I was just curious as to what it has been like in other areas. I live just south of Seattle, and in my area it has been amazing to watch all of the investor and mortgage broker signs just disappear. I personally don’t put out signs, so I wasn’t sure if code enforcement was leaning hard on people or if they’ve all just run for the hills. I suspect it’s the latter.
I’ve also noticed less investor signs. I think investors are sitting on the fence waiting to see what happens with the mortgage industry and real estate market in general. The risks just keep adding up. It may also be harder for many of them to get loans??
Signs are usually not going to get it done for you. The fact that they ARE disappearing just means the market is cleaning out all the easy money people.
Remember a few years ago when you could buy a home at full market price, paint the living room and kitchen, put in new rugs and make $75K?
Those people and the dopes who thought that would go on indefinitetly are GONE! Thank GOD. Now is the time to get your marketing machine rolling and I’ll tell you why…
Contrarian economics. What?? Yes, let me explain.
A few years ago some elderly women sitting in her home KNEW the market for homes was great because 30 people a month were calling her asking to buy her home because the lawn wasn’t cut. Now that same lady is sitting in her house watching TV, every night she see’s how bad this real estate market is getting. She knows her house needs lot’s of work and doesn’t think a realtor in this market would have any interest in her house. She also hasn’t gotten a phone call to sell her home in over 2 years.
That’s were we come in…We market to her and she calls…Hi, absolutely I’d be interested in looking at your house maam. I’m sure you know what’s going on in the real estate market now. It’s bad, but the good news is at least you called me now, because who knows what next year will be like.
Yes, the house does need a lot of work but I’ll tell you what. I’ll buy it… I’ll close in 10 days, and I’ll get a moving truck here for you at my expense, to get your things (crap) cleared out of here. This is what I can pay for your house. I have a sales agreement with me if you want I’ll have a check at my lawyers today for the deposit. You can pick up your money in 2 weeks. How’s that sound?
The time to buy ANYTHING is when no one else wants it.
I’m a fairly new investor, but what you said makes sense, fdjake. I had lunch with a full-time investor yesterday, and the market conditions don’t seem to have phased him much at all. He’s a buy-and-hold guy, who does an occasional wholesale flip for cash flow. One of the things he stressed when I talked to him is to be as creative as possible. Many of the quick cash artists only know (or knew) how to buy all cash, limiting their exit strategies when the market changed and lenders started closing their doors and tightening standards.
Btw, in my direct local area (the three towns I spend the most time in) there were 5-6 different investors using bandits 6 months ago. You know how many there are now? 0.
No biggie, let the little guys wash out. I’m teaming up with a big guy to help him with his marketing, networking, etc and I’m sure it will be a great market to be in soon as prices continue to drop. Looking at some different strategies now that are geared more towards a down market.
I have also seen a lot less signs. I think the reason being is because of just current market trends. With the current issue of loans, signs are just a broad-based approach to trying to find applicable candidates. Companies are probably now honing into new strategies to prevent less-applicable candidates from contacting them and instead target mediums that higher-income or better credit demographics for frequently visit.