2008 in Reveiw

As the year draws to a close, it is time to reflect on the year and what affected real estate in 2008. We had many challenges that faced us…the mortgage melt down, an increased number of short sales and foreclosures that hit the market, prices were sent in a downward spiral, we acquired RE/MAX Mountain View, gas prices escalated to all time highs midyear, the financial crisis on Wall Street, Fannie Mae and Freddie Mac were taken over by the Government, banks and stock brokerage firms merged, the stock market crashed, the Stimulus Package was released, the $7,500 tax credit for first time buyers was released, loan limits on FHA loans was increased, the auto makers bailout was financed, the Fed reduced their rates to all time lows – 0 to .25%, and interest rates dropped to record lows. There were other influences on the market but these were the major ones we recall.

How has this impacted us going forward? The consumer needs a more educated realtor to guide them through the process whether they are buying or selling a house. It is time to get busy getting educated. We should see more agents, real estate companies, lenders and mortgage companies exiting our business so be weary of who you work with in your transaction. Social Media will also continue to impact our business. In this ever growing internet age it is important to utilize the tools available to you to market yourself and your properties.

Next year will be a year of opportunity for those who seek it out. Become an expert in dealing with foreclosures and short sales. You need to know who is good to work with and is not to protect our clients. Also, you need to know the process involved with each scenario. Learn more about financing – especially for first time buyers. As prices and rates decline, more buyers have the ability to enter the market. Learn to network with businesses to grow their business and promote yours. Learn the loan modification process to educate your clients on their options. Social Media will also continue to impact our business. In this ever growing internet age and with the emergence of Web 2.0 it is important to utilize the tools available to you to market yourself and your properties. Learn to blog, Twitter, and utilize other outlets such as Linkedin and Facebook. There are going to be many more opportunities available to succeed in real estate. Keep your eyes and ears open to grow – things will be just fine in 09! Get it? Got it? Good!