Wednesday, August 29, 2007

Boston Red Sox, Boston Real Estate Market, Massachusetts Real Estate Classes

As a Boston Red Sox fan, I got used to the expression "Wait until next year!". Because it seemed that we were always waiting for the opportunity to see our team come out on top. Now, we're not waiting! Having tasted victory, we can have real dreams about winning, even after last night's game with the Yankees.

Many buyers and sellers have also developed a wait until next week, or next month or next month attitude. Sellers are looking for a rebound in prices. Buyers are looking for a further decline. So who is right? If you need to buy or sell, then the right time is now. Only a crystal ball holds the answer to the prices and interest rates for next week, next month and next year. Some people will try to make an educated guess and some will be right.

So what is the connection between baseball and real estate classes? There is an expression, "If you want to win, you have to play the game". Although the real estate market is more than just a game, you can not make money as a real estate saleperson unless you are licensed. Once licensed, you can work for a real estate broker and help real sellers and buyers meet their goals.

This might be a good time to get a real estate license. There is a good supply of listings, there are a lot of buyers and the interest rate is still affordable for many. So this looks like a there is the chance for a good real estate saleperson to learn the business.

Annex Real Estate School offers you the opportunity to take a real estate class in the environment of a real estate office. All of the teachers are exoerienced Massachusetts Real Estate Brokers who are also licensed by the Massachusetts Board of Registration of Real Estate Brokers and Salespersons as Massachusetts Real Estate Instructors.

Visit the website now. Click on the ABOUT tab to learn more about the licensing process. The September classes are forming now.

Wednesday, August 22, 2007

Opportunities in Today's Real Estate Market

Boston Red Sox Standings Are Up Again! OK! When the gap in the standings between the Red Sox and Yankees was down to 4 games, practically every Boston sports commentator had something to say. Now we're up 6 games. No matter where they are at the end of the season, true Red Sox fans will not desert the team.

What about the fans of the local real estate market? If you've been involved in real estate for any length of time, you've seen the ups and the downs. Right now, the market has it's problems. The latest surge and fall back has many confused and worried.

Starting with a short supply of residential properties and a pent up demand, the law of Supply and Demand went to work and we saw the prices of home increase dramatically. This was further fueled by the low interest rates which helped to overcome the increasing prices. As word of the higher prices being paid reached the ears of the neighbors, more and more existing houses were added to the market. 'My house is better than my neighbor's, so I should get more.' became the chant

Developers didn't want to be left out, so we also saw more new home construction. Empty lots disappeared and older homes were torn down to make room for a new dwelling. Where zoning permitted, more homes were put up on the lot. And the prices kept going up. Condos and townhouses went up, and unlike earlier times, they were not just priced for the lower end of the market. Experienced real estate brokers felt 'sticker shock' as they previewed new listings. Newer associates enthusiastically listed and sold.

The mortgage lenders didn't want to be left out. New product became available to allow more and more buyers to get into the market. Unfortunately, the news now dramatically shows us that there were loans that shouldn't have been made. The implosion that is now effecting not only the financial market but also the stock market is the fallout of these loans. What's wrong with this picture? Adjustable rate mortgages were made to marginal buyers, when the only way rates were going is up. What is going to happen when zero down buyer finds that he or she can no longer afford the monthly payment?

It's really not surprising to see where this was going. Supply and Demand showed up again. With more and more choices, buyer enthusiasm changed. I believe that appraisers have a word for it: Substitution. Buyers didn't need to grab at the first property they viewed as they now had choices. That telling statistic, Days on the Market has grown higher and higher. And buyers started offering less than the asking price.

So today in today's news we read of lowering prices, houses not selling, increasing foreclosures, lenders closing or declaring bankruptcy.

Is there a bright side? Last night, on WBZ Channel 4, Boston, there is a hint of a promise. Click HERE for a link to their website with a story and film clip. Also, you can read the latest news from the website of the Massachusetts Association of Realtors

An observation: Earlier this month, Annex Real Estate School, located in Quincy, Massachusetts, ran a mid-week class pre-licensing class. This class is a prerequisite to taking the Massachusetts state exam to become a licensed Real Estate Salesperson. This class was a full.The average age of the students, 30-40. The class was very articulate and several students went up a the following week, took and passed the exam. These people obviously feel that there is a future in real estate.

If you've read this far, there are classes scheduled in September, October, and November. Enrollment applications are coming in. Class size will be limited to insure quality and pre-registration is a must. You can click HERE to go to the website to get an application or read more about the licensing process by clicking on the ABOUT link.

Questions? Send them an EMAIL or call the school 617-472-4330 ext 333.

And if you're ready to participate in the market as a Buyer or Seller, Check out Century 21 Annex Realty Please tell them you read about them here!

If you've got a comment to make, please do. Just stay on subject.