I wrote $975,000 in new contracts today. No way they’ll all be accepted, but they’re strong offers backed by a lot of cash. If we don’t get these properties, we’ll go for others. Amazingly, the quality of lender-owned properties seems to be going up even as the prices go down. The lord alone knows what will happen in Washington and Manhattan, but it’s a good time — for now, at least — to be a Realtor in Phoenix.
Technorati Tags: investment, real estate, real estate marketing
David G says:
“I wrote $975,000 in new contracts today.”
Finally some good news. Congratulations.
September 24, 2008 — 11:25 pm
Greg Swann says:
Other agents should speak up, I think. This year started off very poorly for us, but it’s finishing very strong. It’s not good news for the people who lost their homes, but the liquidator’s job is a vital function of capitalism — creative destruction. We’re still very, very choosy about listings, but well-qualified buyers are ready to dance, and the prices are unbeatable. I’m thinking that other Realtors in hard-hit areas must be pretty busy, too. Am I wrong?
September 24, 2008 — 11:42 pm
Mark Madsen says:
We’re starting to see the same thing here in the Las Vegas market. There is a sweet spot right between $310k and $350K. These are properties that were originally $625k two years ago.
You are 100% correct about one thing – it is a great time to be a real estate agent.
September 24, 2008 — 11:43 pm
Greg Swann says:
> We’re starting to see the same thing here in the Las Vegas market.
Heaven is a long-legged blonde and a stately REO on Alta Drive…
September 24, 2008 — 11:51 pm
Mark Madsen says:
Funny, we just got a great deal off of Alta – and, my wife is 6ft tall. Sure you’re in Phoenix?
September 24, 2008 — 11:58 pm
Dave Phillips says:
Isn’t your title a quote from Buffett? Warren, that is… Seems he saw the blood recently and practiced what he preaches. This reminds me, for some reason, of my favorite line from the other Buffett, “The weather is here, wish you were beautiful.”
September 25, 2008 — 4:10 am
Sean Purcell says:
Dave,
Can’t go wrong with either Buffett. Warren, though, is most appropriate to our times when he says to be fearful when others are greedy and greedy when others are fearful.
San Diego is a seller’s market if you are priced accurately.
September 25, 2008 — 6:46 am
Greg Swann says:
> Isn’t your title a quote from Buffett?
Baron de Rothschild, 1815.
September 25, 2008 — 7:16 am
Doug Quance says:
Always good to hear some good news in this biz…
We’re down roughly 40% of last year… which was not spectacular, either.
Many buyers who I have worked with are too scared to make a decision… and the latest news in the financial markets has not helped.
September 25, 2008 — 9:33 am
J Boyer Summit NJ says:
Congrats on getting those contracts written. I had one condo that I showed for the second time to home buyers and extended family. Last 2 comps say this thing is a steel, but could not get them to pull the trigger tonight. Will work on them again tomorrow, as this is a condo priced at 290K when the last 2 in this complex sold for 345K and 350K just a few months ago.
September 25, 2008 — 5:57 pm
Chris says:
Ahh my favorite quote, its my motto that I do business by.
I beleive it was said by, Mayer Amschel Rothschild.
September 25, 2008 — 6:38 pm
Jonathan Blackwell says:
He isn’t the richest man in the world for nothing.
I love all signs of good news and success by my compatriots in this market!
September 25, 2008 — 7:31 pm
Robert Kerr says:
Congratulations, Greg!
September 25, 2008 — 11:37 pm
Cheryl Johnson says:
We sold homes in 2005-2006 in the 500s. Even back then, we advised buyers to be cautious and think long term. And we were pleased if we got someone into a property in the mid 500s when other nearby properties were going into the 600s.
Now some of those same 2005-2006 clients are contacting us, asking about their homes present value, and it is absolutely heartbreaking to have to say “mid 300s”.
Yes, we are seeing current buyers making cautious moves.
Still, it’s hard to call it a “good time” when the blood in the streets belongs to people you consider your clients and friends.
September 26, 2008 — 2:01 am
AndyinPC says:
Times are still tough, but we’re also starting to see a resurgence in some areas and market segments…
I’m wondering if the latest market yo-yo effect is causing people to look at something a little more stable to balance out what’s left of their portfolios.
October 16, 2008 — 1:43 am