December 21st, 2008 11:55 PM by Manuel Couto, CRS, CRB
Sign of the times...
ok, so after saying how great this month was, I closed my mouth (2 deals died, but the rest are 50% closed already and I am still busy), and looked around. Here is a disturbing sign. Two different realtor signs on top of two for sale by owner signs, with his/her own phone number. These are more than likely investor homes that now cannot afford to keep or sell the home. I hope they can sell and negotiate a short sale with the lender before it comes into REO world. Many investment owners never factored in long term carrying costs, repairs, or in the words of Sonny Block ,Toilets and Tenants*. Buying was easy with nothing down, maintaining is the hard part. Sweat equity is where you make your money, NOT in flipping overnight, NO MATTER WHO OR WHAT THEY SAY.... You should always consider Real Estate as a Long Term investment in your portfolio.. talk to your accountant or financial planner.
I still see/hear buyers calling and emailing me, as well as lenders telling me that the first quarter of 2009 will be exciting with new financial programa that lenders (and buyers) have been asking for!
So, without further ado, Let us remember those this holiday season that are having a tough time making ends meet, Let us remember those that are in sales, in salaried jobs, or have no jobs at all, and let us give thanks for our families and friends and our health. May we all remember the Realtor Prayer.... Good Lord, may we see good times again, and may we remember to save some money for when they go away.
In speaking with other Realtors, December is quiet with phone activity almost nill, and sellers asking for CMA's but stating point blank that nothing will happen until after New Years. I think that January will see a batch of new inventory, priced to sell, since now Realtors and Sellers alike are aware of the current market conditions.
New administration, new Year, new hopes.... on all fronts. Healthy and Happy Holidays
**Sonny Block, author of “Inside Real Estate,” was indicted in May 1995 by a federal grand jury for fraud and fled to the Dominican Republic to avoid prosecution. He was eventually deported to the U.S., but died pending trial.