Hello everyone: I thought I'd give you a Northwest Market update. I know everyone is wondering about how everyone else is doing. And the media doesn't help. They only report the failures; not necessarily the success stories. So here goes. Up here, there are signs everywhere of a slower market. I'll start with the bad news first. In my building, a builder and a real estate office (they were owned by the same people) shut their doors. A friend of mine's real estate office shut down so she moved her license. Occasionally, I'll see the half-finished subdivisions when I'm out driving. And in my own office we're down to 6 people originating loans from a high of 16 in 2006.
So, yes, things are slow up here. But I think we're near the end. It's going to take awhile to rebound but I've started seeing positive signs lately. One, I've been fielding a lot of calls from buyers recently. I think they're realizing it's a buyers market right now. Two, some lenders are o.k. with financing super-jumbo loans at lower rates or a borrower with more than 4 investment properties, for example. Three, the real estate people who have decided to stick with it are working harder than ever. Whether they're holding more open houses, focusing more on commercial, or spending money on marketing, it's a good sign. I was having lunch with a long-time realtor the other day and he said he would be at 90% of what he normally does at the end of the year. Not bad.
I think the key is to stick with it. Our Pacific Northwest market is always the last to get hit and we're feeling the pinch a bit now. I expect this to continue into next year before things start to improve. But there is always opportunity and I'm sure there is more than one realtor, lender, etc. doing well right now. They just haven't bought in to all the doom and gloom and just keep plugging. Have a great Sunday!
Paul
Paul McFadden
Thanks Paul,
I wish I was at 90%....it's more like 45% for me but that's from the unprecidented years. We all need to remember that the recent past boom is not the norm either. I for one know that this tooo will pass. I agree with your time line and see recent increases in activity for our area.
The Northeast is in the same situation. Very slow right now. It is definitely a buyers market. We have several clients taking advantage of this fact. I have been preaching this for a few months now, go out and buy. I wish more people would listen. Many will wait until it is too late. I too believe that we are near the bottom and the upturn will start.
I agree.....the market will come back. Sometimes these shake ups are just what we need to restructure in a more positive way. Balance will restore it's self. And although the industry has lost some good people, the current market has also managed to get rid of a lot of idiots.
Thanks for sharing -- I'm not that far from you (in geography), and oddly enough, I'd describe the market here in the same terms.
Li
Thanks, Karl. Perhaps the second half will be morre robust than the first. I expect it will be in my business.
Ray: It's good to hear you're seeing some signs of life. Best of luck to you!
Jacquie: Yes, I'm glad so many ne'er do wells are gone. We lost some good people too but alot were just in it for the money and I'm not too sorry they're gone.
Li: I think everyone is taking a wait and see attitude. Perhaps after the presidential election people will start to sense an opportunity again.
Paul