I get asked this question quite a bit. It comes from friends, acquaintances, clients, potential buyers, 
sellers, random strangers (well, maybe those those as much). Everyone wants to know how the market is doing.
Last night, while I was at church, I was speaking to three people who seemed enthralled with my response to the following:
"Jason, how's business for you? Is it pretty tough right now?"
First, let me explain that I can't bring myself to use an easy canned response with the current economic climate. When things were truly great, I said so. Now that things are....well, less great, I have a far longer answer, and it goes something like this:
The market here is okay, but it's not as strong as it was two or three years ago. We are still making a good living, but not as much money as in 2005 and 2006. Austin, and Texas in general, have been largely insulated from the serious real estate problems that you hear about, because prices went up at a more normal pace here, rather than skyrocketing. We never had a "bubble" to pop.
What I have noticed lately is that the overall national economy is catching up with us, and we have seen less activity because people who want to move here are having trouble selling their homes in other markets around the country, so many times they must rent instead while they wait for the other place to sell. They have to determine if they can take a loss, and how much loss is acceptable.
Our local economy is fundamentally strong, however, and prices did increase by about 2% this past year, but with fewer sales. Whenever the national economy makes a turn, we are poised for some terrific times here in Austin.
If they are still awake at the end of my spiel, they may have questions about their particular circumstance or needs.
If you are thinking of making a move in the Austin real estate market, here are my responses for you:
IF YOU ARE THINKING OF BUYING A HOME
I can't remember a time in my own career that has provided better buying conditions. Inventory is high, interest rates remain relatively low, and many sellers are ready to deal in order to sell their properties. There are also opportunities to find short sales and foreclosure homes available, and banks will often heavily discount these in order to get them "off the books".
IF YOU ARE THINKING OF SELLING YOUR HOME
This is something that is far easier to evaluate on a case-by-case basis, rather than giving you a blanket statement about whether it will work today. If you have a home that is affordable for most buyers, and it's in good condition, and priced correctly, it will likely sell reasonably quickly. If your home would be considered expensive, you have a LOT of competition out there, so price is critical.
I would love the opportunity to speak with you if you are sincerely considering a move to or from Austin, please feel free to give me a call anytime on my cell phone at 512-796-7653 or email me - Jason@austintexashomes.com. I look forward to hearing from you soon! You can also search the database of Austin homes at our website, www.austintexashomes.com.
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If you're looking for a home in the Austin area, you can also visit my primary Austin real estate website at www.austintexashomes.com. If you're interested in social media training, visit 210 Consulting. Thanks!
Jason- That was a very thought out response when they ask the question, how is the market. When they ask me questions, I always ask a question back- "What have you heard about the market? What have your neighbors been saying about the market? Why do you ask? What would you like to know about the market? Do you know anyone having a tough time making mortgage payments right now?" etc.
When they walk away after they have been doing all the talking, they go away saying how they just learned so much about the market:) How to win friends and influence people. One of my favorite and most effective books.
Make it a wonderful week and I hope that your wife is feeling better.
KATERINA - That sounds much like how Jesus answered questions in the Bible, too. I haven't read Dale Carnegie's book in awhile. It probably wouldn't hurt to brush up on my skills there. My wife is feeling somewhat better, since the illness is more confined to the early morning hours rather than the entire day for the most part.
I like your "spiel" .....its sounds like a "ringelspiel"..:-)
Jason, I really like your post, making your answer longer to people that ask. I also think it is a great time to buy, but I am afraid that prices will continue to go down. But if your looking for a great deal, certain type of home in a certain neighborhood, buy now. The home that your looking for may be bought up by investors or other people and it will be to late.
Hey Jason, sound very simmilar to what I say, I also add in there I work ten times harder and make half as much as in 2004 & 2005. and smile ofcourse:)))
Jason, very well said. I like the answers you have prepared for the people who inquire about the market. :-)
Jason it seems some people are attracted to negative news. Negative news sells for some reason. If you think about it, it makes more sense to buy now then it did two years ago looking back.
Jason: There are so many stories, sound bites and faulty analysis in the media, it's challenging to get the real story out there. Real estate is local. Two-thirds of the foreclosure problem is in 6 states. The rest of us, while not going gangbusters, are doing OK. We need to keep repeating this message so that our voices are heard over the roar of the media.
Regards, John
Jason - I get asked that question quite often, too... My answer is something like yours - I stay positive... :)
I liked your answer Jason. Mine is similar. There is always a way to look at the glass as half full instead of half empty, but we cannot be unrealistic either. Straight talk and optimism while always looking for opportunities for buyers and the reality and how we can help sellers.
Jason, People just know when you're BS'ing them by using the canned "Great" response. Your answer works where you are because it's true. The same holds for around here in Suburban Maryland.
Jason, that question gets asked more and more these days. In the past few weeks when I've told people that I'm in real estate, I've sometimes gotten the response "Oh, I'm sorry." I respond that they shouldn't be sorry and that while the market has changed, there are still opportunities, and still business. Your answers are well-thought out responsed to the oft-asked question.
Jason - Very thoughtful response you have. Here in Tennessee, we also have a good job market and stable real estate prices. But sale have been much slower than 2006, and a lot of real estate agents in this area are already ou of the market, and I'm sure more will join them at the end of this year.
Jason - answering to a negative comment and making it into something positive generally turns the conversation around. It's all about attitude.
You answer sounds a lot like the one we give at our office. Sometimes people just don't believe that our market did not take the hit that so many did. Our biggest problem in our local market is people making really low offers based on the "advise" from the media.
Our local economy is fundamentally strong....
Jason- You may want to change the wording of that phrase or you could find yourself being spoofed on SNL. ;-)
Nice response, Jason...
I can't bring myself to use the "approved" Coldwell Banker Spiel either... "the market is 'unbelievable'".
I tell those who ask, something similar. Those agents who are out there, working it like a career, are still doing well. Those who were treating it like a hobby, are quickly falling by the wayside. (not necessarily a bad thing) The North Shore (our area) while experiencing a downtrend, did not see the major upswing that was seen in much of the country, and therefore we're not seeing the precipitous drops that are plaguing some of the markets.
The North Shore is stable, and will bounce back. Meanwhile we're going forward, slowly, but forward.
In my day to day life, I get asked the same question. People are so sweet -- they seem very concerned and sympathetic.
Jason, that is basically what we are saying as well as we are in simular areas.
Jason,
Sounds like our area as well.
Jason, Good Answer! Same story here. We have alot of REO'S and Short Sales in our market.
Sounds like Austin is also very much like Frisco. I ALWAYS get that question.... It does not like many out there are very ignorant (I mean it in a nice way. You know me!)
I get people telling me all the time that I must be starving when they find out that I am in real estate. Then they really get concerned for me when they find out that my wife is in real estate also. My reply lately is that I drive a brand new car and I own a brand new home that's twice the size of my last one, ask me again us starving.
That is funny because it seems as though the Raleigh, NC market is very similiar to yours and my response is similiar. We are selling just not as many and I have learned to budget and plan ahead and we have always had conservative appraisers in the area which I use to complain about but now I love them! I have been in real estate just more than four years so first time in a slower cycle.
Jason... sure, the Austin market was great 2 years ago... but wasn't it even better just 3 months ago? I am asking because I have talked to so many that have dropped dead in many cases in the last 3 weeks.... business is down 50% from just the last 8 1/2 months of this year alone. At least that is what I have found... and you?
Jason- this is a well thought out response to the current situation. Our market is similar and many are just trying to sell to move up or into the area. Have a wonderful day, always a pleasure stopping by