As housing slumps, realtors quit

[marmar]

from the Christian Science Monitor, via Yahoo!



By Patrik Jonsson
Wed Jan 9, 3:00 AM ET



ATLANTA - After three years showing houses in Atlanta's hilly suburbs, Dee McMahon is finished with real estate.

Yanking up her custom-made "For Sale" signs in her North Lake neighborhood rattled her ego, she admits. But when Ms. McMahon closed her final sale, a house in Snellville, Ga., in late November, the mother of two felt a swell of relief.

"Now I can finally get my own house back together," she says. "I'm nervous about the future, but I feel happy."

McMahon is one of thousands of real estate agents across the US wandering with mixed emotions and uncertain prospects through the debris of a real estate gold rush.

As many train for new careers, return to old ones, or wait tables until prices rebound, the plight of the real estate agent – average age, 51 – reveals the human dimension of how loose lending, raw opportunity, and self-determination produced a housing bust that has stunned the US economy.

"They've tasted success and big money, and now their standard of living has been rocked and reality has set in," says John Baen, a real estate professor at the University of North Texas in Denton. "The whole has been built on real estate. When the music stops, what is left?" ........(more)

The complete piece is at: http://news.yahoo.com/s/csm/20080109/ts_csm/arealtors

[ayeshahaqqiqa]

1. Realtors aren't the only ones hurting

Any industry that is a part of the housing market is also hurting. In Arkansas, the number of termite jobs we've done is down about 75%. When I go to title companies to deliver paperwork, they are usually just sitting around. The housing slump has a ripple effect.

[onethatcares]

2. same with remodeling and additions here on the

left coast of floriduh. not much traffic at the box stores in the morning at all and people are shopping prices big time.

[Gormy Cuss]

3. Even here, where real estate is still strong compared to much of the country I see the same thing.

Calling contractors for bids these days and they'll trip over themselves to get here. Two years ago bids were scheduled a month or two in advance.

These are just anecdotes, but it seems that there are a lot of them.

[AlCzervik]

4. i got out a year and half ago.

[Eurobabe]

5. There are ALOT of bozos who should not be selling RE anyhow

these boom/bust cycles serve to separate the wheat from the chaff. I know because I used to sell custom homes for a builder and I can't tell you how many idiots I had to deal with -- not clients, but their realtors. Ugh.

[helderheid]

7. true

[AlCzervik]

8. yup, i got in around 2001 and our office went through a ton of salespeople

the first year i was there.

[bullwinkle428]

37. I've dealt with several clueless bozos and ONE really good agent

over the course of several real estate transactions going back to my first purchase around 1990!

[Eurobabe]

48. I think we ALL have

I've been in RE since 1989, not always as a job (sometimes selling/buying), and it strikes me either agents are REALLY good, organized, trustworthy, or they are AWFUL, forget to schedule important tests, etc., have no clue as to what they are doing. Our last transaction with a discount broker, we were overseas selling, and I had to call and ask this guy if he scheduled termite inspection, other seller-paid items. AGH!! Thank god he only got $3K from that sale, what a jerk!

It's not freaking rocket science, but you HAVE to be organized, bottom line.

[Liberal_in_LA]

49. Dumped a bozo who was treating me like crap. Finishing a purchase with a really great realtor

I was in a weird situation with a realtor. I was probably his only 'prospect' but he treated me like crap... patronizing, condescending, displayed irritation with me, expected me to pay asking price. Dropped him and found an EXCELLENT Realtor who got me a property well below market.

[helderheid]

6. I started my RE career in August.

My mother has been in the business for 28 years and started in a slump like this one. I'm hanging tough.

[tandot]

10. Lots of buyers are just waiting to jump into the market while it is down

We just made an offer on a house last weekend. We never owned a house and the prices here in CA (Northern California) were so high that we have almost given up hope.

