There’s always something to howl about

Is it just me…?

Or is it getting interesting out there?

I showed to twelve different parties this week, and I put the ball through the basket four times — two of those with Property Management Agreements after COE. At least two leases, too, with other leases still in doubt. I’m working all day from my car, but that’s always been my favorite place to be.

Is it just me, or has the worm turned?


16 Comments so far

  1. Tom Bryant March 19th, 2011 3:41 pm

    Yes, it is nuts. Only dark cloud for us is some truly ridiculous appraisals.


  2. Greg Swann March 19th, 2011 4:07 pm

    I love those crazy appraisals. They almost always break my way. ๐Ÿ˜‰

    Your best guess: Is the drought over, or is it just Spring?

  3. Damon Chetson March 19th, 2011 4:06 pm

    Yes. The economy, while never as bleak here in Raleigh, NC as it got in Phoenix, is doing better. People actually have money to hire professionals, including lawyers. The year started off slowly, but it’s gotten much better in the last three weeks.

  4. Greg Swann March 19th, 2011 4:30 pm

    > The year started off slowly, but itโ€™s gotten much better in the last three weeks.

    Interesting. The line at Starbucks this morning was out the door. I would love to hear from an orthodontist or a dermatologist. It’s discretionary spending that will tell the tale.

  5. Jeff Brown March 19th, 2011 4:59 pm

    Call frequency has increased somewhat since around mid-February. The percentage of relatively higher net worth investors has also risen. Too early to make a judgment.

  6. Sean Purcell March 19th, 2011 6:37 pm

    I was successfully busier late last year. Since January I’ve been involved in roughly the same number of transactions, but the fall-out rate has increased markedly. Underwriting standards partially to blame, but I’m also seeing clients starting to act the way they did before the financial melt-down: with little or no regard to the agent and/or loan officer. I sense our status as a commodity is returning…

  7. Scott Cowan March 20th, 2011 9:47 am

    I held an open house last week and had 50 people come through. I set and completed 2 listing appointments and had 2 additional showings of other properties from this one open.

    Yesterday I held another home open and made two additional buyer contacts that I will be working with today.

    My phone is buzzing and my email inbox is filling. Like Sean mentioned the fall-out rate has increased but the interest in buying in my market appears to have returned. Just like the swallows of Capistrano.

  8. Rob Chipman March 20th, 2011 10:00 am

    I hope you’re right Greg, and good for all of you if you are. It’s looked brutally rough in the US and you guys are due for a change in a lot of ways.

  9. Meg Hurtado March 21st, 2011 9:36 am

    My parents live in Phoenix and are getting primed to retire, so I certainly hope you’re right! The Bay Area is supposedly seeing a slight uptick, but it doesn’t translate to much in terms of how much actual $$ is floating around. We’ll see, I guess.

  10. Al Lorenz March 21st, 2011 9:58 am

    I’ve been the busiest in years since January. A late blast of winter seems to have slowed things the last two weeks, but spring is coming so I expect to be fully booked once again with better weather.

  11. Jeremy March 21st, 2011 6:53 pm

    I’m with Al, it’s been busy here since just after the New Year. The only problem has been the freaky weather we’ve had lately, our normal November/December storms decided to show up in Feb/March.

  12. Brett Tousley March 22nd, 2011 10:01 am

    Thankfully, my business slightly increased in 2010. 2011 is ahead of the 2010 pace so far.

    It’s not all peaches and cream though, I’m seeing a higher fall out rate and lower average sale.

    Many factors for the higher fall out rate which are out of my control.

  13. Jeff Brown March 22nd, 2011 10:08 am

    Hey Greg — You made me curious about what I’ve seen in my own business the last few years, since over 90% of my clients, and all properties aren’t local. 2010 was better than 2007-09 combined, and I didn’t do horribly then. This year’s first quarter alone, counting closed/pending, will be over 65% of 2007-09 combined.

    Not sure if these numbers offer an insight to home side of the business though.

  14. Tom Bryant March 22nd, 2011 5:11 pm

    For the most part, I think it is over. I sense a recognition that even if prices go lower in the next year or two, that this is a good time to buy and hold. So we are working with a lot of families, and a fair number of “old school” investors, who are all about the cash flow, and ultimately, gains from appreciation over the long haul.

    And your anectdotal evidence of discretionary spending rings true with me. Our two retail stores have continued to post record numbers – we track that very closely; we own 2,000 sq ft of retail space and rent 1,000. Just signed a lease on another 1,000 sq ft to handle the growth, and give us room to expand our internet and corporate sales.

  15. Brian Brady March 24th, 2011 10:56 am

    There is definitely more activity since January and the fall-out is still unacceptably high. We ate hustling to register and close our pipe before the April 1 Reg Z change. Most everyone in the home loan industry differs on it’s implementation and that will be a cause for delayed transactions

  16. Richard Stabile Bergen County Real Estate March 26th, 2011 9:08 am

    I am as busy as I been in 5 years or more. My team is the same. I think im Bergen County New Jersey, the prices have come down and people need to live somewhere.