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How's your Real Estate Hangover?

PartyIt's the party of the year.  Music, food, beer, wine, liquor, whatever you want.  It's open bar and you and your friends are invited.  You show up and everyone is having a fantastic time including yourself.  People are dancing, the food is fabulous, and the spirits have everyone in good spirits.  Welcome to the real estate market 2004-2006.  The real estate market was fantastic. Everyone was having a good time, sellers, buyers and agents alike.  Sellers got everything they wanted and more.  Buyers that couldn't have gotten financing before now have achieved the American Dream with 4.75% interest rate. Agents were selling houses like crazy.  Brokerages were popping up everywhere.  Everyone joined in the party. In fact, too many people.  It's getting late in the night. You look around and wish some of these people would go home.  You know who I'm talking about.  At some point, the party ends but you don't remember when. When you wake up and come downstairs, there are people lying on the couch, sleeping on the floor, bottles are everyone, food is still laying out on the table.   The house is a wreck.  If you haven't been to one of these parties, you've at least seen one on TV.  It's 2007 and no one wants to wake up and face the inevitable..the hangover.  hangoverWelcome to 2008, the year of the hangover.  The party was great, almost too good and now it's time to face the consequences of party.  We enjoyed extremely high appreciation, easy sales and quick turnovers. Hangovers are never fun for anyone, the person having it or the person cleaning it up. Sometimes you can sleep it off or take some aspirin or maybe even the hair of the dog, but for others there's just nothing you can do to cure it. It takes time to recover.  The real estate hangover is no different, it's going to take time.

How are you medicating your real estate hangover? Stay tuned for the next post on "When the hangover is going to end?"  This is one way to look at the market.  One of our company leaders gave this great analogy today in our company sales meeting and I had to share it.

It's a painful process for those that have to sell, but there are solutions.  For those that can purchase, the time has never been better.  Visit www.CharlestonRelocationExperts.com for your Charleston SC real estate hangover bandaids.

 

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Contact Michele Reneau, Realtor®, CRS, GRI, ABR, Carolina One Real Estate. Licensed Realtor® in South Carolina at 843-572-0518 to list your property for sale or to purchase a property in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County, South Carolina. The Charleston Relocation Expert specializes in military relocation, first time homebuyers and creating marketing exposure to sell your home.  I can also be contacted by email at mreneau@carolinaone.com. To view all Charleston Metro area Homes for Sale Click Here and then click on Search for Homes.  With over 25 years of Lowcountry Living, I know the Charleston Metro area. I will help you get your home sold and/or help you buy your Charleston home or land.

P.S. If you are listing your home and need a quick sale in Charleston or surrounding area, make sure you hire an agent with the knowledge of the market and stats and the experience to get the job done.  I'll provide you with "Questions you should ask ANY agent before hiring" and share my my 100+ point marketing system.  Call me at 843-572-0518 to find out more selling your home in the Charleston SC Real Estate market. You can also view my newsletter by clicking here with the latest market stats updated on the 5th of each month.

Michele Reneau, ABR, GRI, CRS

www.CharlestonRelocationExperts.com

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Comment balloon 11 commentsMichele Reneau • September 11 2008 02:57PM

Comments

Michele, I loved it too! What a great way to put it. Prospecting and Marketing...Marketing and Prospecting, don't know anythig else to do. I guess ut's the same as before only we have to work about 50 times harder than when the party was really rocking! Thanks for the great blog.

Posted by Toni M. Rose, Easley SC Real Estate (Prudential C. Dan Joyner Realtors) almost 10 years ago

Funny way to put it but you are right! I do reach for the advil but there are clients that can buy. With all the pre foreclosure and short sales there are sellers that need to sell. So That what will keep us selling. It will get easier it has too. In a few years we will be talking about this around the bar!

Posted by Marcie Purcell, Realtor, Bucks & Montgomery Co PA (Long and Foster Real Estate, Inc.) almost 10 years ago

This is too funny! Right now we all have a pretty BAD hangover!

Thanks for sharing your clever analogy. Do you mind if I share it with my brokerage?  It's too good not to forward!

Thanks again, and good luck on your hangover ;)

~Nicole Weidauer

The Egerer & Weidauer Team, Keller Williams Realty North Seattle

Posted by Nicole Weidauer (Keller Williams Greater Seattle) almost 10 years ago

Oh, and P.S. I'm sure we all realize that it's going to take time to get back to normal. This shift is hitting a lot of us pretty hard but there are things we could be doing to out-smart the shift.

Shift, is a book by Gary Keller, of Keller Williams, that goes through all the topics in real estate that are effecting us right now and shows us ways to improve. It is a great book- I am reading it for a second time right now. Very invaluable!! Check it out if you want to be an agent who advances him/herself to the next level by time the market shifts back up.

http://www.millionairesystems.com/msys/shift.html

Posted by Nicole Weidauer (Keller Williams Greater Seattle) almost 10 years ago

Toni-You're right. It's back to the basics.

Marcie-I look forward to those years when we look back on these years.

Nicole-Please share. It's a great word picture. Thanks for the book recommendation.

Posted by Michele Reneau, Realtor, GRI ~ Charleston, SC Relocation Experts Team (Certified Staging Professional (CSP) Elite Instructor) almost 10 years ago

Michele - Great analogy...I love it. I think I need some alka seltzer - LOL

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 10 years ago

Hi Michele, I agree with everyone..GREAT POST! So, I hear the best cure for a hangover is a little hair of the dog that bit ya....which in our case is probably just more business. I have found that by narrowing my marketing to a specific clientele (1st time home buyers) and becoming Laser focused on my niche (Government loans) is really paying off. Becoming an expert in your area is the key. 

For example...did you know that the recapture feature on SC State Housing loans now has a clause that states IF the feds decide to "recapture" a portion of your earnings on the sale of your home, SC State Housing will reimburse you! Wow...this has actually been in place since 2006 but from what I hear not many people knew about it. Very cool.

Have a great day!! 

Posted by Melissa Breeland (Residential Mortgage of SC) almost 10 years ago

Great point Melissa. The hair of the dog is more business! Let's go get 'em!

The key is better education for buyers and seller.  There are lots of great deals out there and in some parts of our market, the prices are pre-2005.  What a fabulous time to buy!

Posted by Michele Reneau, Realtor, GRI ~ Charleston, SC Relocation Experts Team (Certified Staging Professional (CSP) Elite Instructor) almost 10 years ago

I enjoyed the party....it was a great ride.....I really.  I had a blast.  My clients had a blast....and now a few certain people are having a blast......most aren't.

Posted by Larry Bettag, Vice-President of National Production (Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759) almost 10 years ago

We all had a blast. I had one seller bringing money to the table that said he has seen the ups and downs for much longer than I have been alive, and he pointed out that he made a lot of money made in the past in comparison to the amount of money he was losing at the closing table.  It was unfortunate that he had to sell but he had a lot of equity tied up in the house and he needed to take it with him.  While he lost a little, he made up for it in the peace of mind of being able to unite with his family and move on with life and purchase a new home.

Posted by Michele Reneau, Realtor, GRI ~ Charleston, SC Relocation Experts Team (Certified Staging Professional (CSP) Elite Instructor) almost 10 years ago

I enjoyed the sales meeting and in particular Michael's analogy as you described.  I didn't see you(too many people) or I would have said hi! 

A couple of my sellers are upset because they never made it to the party and now they want a drink!

Posted by Michael Johnson, Metro Charleston SC (Carolina One Real Estate) almost 10 years ago

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