We made an offer on a small 3BR/2Bath house for $175,000 (the asking price was $199,000) that in 2005 sold for $300,000. We feel sorry for the previous owners and all the people having to give up their dream. However, now that owning a house is in our reach, we would be stupid not to take advantage of it. The mortgage will be slightly higher then what we currently pay in rent.

I bet there are more people like us who are ready to jump in very soon. Just hang in there. :hi:

[Lorien]

12. $175,000 is very good for N. CA

the mortgage might be a bit higher than your rent, but you'll be able to write off the interest on your taxes-so maybe it'll even out.


Welcome to the wonderful world of home ownership! :hi:

[tandot]

16. Thanks, Lorien.

They haven't accepted it yet, but there are more houses like that on the market. We set our limit to $200,000 so we still can live comfortably without pinching every penny.

I can't wait to finally paint the rooms in nice, rich colors, put as many nails in the walls as we want to, and plant veggies in our garden...things we never were able to do while renting

:hi:

[helderheid]

21. I'm working with 2 sets of first time home buyers who are definitely taking advantage of the market!

My first closing is on the 16th! :)

Thanks for the support!

:hi:

[we can do it]

25. How Exciting! Good Luck To You

I closed my first one in July, 2 in November and just got another contract accepted Sunday. All first time buyers.

[helderheid]

35. Congrats! PM me - we should be on each other's referral list!

[we can do it]

40. Great Idea -

[we can do it]

13. You Will Do Good Becasuse You Care About People

A lot of realtors only got in to make a quick buck, when things get tough they are out.

[helderheid]

20. Thank you! I love it so far... though it's been an expensive start! Growing up in the

industry made me fall in love with it! :hi:

[we can do it]

26. The Costs Do Pile Up, Don't They?

An older realtor who is pretty successful told me that people can just tell when you are genuinely helpful and they really pick up on it. I am finding this to be true.

[tammywammy]

31. I went to two realtors when I bought my house last summer

The first one was a referral from my dad, who sold two houses and bought a house from her. I know she made plenty off him. She called me back once and then never again. I guess my business wasn't good enough for her. Fine.

The second one was my brother's friend from way back and she was awesome. You know she didn't really make much off me, but she walked me through each step. She was really great. I didn't buy much of a house, but I'm at the beginning of my home buying life, so I'll stick with her again in the future.

[we can do it]

33. Sounds Like You Found a Good One

That's why I got into it, to help people step by step make their dream come true.

[helderheid]

43. Repeat business for an agent is the biggest compliment! Please recommend her to all you know!!

[tammywammy]

46. I have recommended her to a couple people already

She was really good. And she really made sure everything was right at closing. They had put down the wrong home warranty and she caught that straight off and had them fix it right then and there.

[helderheid]

52. that's wonderful. Well, you are her best advertising!

[The Backlash Cometh]

9. Maybe they'll take time to go restore their souls.

[Zywiec]

14. I don't understand your comment.

Are you saying real-estate agents have no soul?

:shrug:

[The Backlash Cometh]

17. Not where I live.

[Zywiec]

18. You must live in a small area if you've met all of the agents. n/t

[The Backlash Cometh]

19. If polling companies only need to take a tiny percentage of a popluation

to make a projection of the outcome of an election, why am I being held to higher standards?

[Zywiec]

23. I think we saw how accurate polling was yesterday to determine an outcome.

but by all means keep making generalizations based on meeting a tiny percentage of real-estate agents.

[The Backlash Cometh]

24. Thank you. Your permission means so much to me.

[seriousstan]

39. He took a data point set of 1 and connected the dot.

.










:crazy:

[we can do it]

11. I Just Got Into Real Estate Because of the Lack of Concern for Customers

After looking for a home for a year and a half and meeting quite a few realtors who didn't know or care to know ANYTHING about houses they were holding open, I knew I could do better. I have been concentrating on helping people find their first homes and a good low fixed rate loan. Its been fun helping others and yes I am selling homes.

