The red-hot market, according to Steve Murray with REAL Trends, could be gone for several years. Think about that and ask yourself this: Is my business still geared for the sales pace of 2003-06 or have I adjusted to the slower market I have now?
It's a vital question, because the nature of the market has changed significantly. Foreclosures, not a factor in 2003-05, now have a huge impact on price, commissions, marketability and consumer confidence. And though much will be done to curb the problem, it will take time to work these troubled properties through the system, due in part to sheer volume. RealtyTrac reported more than 3 million foreclosure filings on 2.3 million properties in 2008, an increase of 81% from 2007 and 225% from 2006; banks repossessed over 850,000 properties last year, more than double the 2007 total.
Homes in some stage of pre-foreclosure or foreclosure will account for a large portion of sales this year. Our goal at ZOOM! Loss Mitigation Specialists is to help agents recognize that and arm them with the skills and knowledge to best serve them in this sector of the industry.
Please feel free to call us with any questions at 1-800-480-1917 or simply e-mail us at ZOOMLossMitigation@gmail.com.
www.ZOOMLossMitigation.com
