Business is good, actually. The phone is ringing and we are showing lots of homes. Listings are coming in too, as are rentals. So given the great depression that we are in we are not complaining. Other agents we talk with say they are busy, too.
We do see sellers getting frustrated with lack of buyers and some are trying to lease their homes to generate a little cash flow and help with the monthly mortgage payment. Enough of them in fact that rental rates are following sale prices downward. The rental marketplace is becoming every bit as competitive as the selling marketplace. Renters are demanding the same things buyers are___fenced yards, wood stoves, and low rates, too.
I'm finding myself spending the same amount of time preparing to show a home for rent that I do for one that is for sale and taking a good long time interviewing the prospective tenants, too.
But buyers are calling. Having people who call regularly about homes they want to see is quite a change from say six months ago. Some are first time buyers who qualify for the new state and fed tax credits (up to $10,000 I heard). But there are veteran homeowners too looking to relocate or move up. Both groups are driving hard bargains and many sellers are having a hard time letting go of their high listing prices.
The good news is that something seems to be going on here in Lake Shastina. We have two offers on one of our listings today for example. We haven't had multiple offers since 2003. That's significant.
Prices continue to fall however and some sellers are still in denial, having been spoiled by the recent good years but it is coming back around it seems. Don't take this to the bank, I'm just reflecting on what we are experiencing. I'm no economist or guru. Things could slow down from what we see right now.
We have 15 properties that we manage right now and that market is hot, too. The point is, real estate is far from dead as the media would have it. People need homes. People need to leave their homes and move elsewhere. That doesn't change.
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