Friday the December issue of our local Catalog of Homes was released. The Catalog contains many homes that are for sale by local agents. It does not contain a complete list of properties for sale but it contains many.
This month's issue was noticeable thinner. I compared last month's issue and found that it does indeed contain fewer pages. The last issue had 115 pages. This issue has 102 pages.
I don't have a page in the Catalog this month myself. The homes I had listed have either sold or expired so I didn't place an order. The expired listings have sellers waiting for the market to rebound before they attempt to sell again.
While talking to my broker about listing incentives, we talked about how the current problem isn't getting people to list their homes, it's getting buyers for those homes. Although interest rates are going lower and lower, people are being very cautious during these tough economic times. The market hasn't come to a complete standstill. Not everyone halts their life during a recession. If mortgage rates go down to 4.5% we expect buyers to come out again.
Personally, I obtained my own home loan with a local mortgage officer using a VA loan. When I purchased the home in 2001 I got a rate of 7.5% and a 30 year term. I refinanced with another VA loan and the same mortgage officer back in 2003. My rate went down to 5% and a 15 year term. My payment went up a handful of dollars but it was WELL worth the savings.
My broker and I also spoke about how the local board of Realtors had nearly 20% of their agents not sell a single property in 2008 and they expected several agents to escrow their license in 2009.
fewer licensed realtors in 2009 should help those who remain at least make a living, around my market there are still 40% too many licensed individuals.
Alot of agents are calling it quits. That might be good for those of us who will be around for a while. I wish you the best and I hope the buyers start acting.
Nate Rowe Homes in Richmond VA
www.NateRowe.com
I too have noticed that the real estate books are getting thinner. A thinning of the number of licensed agents is probably happening also.
This is "survival of the fitest". There are too many agents with no real skills on being a sucessful real estate agent. They needed to find another job where they were bet suited. Too many did not have high ethical standards, appropriate people skills, or knowedge of how to run a small business.