March/April 2012 Newsletter
FROM THE DESK OF BOB BURCH …
“ACTIVE BUT TOUGH”
That’s how I would describe the real estate market in our area so far in 2012. There seems to be a lot of activity, but getting a contract accepted and getting one closed are both quite difficult. There are a lot of people out there looking at homes for sale, but multiple problems are being encountered by agents working to ratify a contract — prospects want to look at many homes (usually more than ten), prospects are obsessed with finding the best deal, not necessarily the home they like best (i.e. REO, short sale, distressed Seller), and prospects are unforgiving on the condition of the property. Prospects are aware of the Buyer’s market and are very demanding on repairs from the Home Inspections. This has lead to a record number of fall-thru’s so far in 2012.
Closing a ratified contract is no picnic either—mortgage companies are very slow and demanding in their processing and many prospects simply can’t qualify for any loan. Zealous review of POA and HOA documents and walk-thru repairs are stressing out the already “beat up” Sellers. Again, we have released far more sales contracts in the first quarter of 2012 than I can remember.
But despite all the trials and tribulations of this Buyer’s market I believe 2012 will end up as the best year since 2007 in residential real estate. Agents must stick with their prospects, work hard, display a great deal of patience, and prospect like crazy. I think prospects do realize this is a great time to buy—plenty of inventory, lower prices, negotiable Sellers, and record low interest rates. Our job is to make our prospects understand this and move them to action before market conditions change.
Mark your calendar for our First Quarter Sales Rally at the Crown Plaza Hotel in Hampton on Wednesday, April 25, 2012. Breakfast starts at 9:30 and the program will conclude by 11:00am. Following the Rally there will be a presentation on the new and improved Zip Forms by REIN MLS Staff. All members of REIN and the sales Staff have access to the Zip product. Stay around after the Rally and learn something. Also, we are DRESSING UP FOR THE RALLY! We will have a photographer on hand for group and office pictures to be used on our new WEBSITE. It is important that everyone attends and please wear a black suit jacket (men and women) including ties for the men or your CENTURY 21 gold jacket if you have one.
Please remember to support our business partners: New American Mortgage, Shaheen Law Firm, and HSA Warranty. This is very important to the success of CENTURY 21 Nachman Realty.
Please use our web address in all your advertising and promotional material:
www.century21nachman.com. Clients and Customers can access all the listings in REIN, Williamsburg, Outer Banks, Albemarle, and Richmond MLS’s directly from our site. Please also, remember to refer rental Customers to our property management site at www.century21nachmanrents.com