Yesterday, I had the good fortune of being at a small conference led by Jim Gillespie, President and CEO of Coldwell Banker…the guy you see on TV on Fox News and such.
Besides being thoroughly impressed with this guy (how could you not be, he really is a great guy) he had some very interesting things to say about the market now and in the future.
I’m not going to get into any specifics, but basically he said that, in order for 2009 to be a better year than 2008, some things will need to happen, like:
1. NAR has some initiatives that it’s trying to get in front of Congress which could positively affect the market.
2. There’s still more mortgage bailout money coming that hasn’t been spent from the original $750 billion that will have a positive affect on the market…
3. …Which may or may not be tied to the new administration’s potential stimulus package, also reportedly coming in 2009
But he also mentioned that mortgages are so amazingly low right now that it’s a great opportunity.
Mortgage people I know were flooded the last two days with buyers and re-fi’s due to the sub 5% rates!
What an incredible time to buy!!
And, California and Florida had roughly a 100% increase in units sold last month vs. the month before.
Out of all that, the three biggest points I came away with were:
1. Real estate is local – meaning that just because we have a national recession, and just because the media picks up on national headlines, doesn’t mean that it’s that bad everywhere.
Ex: I have a client in Salt Lake City and a client in San Diego, both who have identical production levels (they’ve each sold over 40 homes this year, increased from under 30 last year). My San Diego client has been experiencing a lot of activity over the last few months, as California has seemingly reached the affordability price point and now units are moving. Meanwhile, my SLC client had most of his activity occur in 2Q and early 3Q of this year, while it’s getting slower there as prices continue to drop and things aren’t selling as much. Both of them have great skills and are doing consistent lead generation, and expect to hit their goal of 50.
On top of that, I have a client in Margate, NJ who started coaching with us in June and had about 6 or 7 deals closed and pending. He was up to about 8 by the time 4Q rolled around, struggling against a flat or dying market in a mostly 2nd home area. Currently, he’s at about 15 deals and has a real shot at 20 by year end as things have picked up.
What’s that mean? It means that just because the national hype is about how bad everything is, real estate is really local. What happens in someone else’s market doesn’t necessarily happen in yours. AND…
2. People are still buying and selling every single day. AND…
3. You have to be willing to go out and get the business. You can’t expect it to come to you.
It’s still 2008 and there is still business to be had. The December Sales Event is still in full swing!
***AND…Make 2009 YOUR Year. Join us for a free conference call to kick off the year on Thursday, January 8th at 1pm PST / 4pm EST. Simply email firstname.lastname@example.org and we’ll send you the number and code.
This is your time to shine!!