Real Estate agents desperately seeking jobs

Two of my clients in South Tampa are Smith and Associates and Toni Everett Company which are huge in the real estate business, and right now they have been telling me that things are verrrry slow and not too promising for the rest of this year. 

[Skull and Bones]

$30K from what asking price, if you don't mind me asking.

We paid $264k with $5k back toward closing.

[Morgan]

That's a respectable amount there. I didn't mean to get personal, but will be looking for a house soon will have a tough time determining market price. 

That's a respectable amount there. I didn't mean to get personal, but will be looking for a house soon will have a tough time determining market price.

http://realtor.com/Default.asp?poe=realtor

[JavaBuc]

I just decided to stay out here another year.   So I'm at least a year away from buying.   But I must say I'm enjoying watching the market falter.

[Skull and Bones]

It just kills me that we could have bought a house in the low $100,000s 7 years ago and those same houses more than doubled in price.  My wife and I make ok money but being that we were first time home owners 3 years ago and thus didn't have any equity, we can barely afford to own our own house, at least one in which we would want to live in. 

[Buc Wylde]

It just kills me that we could have bought a house in the low $100,000s 7 years ago and those same houses more than doubled in price.  My wife and I make ok money but being that we were first time home owners 3 years ago and thus didn't have any equity, we can barely afford to own our own house, at least one in which we would want to live in. 

I can relate to that. Housing in our area has tripled in the past 7 years and we're hoping it continues to rise. We got in a good chunk under market, so we have some equity already, but I'd like to see a nice jump in the next few years. It will help us decide to either stay here or go elsewhere. First time buyers normally have it a bit tight, unless you're fortunate to have a high paying job. IT work in Florida doesn't pay very well, at least in my area it doesn't.

[Morgan]

That's a respectable amount there. I didn't mean to get personal, but will be looking for a house soon will have a tough time determining market price.

http://realtor.com/Default.asp?poe=realtor

Funny that you linked that site because I spend a lot of time there - but know I know that most of the homes have exaggerated/inflated prices.

Funny that you linked that site because I spend a lot of time there - but know I know that most of the homes have exaggerated/inflated prices.

That site has very house with a MLS, so it gives you a pretty accurate idea of the market.

[buckit]

Keep in mind, the last 5 years or so have been unusually profitable for realtors/mortgage brokers.  So much so that any used car salesman could make a great living brokering loans, and every housewife in America went into real estate.  What we're seeing is a normal shakeout.  When the market's hot, everyone rushes to make a quick buck in real estate, then the it corrects itself, these fools are left wondering how they'll eat.  I've been in this industry for 10 years now, and I gotta tell ya, it's still poppin.  I booked 9 deals this week (for a commission of nearly 15k).  Guys like me LOVE it when the market goes running for cover..more for me.

We were just about set to put our house up on the market for $292,000; but we changed our minds after seeing about 5-6 other houses of similar size and price in our neighborhood that have been up for sale and still sitting there unsold 6 months later.  [banghead]

[buckit]

Yep.  Houses everywhere are sitting. Why?  Because ignorant sellers still think they can get what they could 6 mos ago.  Even worse are these realtors that don't know a goddamn thing about valuation setting ridiculous prices.  I see many purchase deals come across my desk that wont appraise for the sales price...If you price your home right, it'll sell.  I helped my sister in law price hers, and she got a full price offer in 15 days.  If you can't afford to price it in market, then keep it.  Take out an option arm (with a fixed payment) and rent the sucker out.  Viola, it's off your shoulders and you can budget for a new place. 


(btw, I do loans in all 50 states, so if you need, I can hook you up cheap)

That's just it BuckIt, we want to move into a bigger more expensive house so we HAVE to get a good amount for this one to make it a smooth transition/transaction.

[buckit]

If you cannot budget for a bigger, more expensive house, don't buy it.  Gimmick loans (like option arms) are only good for rental property where you want to re-allocate cash flow to other investments (ie, other real estate). 

What do you owe compared to your appraised value?

^
Have to ask wifey on that one(it was originally her house before we met).