To the Agents Who Have Weathered the Storm - Forecasts from Top Bank Execs
May 29th, 2008 by Damon
The tide is turning in the real estate market and agents can see all the signs of brighter days ahead. The last two years have been tough for agents in most parts of the country, and the ones that have survived are seeing things turning around.
In an article from Yahoo:
Howard Atkins, chief financial officer of Wells Fargo, was quoted in the American Banker newspaper as saying that lower mortgage rates — the latest 30-year average dropped below 6 percent again last week — plus more affordable housing, and banks newly strengthened by capital infusions, should trigger a recovery this year.
So it’s important for agents to continue to do what they’ve always done and sell housing. As with any other industry there are going to be up cycles and down cycles.
Bottom line here: Real estate is — and always has been - a uniquely localized asset. The healthiest markets today never boomed. They never bust. They just plodded along during the boom years turning out annual gains of three and four percent while California and Florida were out of control at 25 percent a year.
As the real estate market continues to rebound, I hear stories everyday from agents on how much better their business is because they had to go through the down cycle to truly appreciate who they are as a real estate agent.
