It’s a Mixed Bag
Lawrence Yun, the National Association of Realtors Chief Economist says, “Tightening credit market and pessimistic buyer psychology are the two key factors in the nation’s current housing slowdown.”
Get on the Sidelines
Mr. Yun speaking to 400 on Thursday at Crye-Leike Inc.’s national conference in Sandestin, Fla., tells Realtors, “I see tighter credit availability and buyer psychology as the two key ingredients holding people back from buying homes today. I believe the confidence of buyers has been shaken by the current crisis on Wall Street and the ongoing housing slowdown. It has resulted in many buyers remaining on the sidelines.”
A Little Cautious Goodness
Mr. Yun went on to say “While the economy will be sluggish for the next three quarters, we can already see recovery out west in California, Nevada and Arizona and we’re also starting to see an increase in home buying in South Florida.”
The Basics
Reading between the lines, your real estate farm area just became the sidelines if you want to remain in the game as your shot at driving sales will be directly speaking to consumers about incentives to buy.
read source Crye-Leike Realtors
Glenn fm Naples
October 18, 2008 at 5:41 am
Yes, sales are improving in Florida – because prices have dropped substantially from the nose-bleed high values of two years ago.
We still have to be aware of the local markets and assess the market conditions on a neighborhood by neighborhood basis beyond just prices, but the financial conditions of homeowner associations and condominium associations.
Buyers are on the sidelines, because they are looking for the bottom of the market – the only thing is we don’t know when the bottom hits, until possibly three after its passing.
Steve Simon
October 18, 2008 at 9:04 am
If anyone ever needed a career change it is Mr. Yun…
Whether he was forced into the comments he has made in the past two and half years, or slightly pressured, or just terribly worng in his assessments; he virtually has lost all credability with most if not almost all of his base.
The NAR is now wasting any monies paid to this individual for assessment and commentary.
Just my thoughts:)
Glenn fm Estero
October 18, 2008 at 9:57 am
@Steve – I certainly would not want to be in Yun’s shoes. He is caught between a rock and hard place. If his assessments are negative – will the members of NAR – call for his blood? If his assessments are positive – he does lose creditability with not only the members of NAR, but also the masses. He is working for NAR and has to project a positive picture – well maybe make lemonade out of lemons.
Rob
November 7, 2008 at 11:50 am
As a Realtor I know how important it is to remain optimistic, a positive addititude is everything in our business.
Of course Mr. Yun has to be positive and upbeat, but let’s take a look at what’s really going on here. We all know why we are in this current mess; we can dwell on how bad it is and certainly blame those who are to blame.
Hey guys the bottom line is, we are in the business to buy & sell real estate; we adapt and find opportunities in every market. I believe we are at the threshold of a tremendous market and we need to be finding a positive message to send to our clients. Let’s face it perception is everything, instead of a terrible market, prices falling, foreclosures everywhere I would submit that it could not be a better time to buy! Interest rates are as low as I have seen them, inventory is up, sellers are willing to deal and the buyers are out there. Lets pass the message on that now is the time! We can create a market, one that is moving forward and safe to invest in.