Well, I am finally beginning to see some hope that we have weathered the worst of this real estate storm.
The numbers are increasing for buyers in the Orange County and Riverside, California area. I have had to chase buyers by opening up a new office in the Riverside area. The Orange County market was confined to REO listings and buyers being stamped out by multiple offers on every bank owned property.
Unless the buyer could come in over asking price and with a desirable loan most Realtors were wasting theirs and their clients time.
I am still very busy in the Riverside area. REO homes are still plentiful and fairly easy to get. Some banks are still paying closing cost and offering high commissions to Realtors. I have completely stopped taking private listings in Orange County because of the REO competition. Now, however, I have started up again due to the numbers finally falling for foreclosures.
I have learned a lot by sticking it out and not quitting. I feel the agents that have stayed are very lucky to have gained the experience and adaptability that will ultimately lead them to their future success.
We have all had to toughen our shells a bit but, the future looks brighter for all.
Peggy Aldinger is the President of Pacific Grove Realty & Loan in Irvine, California.