Realtor need help with relocation - Tennessee (TN) - Page 2 - City-Data Forum

yarddawg · 03-18-2009, 10:57 AM

Most of the realtors I know have either picked up second jobs or left the business entirely. I could ask them what they think of someone from out of state trying to break in at the moment, they usually look like they could use a good laugh.

Bottom line, you don't know any of the builders, bankers, inspectors, appraisers, planning commissions, city officials, etc., etc. There are plenty of realtors out there who have spent years if not decades building relationships with these people. They're the ones who are still making money. You'd be on the bottom of everyone's list. Hard enough when times are good, not seeing it ending well in the current economy.

Do you have any other skills? And what does your husband do? Maybe he would be more employable in a relocation? The market will eventually improve as the bad debt works its way through the system but I think it would be financially hazardous to move to Tennessee based on the assumption that real estate would be your primary career for the next couple of years.

colleenbill · 03-18-2009, 07:15 PM

Thanks for the info. What you said is what I've been hearing. I met with several realtors this week and they all tell me the same basic thing, "not going to happen". One company said they hadn't sold a single property this year. Sounds like my husbands job would not help the move any. He was in residential construction for the past 5 years. Before that he was a factory worker whos job is now probably somewhere in China. I worked in retail for different department stores and don't want to go back to that, no one is hiring anyway. We would need to make good money to be able to afford to live in tn and that looks like it's not going to happen.

Big TR · 03-20-2009, 11:09 PM

Quote:

Originally Posted by colleenbill

Thanks for the info. What you said is what I've been hearing. I met with several realtors this week and they all tell me the same basic thing, "not going to happen". One company said they hadn't sold a single property this year. Sounds like my husbands job would not help the move any. He was in residential construction for the past 5 years. Before that he was a factory worker whos job is now probably somewhere in China. I worked in retail for different department stores and don't want to go back to that, no one is hiring anyway. We would need to make good money to be able to afford to live in tn and that looks like it's not going to happen.

I will try to be constructive in this post. I'm not just here to attack people as most of the time I'm pretty helpful. The cost of living in Tennessee is dirt cheap.

We moved from suburban Chicago where RE taxes were 2.5% of FMV and state income taxes were 3%. TN's taxes are nowhere near this. We bought a $400k house and pay $2300 in RE taxes per year. Taxes on that in suburban Chicago would be $10,000 per year. Sales taxes are comparable. Earned income taxes in TN are 0%. Salaries are comparable.

There just aren't many cheaper states out there with the job opportunities, weather and quality of life that TN has to offer.

We've been here a year and are extremely happy with our relocation.

colleenbill · 03-21-2009, 11:37 AM

All I wanted was to know what's going on in tn. I really didn't appreciate being called that, and I got no apology.

I hope others will have positive constructive ideas for me.

Big TR · 03-21-2009, 03:28 PM

I'm from Illinois, so don't lump the Tennesseans into jerk status because of me. Your husband's old job will come back to the States from China long before I apologize.

If you actually took the time to read my last post, you would see that overall Tennessee is one of the cheapest places to live in the country. When you lump in how it's centrally located, has very good weather and has an abundance of corporations moving their headquarters to the state, it's a really good place to call home.

gbone · 03-21-2009, 03:56 PM

Quote:

Originally Posted by colleenbill

I understand that the past 8 years was part of the cause in what's happening now; but if lenders had kept lending, prices would not have tanked and we would not be in this mess. I'm not talking about you personally as I didn't know you were a mortgage broker. Bravo for your lending I say!!! Keep it up! Higher and higher!

Many banks will not lend now because properties are stagnant in price or declining, they know any money that goes into them is dead money for years to come. That's why they are trying to unload foreclosed houses for whatever they can get for them. If the market was going to quickly turn around they would simply hold on for a year or two.

There was an news article recently on one of the 20-20 type shows where there were brand new houses and condos in DC, Virginia and Maryland area that had been selling for $350K - $400K at the peak, now the banks have them priced under $50K, some as low as $30K, and still no buyers! If the banks believed everything was fine, they would simply hang on to them. Unreal what they've done to this market. Yes I will admit, higher commissions are better than lower. In our case, there are no commissions now.

With your understanding(or lack of understanding) as to the economics of the housing industry I think you would be better off looking at another career and I think you would have a difficult time selling real estate in Tennessee. You say you started in real estate in 2003. You therefore have never experienced a down market. What is going on now in the housing market is needed in order to bring some sanity back to real estate. In general, prices increased much faster than wages. People were able to afford the higher prices not because of higher wages but because of "snake oil" loan products(i.e., sub primes, ARMs, NINJAs, etc.). These loan products, which were promoted by Congress, abused by some in the lending/financial industry, and demanded by some consumers has been a major contributor to our current housing situation. We are currently experiencing a needed correction in the housing market.
As far as the real estate profession in Tennessee, it depends on whom you talk with regarding how well things are going. In my market area, transactions are down almost 40%. Personally, that has been good for me and others that I know because the number of full time Realtors has dropped by over 50% in this time frame. So even though transactions are down there are many fewer Realtors which means we have more business. Basically, we are also having a needed correction in "weeding out" Realtors as we had too many. Almost anybody can do real estate in an up market(i,e., 2000-2006). The market we are in now is not for everybody nor for those who long for the up markets and don't make necessary business plan changes when the market is down.

colleenbill · 03-22-2009, 07:59 AM

Hi gbone,

Thanks for the information. I've been hearing the same things from all the realtors I've met with around tn.

I have found a place where things remain positive and strong. The cost of living is low, good climate, location (beaches, cities, abundance of open countryside), strong infrastructure of business, corporations, and jobs. Texas!!!

I don't know why we hadn't thought of it before, but we're planning a trip there soon.

To everyone who shared positive thoughts and ideas, I thank you. Colleen

leonard · 03-22-2009, 02:23 PM

Quote:

Originally Posted by colleenbill

Hi gbone,

Thanks for the information. I've been hearing the same things from all the realtors I've met with around tn.

I have found a place where things remain positive and strong. The cost of living is low, good climate, location (beaches, cities, abundance of open countryside), strong infrastructure of business, corporations, and jobs. Texas!!!

I don't know why we hadn't thought of it before, but we're planning a trip there soon.

To everyone who shared positive thoughts and ideas, I thank you. Colleen

I lived near Dallas for many years and am tempted to go back. However I will be moving to TN as it is a better fit for us over all.

Where you locate in Texas will play a big part in your success in living there. Texas is not immune to the problems, it just may be less affected in some areas. Be very sure before you move that a market for your skills exists. I have friends in the real estate business in Texas and the picture is not that rosy.

ThinkinTN · 03-23-2009, 06:39 AM

I am in TX near Dallas and I am trying to get the heck out. They are taxing us to death here. I have a house valued at 175K and before my homestead exemption (I think its a whopping $300) my taxes are $4,990. What a load of crap.

Texas should be renamed Taxes. I would not recommend Texas to anyone. Oh and our utilities.. bwahahhahaha... summer I pay $400 a month and winter I pay $175-$200 a month in electricity. Deregulation my left butt cheek. And they are talking double digit increases for us ::golf clap::. Oh and I paid a TON of money for extra insulation through my house AND Tech Shield on my roof.