OTHER RESULTS OF A SLOWED REAL ESTATE MARKET

The Memphis real estate market has slid into the biggest buyer’s market in years, and shows no sign of a recovery in the short term. By recovery, I mean, a more stable market where sellers can anticipate a better return on their home investment. The Memphis home market has “dominoed” into this state because of the national real estate market. If misery loves company, then scoot over. The world real estate market is also faltering as many of the investors in defaulted home loans span the globe and are not contained to the local USA.

Here is an example of that:
New figures from the Real Estate Institute of New Zealand (Reinz) released recently, show the number of real estate agents, salespeople, licensees and branch managers in Canterbury-Westland fell 8 per cent in the first half of this year. Nationally, the 19,059 people working in the industry in December 2007 fell to 17,453 at the end of June. The 2201 people left working in the Canterbury-Westland district shared 619 sales in May less than half of the 1276 sold in May 2007.

This market has become devastating to families around the world in free markets where real estate sales have blossomed over the last decade.
There is not a doubt that many Memphis real estate agents have also left the industry. This may help in the long run, as many agents were either part time and did not offer full service to clients, or they really had just started in the last year or two and were lucky enough to “ride the wave” of the home-selling market. Now that this is over, these agents don’t know how to sell or prospect and eventually throw in the towel. In the long run, this is a good thing for the consumer home-buyer.