Realtor need help with relocation (Knoxville, Kingsport: for sale, real estate market, foreclosed) - Tennessee (TN) - City-Data Forum

colleenbill · 03-14-2009, 03:55 PM

Hello Tennessee!

I'm Colleen. I'm a agent and I don't need to tell you about the way business has gone south. We're hearing good things about the markets in TN and are considering moving there if things are still strong. I've been selling since 2003. This year not one single showing so far, nothing, none. Spring is not going to help at this point. Something has gotta give. Looking mainly in Nashville but might consider Knoxville if it's strong.

Some good news please as I'm not exactly thrilled about changing careers at this point.

Cheers,
Colleen

shadowwalker · 03-16-2009, 06:23 AM

Some times you have to "change careers" to keep food on the table and shelter for your family. Just a fact of life. I have and am sure many other people have too.
If you want to see what the housing market is. Get online and keep tabs on the realtors selling houses in the area you want to live. How many are actually being sold. Of course you will have to do this every day. Most realtors are proud to have a "sold" over the picture of a house they have up for sale on their website.

colleenbill · 03-16-2009, 07:18 PM

In my area no one is selling anything. Our office has not closed a sale this year and last year was off 50% from the previous year. I went from being a top seller to not showing a single house. We are looking around and nowhere looks good. Changing careers does not appeal to me but I guess it might be what I must do. I really just don't understand why they can't start giving loans to people again??? Prices would go up and everything would be fine.

mbmouse · 03-16-2009, 07:24 PM

Well.....prices in most of TN properties don't go up very fast or much historicaly...for the last 20 years or so and seem to be on the same slow and steady pace. Hate to say it so bluntly but if you are looking for the next FL that jumped huge equity percentages in a few years, I don't think TN may be the place you are looking for.
For example, Kingsport TN MSA was ranked number 3 in the country for appreciation rate last quarter and it was 4%. Little down from the typical 5% per year.

colleenbill · 03-17-2009, 07:43 PM

No, that's not what I meant. I think that everything was fine when prices were high. It doesnt matter to me how much houses sell or how much they appreciate or decline, I just want them to sell! It seems people only want to buy when they're really high and greatly appreciating so we must do everything to keep prices as high as possible. If people would start jacking up their prices again banks would see these houses as good investments and start lending on them again. I know some people say that the buyers can't pay back the loans and can't make the payments but at this point I don't see why that matters much. Most of the country is so far in debt that they will never get even anyway. Most people will never pay off their total debt in their lifetime. If we can bail out the banks why can't we bail out all the people? Start lending and increasing prices. The economy will sky rocket! It's a win-win!

LivingLikeAGradStudent · 03-17-2009, 08:17 PM

This can't be a serious post. Prices were way too high for the incomes of many buyers, who thought they would be priced out forever if they didn't keep adding to the stack of teetering cards. When these loans were bundled and sold again and again, they became unrecognizable and made no sense for the buyer or the investor. If someone makes $10 an hour, that person should not buy a $300,000 house, no matter the crazy loan terms. It's economic suicide, and until the floor reaches a sustainable point again, people rightly will be hesitant to overpay for shelter, whether it's an asset that appreciates or not. And with growing unemployment, buying a home severely limits job and location flexibility.

colleenbill · 03-17-2009, 09:14 PM

I understand the theoretical economics. Everything worked fine until the mortgage lenders started balking, then everything imploded. The solution is to re-inflate everything and the sooner the better. As long as prices continually rise, there are no losers. Economic spending will increase, jobs and salaries will increase, everything will increase. That's the win-win. That's what we had for the past 8 years and that's what we need again.

mbmouse · 03-17-2009, 10:39 PM

Umm...sorry again to be blunt but I believe you are way off on that thought. The last 8 years is what has caused the mess we are in now! Why in the world would you want to repeat that? Higher commissions maybe? And yes, as most of you know, this is coming from me, the mortgage broker!
Heaven forbid we try our darnedest to have people EARN the home they live in and be able to afford it and get a pizza now and then. Bigger and better. Keep up with the Joneses. Must have two adults and 1 child living in a 4000 sq ft home and be in debt to their eyeballs. Sorry, but these types of mentalities have already shown to cause one thing.....a big ol mess! It had less to do with the lenders than it did the " I want more" attitude of the "me first" generation.
OK, I will stop before this becomes a 3 page rant post about falsely inflated home prices.....like the 2/1, 1100 sq ft box house a mile from the coast that falsely appraised for 350k just because several people involved in the process wanted to make an extra buck quick.
Ok, I will really stop now.

colleenbill · 03-18-2009, 06:53 AM

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.

Beretta · 03-18-2009, 07:38 AM

If you want to talk about the real estate market we have a forum especially for RE professionals. It can be found here. If you need help with relocation as it pertains to Tennessee please post away your specific help needed.