - 3 then maybe you'll survive #4. As for the market being local the door swings both ways as even those nice little areas to live are getting hit by short sales, foreclosures and other not so nice occurrences.

I can tell you from the upstate New York and Northern Pennsylvania area, real estate has really been picking up. But this is due to all the 'natural gas' drilling that's occurring in these areas.

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