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1.) The brand new benz in the parking lot has a "for sale" sign on it
2.) Even realtors admit house prices are dropping.
3.) When you go to look at the same house for sale you looked at this time last year that is still on the market.
4.) When the NAR forecasts price drops.
5.) When mortgage brokers actually bother to check to verify your income.
6.) When banks cancel your home equity line of credit.
I am sure many of you have serious and not so serious things to add. I look forward to your responses.
1. When you meet people, you stop casually mentioning that you just moved to the area and are looking for a house, because everyone is either selling one or has a realtor relative they want you to call.
2. You're consistently the only people on the sign in sheet at open houses.
3. The seller's realtor says, "If you're interested, if I were you, I'd just make a real lowball offer."
In Chicago in January 2006, I was at a party and I started talking with the bartender, who seemed way too intelligent to be serving me drinks. He was a mortgage broker but was working to make some extra money. I knew this was a bad sign.
I am not a big fan of the guy but the best quote ever comes from Robert Kyosaki, "I knew real estate was in trouble when the lady checking me out at the grocery store offered me one of her newly minted realtor cards."
When huge banners that say seller financing, $0 down, no credit checks, no payments for a year, dont even garnish 1 call.
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