17 December 2008

What I Do When I'm Not In Tooele !

It seems that when I'm not in Tooele checking my "Homes For Sale" signs, filling brochure boxes or at the Tooele Courthouse researching Foreclosures and Pre-Foreclosed homes from the County records, I'm attending meetings.

Even though they are about Real Estate, they are pretty boring, and don't cover any information I can pass on to our clients about how to buy a house, or how to search the MLS to find homes for sale in Tooele.

So I don't post about them much. I don't think you'd be interested.

Yesterdays meeting was different though. It was the annual Utah Association of Realtors (UAR) annual statewide summit. Every year Real Estate Brokers from all over the state meet to discuss Economic, Legal, political and Educational topics and how they pertain to our business.

Since the meeting was poorly attended I thought I would e-mail some thoughts I had about it to the various board presidents around the state.

When I reread what I was sending, I realised that I have some pretty hard core readers here that are interested in much of what we talked about. So I'm posting a bit about it.  If you find it interesting great ! If you don't, dont worry I wont be doing this often

Next week it will be back to how many homes are for sale in Stansbury Park, and are Short Sales selling better in Tooele or Grantsville UT?

Here goes !!!

Good morning, all!
As I didn't see many of you at yesterday's Broker meeting, I thought I'd give you a quick overview of what was discussed. As you might guess, the topic was the economy, both present and future.
We had Howard Headlee from the Utah Bankers Association. He stressed that Utah banks were very strong, especially compared to others around the country. He also mentioned that the TARP money (the 700B bailout) is just now hitting the market. He said that banks won't lower their lending standards, but that there is money out there to lend. He said the residential lending market is going "back to basics". Development money will be extremely limited until existing inventory is at a more realistic level, and that commercial money will be on a "case by case" basis.
 I thought he had the line of the day when he described our lowering membership numbers as a "flight to quality". I agree that the best Realtors will still be standing when the dust settles.
Bill Erickson, President of Utah Housing also talked about some of the programs they have, as well as the Guv's new Housing Action Coalition.
We then heard from 3 different economists that were basically singing the same tune. Unemployment is up, and will continue to rise for the foreseeable future. They all seem to agree that we are in a recession (shocker!). They also all seem to agree that we are looking at 3rd to 4th quarter 2009 before we start to see an upturn in the economy.
The good news is that even with a flattening of in-migration, we are still creating around 13,000 new households per year through "natural" factors. This is Utah, after all!
 Most agree that these cycles generally have a 3-4 year "life" and depending on how you measure, we are in year 2 or 3.
They anticipate that Fannie/Freddie will start buying up more mortgage backed securities helping recapitalize the lending market, which will help us all a ton.
It was an excellent meeting. If you have any specific questions, let me know and I'll do my best to answer them.
In addition, podcasts of all of the presentations will be available on the UAR website (www.utahrealtors.com) in the next couple of days. I'd urge you all to take the time to watch and listen to what they have to say. It wasn't great news, but it was very valuable info. Sorry for the length of this message but it was a 3 hr meeting and had multiple economists! Have a great day! Chris
Chris Sloan
Branch Broker
Group 1 Real Estate

So there you go. Now you know what I do when I'm not in Tooele.

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