The 2010 Countdown
December 27, 2010
2010 has certainly been a roller coaster ride. One week the news media says the economy is improving. The next week, oh dear, it might be a double dip. In the meantime, those of us actively involved as professional agents in our local real estate markets continue to educate ourselves to meet the needs of our buyer prospects and seller prospects. In many ways, our local markets have been more of a "bump along the bottom" than the highs and lows of a roller coaster ride.
Some characteristics:
The bank owned property inventory was diminished compared to 2008 and 2009. Agents who had staked their careers and representing banks had to regroup.
Short sales continued to be a major factor.
In spite of the federal government's intervention and "new rules", it still took an inordinate amount of time to receive short sale approval from the lender.
Since many of the short sales involved more than one loan because the financing of choice during the "up market" was a first with a second or equity loan, negotiating skills became absolutely essential.
"Flipping" did not become obsolete. Investors with cash attended bank auctions on the court house steps, bought properties at some very low prices. did some fixing and put them on the market for a profit. (Attending a sale on the court house steps became a gathering of camaraderie and the use of lap tops to follow
the bids was pretty routine.)
First time home buyers enjoyed the tax credit, but did continue to stay in the market.
Agents adapted and, at least at CENTURY 21 Lois Lauer Realty, continued to be professional real estate agents.
2010 has certainly been a roller coaster ride. One week the news media says the economy is improving. The next week, oh dear, it might be a double dip. In the meantime, those of us actively involved as professional agents in our local real estate markets continue to educate ourselves to meet the needs of our buyer prospects and seller prospects. In many ways, our local markets have been more of a "bump along the bottom" than the highs and lows of a roller coaster ride.
Some characteristics:
The bank owned property inventory was diminished compared to 2008 and 2009. Agents who had staked their careers and representing banks had to regroup.
Short sales continued to be a major factor.
In spite of the federal government's intervention and "new rules", it still took an inordinate amount of time to receive short sale approval from the lender.
Since many of the short sales involved more than one loan because the financing of choice during the "up market" was a first with a second or equity loan, negotiating skills became absolutely essential.
"Flipping" did not become obsolete. Investors with cash attended bank auctions on the court house steps, bought properties at some very low prices. did some fixing and put them on the market for a profit. (Attending a sale on the court house steps became a gathering of camaraderie and the use of lap tops to follow
the bids was pretty routine.)
First time home buyers enjoyed the tax credit, but did continue to stay in the market.
Agents adapted and, at least at CENTURY 21 Lois Lauer Realty, continued to be professional real estate agents.
posted by shirley harry at 8:54 AM
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