scottymacsblog
How low will it go?
It has finally happened. Inventory levels in Fairfax, Prince William, Loudoun, Arlington, Fauquier, Alexandria and all the cities in between have now dropped below 5,000 homes for sale. We have just 4,692 properties on the market. We have not been this low in nearly a year. This number is not an all time low – the first week of March in 2005 we had 1,652 houses for sale – this was the all time low for this region. If you are curious, the all time high was the third week of November 2006 when we had 22,898 houses for sale. So as you can see, we are approaching an extreme situation in housing – nothing for home shoppers to buy. A more balanced market would be in the 8,500 to 9,000 range –
we are at about 50% of where we need to be.
So what does all of this mean? If you are a seller, now is the time to put your house on the market because there is very little competition. If you are a buyer, you will more than likely be in a multiple contract situation so be ready to put your best offer on the table initially. Also, buyers will turn to new construction as an alternative to their housing needs as they can’t find suitable solutions in the resale market. Lastly, prices should continue to increase – just need the appraisers to agree this is the situation.
What else is low and going lower? Interest rates. It is amazing that virtually every week the news is rates continue to hit new all time lows. This makes now a great time to buy or refinance.
So, what is your opinion? How soon will it be before we see an increase in inventory? When will we see rates increase? I’d love to hear your opinion so give me a call.
Business Planning for 2013: LEAP!
I’m excited that you have taken the big step in your career by investing your time, energy and effort to take your business to the next level.
The important thing to realize is showing up is not enough. You need to be engaged, focus and have a level of commitment to the plan your come up with this weekend.
In addition, you will need to change.
Change your approach to the business by adding accountability into your schedule.
Change the way you do business – perhaps developing a mobile strategy, online strategy, or including something else new.
Change how you view your business – become a visionary. Think about what is coming down the road and how you will need adjust your approach to the business.
Most importantly, you will have to take action – not just talk about it.
As time goes on, you will need to make adjustments. Just like a pilot, a plane is off 99% of the time while in the air because of turbulence, air stream, storms, etc. you will need to adjust throughout the year as well. How do you do this? get a mentor or a coach. We are hear to help.
You will need to take a leap of faith in your business and your plan. Try different things – client parties, popbys, coffees, write notes and most importantly, you will need to do it consistently. Join networking groups – get out there and be present while you are with them. The more things you try, the more likely you are to find something that works for you. Do it, fix it, try it again.
In addition, consider the law of momentum. Continually staying in motion will keep you moving towards your goals. Do something – everyday to move you closer to your goals. Embrace the self-discipline it will take to make it happen.
We have an agent Kay Woodard who has been getting up at 5:00AM and has been walking 5 miles. She has been getting up in all types of weather and temperatures to walk regardless of the conditions. She has done it whether she wants to or not. This means, you have to do it whether you want to or not to build your self discipline.
If you are taking on a new initiative, take the time to educate yourself on what it will take to be successful in that area. Meet with others who are successful in this area, read extensively about it, and then do it.
Also, analyze yourself – find out what is your “prime time” and get things done during this time – plan and prioritize around this time of day to get things done. Top performers pay now so they can play later – low performers do what is fun and easy versus what is hard and necessary. Commit to yourself today and everyday that you make the sacrifice and not play now and have to pay later. Get up a little earlier – become the Ninja inside of you to write your gratitudes down, do your affirmations and write those personal notes.
Think and speak positively – be an optimistic force in your own life so you can be a positive force in the lives of others. Optimism builds enthusiasm within you and gives you energy as well as gives you self esteem.
Lastly, be prepared – for your day, your appointments, your plan of action, and lastly your success so that you can build upon it, daily. Now, let’s begin!
Staff Sergeant Reminds Us
Yesterday I was at a meeting for Homes for Heroes and I heard a young Marine speak about his life and how it had changed after being injured in Afghanistan. His name is Staff Sergeant Joey Jones
Here are some notes I took and wanted to share with others – enjoy:
- Build a life on purpose – decide what you want and go get it…
Determine what your personality is and what serves you best for your skills- No “one” is better than the whole
- Make a decision to make a difference in someone’s life
- Decide – what are you gonna do now
- You control yourself and your destiny
- You hold the keys to drive your life – don’t give the keys to anyone else.
- Work hard
- Care about others
- Give back
- Make it happen
- What makes you happy? Figure it out and do it more…
- How can you be a hero to someone else today
- Determine your goals and aspirations and achieve them
- If you do anything – do it right
- Nothing worth doing is ever easy
- Be respectful to others at all times
- Read the book – Lone Survivor
- Check out the campaign www.bootcampaign.com and contribute
- Take time and practice then make the appropriate adjustments
- Commit to giving 100% at all times
These are things we have heard in the past at one time or another but it never hurts to be reminded of them to keep you focused.
Shock and awe…
The real estate market continues to be white hot for sellers who properly price their homes, get them in the right condition and have them staged. This makes it very competitive for buyers. We see multiple contracts on houses in all price ranges so buyers need to be prepared to be involved in situations like this and put their best foot forward when making their offer. We have been saying this for several months now and we do not see that this will change anytime soon.
There is one area that continues to shock and amaze me today and that is
interest rates. It is an unbelievable phenomenon watching interest rates today. Who would have ever thought mortgage rates could be as low as they are today taking into consideration where we have been since the Mortgage Banker’s Association started tracking rates. Remember what happened in the early 80’s with rates at all-time highs in 18-19% range and even when I got into the business in 1988 rates were between 10 and 11%. We got excited when the rates were creeping below 10%. Then we watched as rates came down into the 6’s and thought they couldn’t go lower and they have. This week I saw a 30 year fixed interest rate at 3.5% with a lender credit. There was even an article asking if rates could go down to 3%. There has never been a better time to purchase a home, investment property or even refinance your existing mortgage(s). Please let us know how we can help you.