Current inventory is up...way up!

By
Real Estate Agent with Gold Coast Properties, Inc

Our market has been extremely flat.  Realtors, lenders and title companies have all felt the pinch.  Our inventory is up nearly 30% over last year and our production is down about $5,000,000 ytd.  On an average year our total production is just over 30 million dollars.  We are on pace for a 20 million dollar year. 

All indications of 2006 being our fall-out and expecting 2007 to rebound have yet to ring true.  Now forecasters are pointing towards the summer of 2008 on the national scale to return to a healthier market.  Normally, now is the time that we get busy.  Our phones start to ring, visitors begin to arrive and tourism is at it's peak.  If I am still singing the blues at the end of summer...there's always next year. 

Even with the market being flat, our economy seems to be chugging along pretty well.  Stocks are good, interest is still relatively low and employment is robust.  Why the shortage of buyers?  Prices haven't risen in over a year yet have remained stable and have not dipped to experience receeding values.  Many would-be buyers are still waiting to sell their homes in their current location before being able to buy anything.  I would imagine that is the case nation wide as well. 

I look forward to this summer season and I am crossing my fingers that activity pick back up.  I personally feel that this is a great time to buy and now is the time to act.

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Rainer
43,933
Jennifer Chambers
Exit Realty Showcase- Broker & E-Pro & REOS - Rome, GA

Nathan,

Everyone's inventory is up.  The real truth is that at any given time 8-10% of people are moving about 80% have homes to sell.  If the property is priced right it will sell........now is a good time to call your sphere of influence and past clients to let them know you have time right now to help a few new clients but before you place an ad to attract people you do not know, you want to offer your advice to people that they know......who is the next person you know that needs to buy a home????  I learned this from a coaching program.  Alos marketing to renters is a good thing to do even if it meand door knocking.  Go to them, if you knock enough doors and make enough calls you will have enough business........Take care and I hope and pray your business picks up! 

 

Jun 15, 2007 08:45 PM #1
Anonymous
Anonymous
Anonymous

Hi Nathan.  I just wanted to welcome you to the Rain!  I hope you enjoy it here and keep blogging!

Jun 15, 2007 10:01 PM #2
Rainmaker
449,501
Tim Maitski
Atlanta Communities Real Estate Brokerage - Atlanta, GA
The Agent Who Uses "Watermelon Tough" Sign Posts

Nathan, the thing that concerns me is interest rates starting to rise. If they get up to 7.5-8%, I think a lot of discretionary buyer with 30 year fixed mortgages in the 5-6% range are going to just stay put.

Jun 15, 2007 10:02 PM #3
Rainmaker
1,512,047
John Novak
Keller Williams Realty The Marketplace - Las Vegas, NV
Henderson, Las Vegas and Summerlin Real Estate
Welcome to ActiveRain, Nathan! The inventory in Las Vegas is near record levels. I'm thinking it will be about another 9-12 months before we get back to a balanced market.
Jun 15, 2007 11:08 PM #4
Rainer
10,967
Gil Garcia
Prudential California Realty - Rohnert Park, CA
Rohnert Park,CA Real Estate

Welcome to ActiveRain Nathan! I'm also concern about interest rates rising.I have talked to a few prospects and they feel that rates are too high for them to buy.

Jun 15, 2007 11:38 PM #5
Rainer
1,305
Nathan Juarez
Gold Coast Properties, Inc - Bandon, OR

I often consult with Realtors who have been selling for 20-30 years and they seem to be un-phased by these slower times, which is reassuring.  However, I often wonder where my time is best spent.  I appreciate your suggestion to offer my services to my sphere first and then move on from there.

The other interesting dilemma is that we are selling next to nothing over $500k.  The majority of my past clients who were willing to spend upwards of $1,000,000 have all but disappeared.  When they were active, they required no lending and purchased with cash.  This was cash they have available and few were from relinquished properties.  Our market has not appreciated much more than 10% over the past year and a half so I wonder why the tight squeeze on spending? 

I appreciate your comments, and I'm glad to have stumbled across this site.  Thanks to Inman updates!

 

 

Jun 17, 2007 12:00 AM #6
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Rainer
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Nathan Juarez

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