Get Offensive!

I just returned home from a convention with my mentor and coach Brian Buffini. I had the opportunity to compare notes with some of the top Agents in the country. Brian also shared his observations and national statistics … it was a very enlightening couple days which I wanted to share.

If you will remember it took the press 18 months to tell us we were in a recession that we knew long before. It looks like it will take another year for the press to report we have seen the worst in the real estate market and we are actually seeing strong signs of a recovery. Following are some interesting stats.

Over 50% of the nations foreclosures have been located in 3 states (CA, FL, CO) and two cities (Vegas, Phoenix); all of which are seeing improvement. In California the inventory of homes has dropped from 15 months (available homes / monthly sales) to current levels of just over 6 months (6 is a balanced market). Their current challenges include multiple offers and a housing shortage in the foreseeable future. It is said trends start west and move east, so let’s look at our local market.

In the last 7 months our local inventory of residential properties has dropped 20%, from over 2,600 homes to less than 2,150. Our inventory has dropped from 10 months to 8 months. In Stark County 37% of the new listings are selling in the first 30 days on the market; 20% more in the next 30 days. These are real indicators of a strengthening market. In other words, this IS a great time to buy and sell.

This does not mean we are out of the woods … unemployment remains an issue in our area and 1 out of 10 of our friends are either dealing with a foreclosure or are considering the possibility.

Many of your recent much appreciated referrals have been friends needing help with their homes … payments going up and mortgages for more than the home is worth. I will soon have my Certified Distressed Property Expert designation (first to have in the area) to better help these referrals understand their options. I’ll also be better equipped to work with the banks on their behalf to avoid foreclosure. Additional updates coming. We are here to help with all real estate related issues, no matter what the situation.

Oh by the way… I’m never too busy for your referrals.