Time’s she’s a-changing. The consensus in my office is that the market is getting busier. There’s no scientific research to this. It’s shop talk. The office manager can tell by how many new files come across her desk. As agents, we can tell by how much the phone is ringing, what prospective buyers are saying and what they’re doing.
After a month or two, we can look back and say, oh, yeah, the market changed. Got a little busier. Sold a few more houses. Nationally sales were up last month by 3%.
In my social conversations over the past few days, all of the life-saving efforts being made to revive the economy and housing market have been a popular topic. From the President down, recovery is being pushed with the stimulus package, the new conforming jumbo loan amount, and interest rate reductions.
What I’d like to know is how all of those efforts are going to impact San Mateo County; an area of the country that hasn’t been wiped out like markets such as Michigan or Florida. We don’t have the same type of decline in price or increase in foreclosures, yet we are receiving the same CPR.
It’s speculated by some that the real estate market will begin its recovery in mid to late 2009, even later. My bet — and with a job in real estate, I’m a gambler — is that by then we’ll be well on our way, far from where we are now. But only time will tell.