Well here we are nearing the end of July 2008 which historically is the "busy" season for real estate in Maggie Valley and Haywood County North Carolina. I must point out our season extends from spring through the fall and the "color" season, but typically mid summer is our rush period.
We have been informed by our in-house mortgage broker that Fannie Mae is now classifying Haywood County, NC a "declining market". We are not alone. The majority of the country fits this classification. We have held onto the fact that we are a resort market and a destination place in the southeast and our market has not been affected like other markets across the country. I do believe that is what has kept the sales that we have had this year. If you have kept up with this blog you will know we try to keep you informed, but also try to keep the topics positive during such a rough time in our country's history. With any negative news we can always find a positive or golden lining. It seems to be getting tougher to do that. I will say that this is the first time that we have publicly discussed our frustration with this market.
There has been some good news in the last few days; oil prices continue to plummet although it is funny how when they go up, gas shoots up immediately, but when oil comes down gas tends to hang out at the higher levels for a while. If you did not see the news today congress has passed the Mortgage Reform Bill and have passed it on to the senate. President Bush had threatened a veto, but he has backed off and says he will sign the bill if it makes it to his desk. Maybe Washington is starting to figure it out that a lot of Americans need help. I will not go into the benefits of the bill in this post because I have not found time to read all 700! pages of the bill. You have to be kidding me! You have to wonder how much fluff is built into the bill for specific representatives personal gain. I am sorry, but I do not trust any of them. (see the great email that I received today at the bottom of the post. It will make you think)
Bottom line our market here is not good. We have historically high inventories of listings, dropping prices, and a general lack of buyers. We have homes that we have offered a bonus to the seller, a bonus to the buyers agent, pay the mortgage for a year, etc, etc and nothing! Not even a bite. It gets difficult to explain to sellers why they are not getting showings. We have great tools at our disposal and we like to think more than most we use them. I had a client in the office yesterday wondering what we have to do to get their property sold. A quick review of showing statistics from Centralized Showing Service who schedules our showing revealed that in the price range that the home was listed there have been ZERO showings in that price range in the last 2.5 months. These tells us that it is not a marketing issue, but a lack of buyers issue.
Where do we go from here at Realty World Heritage? We continue taking one step at a time day by day. When other agents and companies are heading in one direction we go in the other. When others complain about the market we praise it (with the exception of a few vent lines in this post :)) You can use 100 cliches'; "When the going gets tough the tough get going" comes straight to mind. We at Realty World Heritage continue to look at ways at growing the company in a down market. We are trying to think outside the box and stay ahead of the trend and the down market. We continue to add to the website to attract the potential buyers that are out there (the National Association of Realtors' tells us that 82% of homebuyers start their search online). We are moving towards much more video in the near future. I would like to be speaking to you via video clips in the next month and make this whole blog a bit more interactive. We have to grow to survive and we are very focused on the future. Our agents, god bless them show up and work! We have and are committed to a small agent force that works! We are not about the numbers, we are about quality. We thank them for their hard work and we feel that all of them will survive this market. I do not believe all other firms can say all of their agents will make it through. We strive to be different and that difference may be the strength to pull even the weakest agent out of this.
This was a long one, but I hope you have a better understanding of the private thoughts of a real estate company in a tough market. We stay excited for the future and know this thing is going to turn and we work, work, work everyday. It is all we know how to do!
Email of the day:
How many zeros in a billion? This is too true to be funny.
The next time you hear a politician use the word 'billion' in a casual manner, think about whether you want the 'politicians' spending
A billion is a difficult number to comprehend, but one advertising agency did a good job of putting that figure into some perspective in one of it's releases.
A. A billion seconds ago it was 1959.
B. A billion minutes ago Jesus was alive.
C. A billion hours ago our ancestors were living in the Stone Age.
D. A billion days ago no-one walked on the earth.
E. A billion dollars ago was only 8 hours and 20 minutes, at the rate our government is spending it.
While this thought is still fresh in our brain... let's take a look at New Orleans ... It's amazing what you can learn with some simple division.
Louisiana Senator, Mary Landrieu (D) is presently asking Congress for 250 BILLION DOLLARS to rebuild New Orleans . Interesting number... what does it mean?
A. Well... if you are one of the 484,674 residents of New Orleans (every man, woman, and child) you
B. Or... if you have one of the 188,251 homes in New Orleans , your home gets $1,329,787.
C. Or... if you are a family of four... your family gets $2,066,012.
Washington , D. C
Accounts Receivable Tax Building Permit Tax CDL License Tax Cigarette Tax Corporate Income Tax Dog License Tax Federal Income Tax < BR>Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax Fuel Permit Tax Gasoline Tax Hunting License Tax Inheritance Tax Inventory Tax IRS Interest Charges (tax on top of tax) IRS Penalties (tax on top of tax) Liquor Tax Luxury Tax Marriage License Tax Medicare Tax Property Tax Real Estate Tax Service charge taxes Social Security Tax Road Usage Tax (Truckers) Sales Taxes Recreational Vehicle Tax School Tax State Income Tax State Unemployment Tax (SUTA) Telephone Federal Excise Tax Telephone Federal Universal Service Fee Tax Telephone Fe dermal, State and Local Surcharge Tax Telephone Minimum Usage Surcharge Tax Telephone Recurring and Non-recurring Charges Tax Telephone State and Local Tax Telephone Usage Charge
STILL THINK THIS IS FUNNY?
Not one of these taxes existed 100 years ago... and our nation was the most prosperous in the world.
We had absolutely no national debt... We had the largest middle class in the world... and Mom stayed home to raise the kids.
What happened? Can you spell 'politicians!'
And I still have to press '1' for English.
I hope this goes around the USA at least 100 times
What the heck happened?????