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local RE pros say business is still booming

snigletsniglet
edited August 2007 in Seattle Real Estate
I noticed that some local Seattle area Real Estate professionals are commenting on how business is going along marvelously for them, even with all the mortgage finance turmoil.

Just a couple anecdotes:
my business has actually picked up a little, and I'm starting to do much more FHA, VA, and we've just now picked up USDA rural financing (most of Snohomish County is rural, believe it or not!) I'm still doing My Community and have moved more towards the Flex 100 and Freddie Mac Home Possible (all these above programs are essentially 100% financing).
Currently my business is the busiest it has ever been, and I don't mean that in a "Pollyannaish" way.

http://www.raincityguide.com/2007/08/22/mortgage-industry-news-in-need-of-sensible-moderation/#comments

Comments

  • UbersaladUbersalad
    words are just words. I rarely hear someone say "oh shit, I am down the shithole" regardless whether or not they are.
  • UbersaladUbersalad
    the brokerage he works in started in '02, which means they hardly know the idea of a "down turn".
  • redmondjpredmondjp
    I can only speak for myself, but doggoneit RCG is getting downright entertaining! Certainly better than anything on TV this summer.

    Pink Ponies still being reported in my neighborhood, however. I did walk back from voting last night (yes, I'm old-school, I like the 'whoosh' sound that the vote-counting machine makes as it sucks in the ballot) and noticed one house that has been up for sale (but no recent sales in the KC records) about every other year at 25% over whatever the current market is -- well, this house is now up for RENT, and the phone number is from far away (619 IIRC, which is San Diego, another former flipper paradise). Also, there is no mention of the AMOUNT it would cost to rent either.
  • upsciLLionupsciLLion
    This reminds me of watching Chemical Ali talk about US soldiers back in 2003.

    "They are killing themselves at the gates!" :P
  • aylesayles
    I am a little disappointed that the typical cheerleaders at RCG are not participating in the discussions on CW etc...

    Must be super busy closing deals on the eastside.
  • jillaynejillayne
    I think what we're reading on RCG is strained optimism.

    All these folks have a vested self-interest in keeping the real estate buying and selling wheels churning. Having spent over a decade inside the walls of corporate real estate, there are probably meetings going on where management is giving everyone a pep talk, and a script to memorize and use when conversing with the public. Digressing from the script would be considered an act of disloyalty.

    An extremely small percentage of real estate agents blog. We need to hear from more than just the Realtors to find out what's going on.

    There are a slew of ancillary companies that all work parallel with real estate. Watch for the title and escrow companies to layoff workers soon. They are the ones that must react very quickly due to headquarter mandates to maintain profit margins. Spring, summer, and fall are a title company's best seasons. I am hearing that the title companies are very slow. If we hear about layoffs in September, that means their forecast for the fall must be bleak.

    A real estate agent saying, "I'm busy!" could mean many different things other than, "I'm writing contracts."
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