Archive for June, 2009

Will it Last Forever?

Tuesday, June 30th, 2009
Another misgiving about the current situation in the market is the reality that this is buyer’s market will not last forever. I have had several offers to buy in the last few weeks come to me and try to negotiate the same price we gave on a home we sold earlier in the year. The push back from the seller is starting to happen.
It is difficult to gauge the exact time but as we look back at the market it appears the height of the buyers market reached it’s apex in April/May of 2009 and the buyer’s market is diminishing as we get further and further away from the those dates.

Opportunity or Temptation?

Tuesday, June 23rd, 2009

Opportunity is invading today’s real estate market! It seems no matter where we turn we there are massive deals generated by corporate relocation companies dumping property, builders teetering on financial destruction, banks with too much foreclosed property and homeowners under water on their personal loans.

There seems to be no end to the constant dumping of real estate and yet there aren’t enough wise investors to come out and scoop the deals up. This makes the opportunity currently in the market seem more like a temptation to be avoided with steadfast religious fervor than an opportunity to be embraced… the dynamic in the current market is surely interesting.

The challenges to taking advantage to today’s opportunity has more to do with denial than reality. Most of those willing to dive in are unwilling to see how sacrificing a little on the sale of their own home could mean a tremendous increase on the other side of the equation. What is perceived to be the price one could have sold a home for in 2006 is now seen as a “true” loss instead of an unrealized gain. There are two analogies I can use to describe this pervasive mind set. (more…)

Are the Rules Really Changing?

Monday, June 22nd, 2009

In a recent meeting with the Mortgage Lender who helps our buyers out, we were interested to find out how the landscape of the mortgage industry is changing.

Not only are the smaller brokers sucking wind (like automakers, builders & tradesmen) but the government is changing how they must do business. One of the changes that was implemented, after the “emergency” bill was passed thru congress early 2009, was the need for detailed disclosures. The new Guidelines are labeled as:

Housing and Economic Recover Act

and

Home Ownership and Equity Protection Act (more…)

Way Too Seasoned?

Friday, June 19th, 2009
It always amazes me when I hang around some seasoned real estate sales people. Sooner or later the conversation always shifts to the “good ‘ole days” of real estate. The bemoaning begins and quickly grows in intensity…the pitch turns more into a whine within a few short minutes.
The pity party will run all day if one has time to commiserate….amazingly the sobbing and long faces quickly freshen up to don the “perma grin” when a prospect enters the door. There is a slight problem with this flip of the switch…..the problem is the attitude tends not to change with the flip of the switch and the customer can see right through it.
I’ve stood in on many presentations only to hear the sales person attempt to feel important in a down economy by using their well placed words to up their ego with flowery descriptions about themselves and their accomplishments. We some how forget that the person we are attempting to sell did not get the intro letter about how important we are and how we need to be treated by them…they seem to only want a home they can live in and (to our perception) have missed a chance to stroke our ego.

I’ve seen many sales people walk away from a busted sales opportunity scratching their heads and blaming a down market, when the reason they lost the sale was their own abrasive personalities and their poor attitudes kept them from it. The real interesting thing about this is the I mainly see the Veterans doing this routine…..the ones who had it all for just showing up in the years of the bumper crop. In this market the sales are very hard to come by and making the most of every opportunity requires grooming. We need to be aware not only what we look like on the outside, but we also need to groom our inner sales person.

Ways to groom our inner sales person:

  • Take time off to detox from this current market
  • Spend some time with the family (you may miss one customer, but you won’t miss your kids or grand kids growing up)
  • Read a fiction book or inspirational book
  • Waste some time at the mall and buy an ice cream (more…)

Scared?

Thursday, June 18th, 2009

The gloom and doom in the media has made people forsake all reason. It appears that the “experts” can dominate by the stroke of a pen, the keying of the keyboard and the loose lips of a pundit.

The true problem is they have little internal knowledge of true conditions, only opinions. They themselves are over sensationalizing the crash to sell their product….news. News is the best market to be in right now. One can certaily see the feeding frenzy the media makes oversensationalizing certin pet issues while completely overlooking others. Let’s narrow it down to what we know to be true:

  • True statement: homes were over priced and a correction was due.
  • True statement: predatory lending practices were going on, I myself was offered a “non-conventional” loan when I bought my home in 2003. (more…)

My First Post

Wednesday, June 17th, 2009
Just trying this out, not quite sure what I’ll find or what I’ll do. Somewhat revealing to write about my professional life in a blog for whoever to see. So far it is just me.
I’m sure it will be like buying my electric guitar, not only am a I headed for a 52 country world tour, but now people will read about my ingenuity on line. (I can hear the accolades coming now) Might even get a ‘something forgotten in the corner’ award, one never knows.
In any case, I am trying it out with the hopes of turning it into a professional expose of Boone Homes. Not just an advertorial but a spot in which one can see the true colors of Boone Homes and the why, if your going to be purchasing a new home, it makes sense to purchase from the builder who has the highest rate of repeat customers in the Richmond area. We don’t always get it right, but we do aim to fix it for next time.