...according to quite a few indicators (including my phone & email inbox) by market experts, economists and respected figures in the industry, the real estate market is starting to wake up across the country.
A couple of days ago, I heard on the radio during the drive to my office that Bank of America & Wells Fargo included figures showing that between 25% & 30% of their loan activity in the 1st quarter was due to first-time homebuyers taking advantage of low prices, low interest rates & the $8000 tax credit (see: Real Estate Trifecta). In the same quarterly reports, both banks reported strong profits, Wells Fargo posting a record quarter with over $3 billion in the black!
Peter Robinson's column in Forbes today was focused on Todd Zywicki's assertion that The Housing Crisis Isn't A Crisis. Been a while since the media has had anything even hinting of anything positive about the industry in quite some time.
On Facebook & Twitter, residential and commercial agents are talking of increased activity in both sectors.
At an the Tucson Women's Council of REALTORS® luncheon yesterday, instead of hearing people moan about being slow, there was a spring in people's step. Shoulders that had previously looked like the weight of the world was upon them were pulled back and postures straight. Confidence and pride were evident as people traded news of being busy. I'm seeing my activity increase with first-time homebuyers, investors and relocation clients ready to do business.
Does this mean our economy is turning the corner, poised for a rebound? Frankly, no - not in my limited, non-expert humble opinion. There's a lot of damage that hasn't even been identified yet, and there's no "quick fix" that will solve the world's economic woes. The Tucson real estate market is moving along.
What my interpretation is - that people and institutions are peeling away the paralysis of shock, getting up from the staggering punches of the fall & winter. It is almost like we are collectively pulling together and saying, "Ok so the economy sucks...got it...you told me a thousand times.....so lets deal with it and go on with life." We have come to the realization that somewhere down the road, things will get better. We don't know when, but it will. We've always come through tough times & will again. That's what the human spirit knows.
I'm expecting a very busy late spring & summer for real estate. My opinions could very well turn out to be hogwash, but I don't care what anyone else thinks - activity speaks of confidence, not fear & timidity. The economy may not be turning around yet, but the public is ready to do what they need to do to get started. So the parties are potluck dinners instead of catered affairs. Big deal. We all gotta eat anyway, and some of my neighbors are better cooks than most restaurants.
It all starts with the mindset. The recovery begins at home.
Chances are.........we'll get through this mess, just like we always have before. Trust me on this one - history proves it.
Chances are...
Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.
All original material written by Kent Simpson unless attributed to source.©2011, 2010, 2009,2008,2007
"Never forget - Real Estate Is About People"