[helderheid]

22. I couldn't agree more! When did you get into it?

Did you go to NAR this year? I loved it! Picked up some wonderful training from Ed Hatch and David Knox.

[we can do it]

27. I Got In This Past April

No I didn't get to NAR, but it sounds cool. We bought a home just after I got my license, so moving and starting a new career made for quite a busy summer.

[helderheid]

36. Please check these guys out - they are GREAT!

http://edhatch.com/
https://www.davidknox.com/

Anything by Pat Zaby or Oliver Frascona is fantastic too!

[we can do it]

38. Thanks, I Am Always Ready To Learn Something New

[helderheid]

42. These guys have been around for 30 years and are GREAT. Different styles but GREAT.

Ed Hatch is more Zen... David Knox is more Johnny Carson :)

[helderheid]

45. lets keep n touch!

[we can do it]

51. OK Sounds Good

B-)

[David Zephyr]

15. Television Evangelists, Real Estate Agents & Vampires.

My three least favorite people: television evangelists, real estate agents and vampires.

[we can do it]

30. Aw Come On David, There Are Some of Us Who Really Want To Help Others

As a retired firefighter, I am finding it to be a way to help others through a maze of greedy people and companies to find a home and loan that are fairly priced.

[David Zephyr]

32. LOL!

Honestly, half the realtors in my town are actually friends of mine. And the other half...don't ask.

[we can do it]

34. I Can See That!

ha!


:rofl:

[Deja Q]

28. Which field will he go into? Information Technology?

:argh:

[Dukkha]

29. I'm beginning year two of selling

after brining in zero offers last year. I'm already competing against five other units in the neighborhood this year all priced well under me, i.e. foreclosures. So I'm certain 2009 will also begin with the same for sale sign in my yard.

[judaspriestess]

41. I've been in real estate for 8 years full time

but I mainly concentrate on new homes sales. Its ridiculously slow right now but I'm sticking it out.

I am fascinated by bankruptcy law and I'm going to pursue a paralegal degree so I can have that to fall back on in the future though.

[Manifestor_of_Light]

44. You might want to rethink that.

Supposedly, paralegals can get good jobs.

My experience has been that I looked for over a year, networked thru my law school's alumni association, and got ONE interview. I have a law degree and am a former legal secretary and former court reporter. I have more experience watching trials of all sorts than most trial lawyers. I also took Latin in high school and have a bachelor's degree in Biology, which means I can spell the testimony of expert witnesses who are doctors.

One Interview.

I'll just retire early--that's a better name than "gave up looking".

:banghead:

[judaspriestess]

47. I was more considering helping people file bankruptcy

paralegals can do that and since I speak Spanish I think I can do well.

Thanks for the info though. :)

[SoCalDem]

50. I predicted this fiasco in the 90's.. All you had to do was to figure

out when the Boomers would be about ready to start selling their family homes. The other shoe to drop will be when we all start trying to collect from those "201-ks" they shifted us all to..

any Boomer who expected to see positive results from a lifetime, spent playing by the rules, was mightily optimistic..

we entered the job market when wages were low, and our numbers only made them lower..when we were ready to buy houses, the interest rates were mid teens.. rates for savings were great (but we had no money to save ..the oldsters did though..and many got very wealthy)

when our kidlets were coming along, schools took a crap, and medical care insurance shenanigans made health care unaffordable..

we were mostly "union-less", so most had little or no bargaining power..

we got the double whammy by Reagan, when he eliminated about the only tax deductions we could use, and then made us PRE-pay our own social security AND boost the social security for the already retired elderly.

.and of course we had to dig even deeper when a Bush (along with others) blew up the savings & loans..

there is also the disappearance of pensions and downright defaulting on them, which we also get to pay for through the government bail-out system..

why WOULD we be expecting to get "ours" as we retire?

Those Mcmansions our kids seem to be wanting , may have a silver lining...rooms for US when we get the rug pulled out from under us :)