Stan's Market Report \ January 28, 2008
Dear friends,
I have learned in the process of emails that my mind and fingers do not operate at the same speed. And, I am a terrible proof reader. So please forgive an occasional missed word, and I will do my best to have a second set of eyes. My optimism for January went unrealized with one home closed on the Mountain and no lots, and no homes or lots closed in Stoney Creek. I expect and hope many of you are taking advantage of the lower refinance rates though I think they can go a bit lower but not much.
There was not enough snow or cold weather to open very many slopes in December, but the snow making since has been wonderful. Let's all hope this continues into February and we don't run into that two week period of unusually warm weather that occurs at some point in the season. I suspect the numbers and night stays are down somewhat anyway due to the economy, but the resort is doing well compared to last year.
Banks are freeing up funds for persons with high credit scores, high down payments, and stable sources of income. One expects these funds to be more restrictive, but let's all hope not to much so to truely help with the housing crisis.
Please watch these extra cold days and make sure your heat is set high enough to prevent any damage.
I am not an economist and don't pretend to be, but I read and listen, and heard that recessions historically last 6 quarters. These are unique times, and I hope for all those unemployed that this is correct. I remember telling my stock broker at the high that I believe in America and the American worker. I won't tell you where my account is now but I still believe.
My "market price" strategy with listings still is only marginally successful, but when one looks at the expired listings or price reductions each week I have to believe it is the right approach to take. And, in such an unstable market a sale even at a lower price prevents exposure to any further downturn.
I have learned this is not something that can be handled locally. All politics may be local, but this requires broader solutions to address the country's housing issues and how we manage our banks and economy going forward. I know we will get there, but I like everyone else don't know how.
Now for some news: it is virtually impossible for anyone to survive the market until it improves, particularly with a family including a small child. I plan to continue in real estate and provide all the services I have provided before but plan also to work for a friend at Colonial Auto Center as a Sales Associate exploring my love with cars. All my clients since 2002 will not notice a difference and my new clients will only notice my inability to meet them except my appointment. In the interest of full disclosure, I wanted all to know. This change will be effective Tuesday of next week. Thanks for your understanding. I checked with our manager and have had almost 400 sales, listings sold, and custom homes since 02, and plan to continue to work as hard in the profession as I have in the past.
- Stan
