Wednesday, August 29, 2007

More Help for the NAR

According to the data available from the Melissa Data website, unit sales volumes are down dramatically over the last two years. According to them, in August of 2005 5,227 homes were sold in OC while last month only 2,253 were sold. That's a reduction of nearly 3,000 units or 56.9%. Brutal market.

Another interesting stat I was able to create from the fine Melissa Data information was the total value of homes sold by month here in OC. In August of 2005, roughly $3.65 billion dollars of residential real estate changed hands. Last month, only $1.76 billion worth the residential real estate was sold. That's a reduction of nearly $2 billion dollars. Epically brutal market, especially for RE agents.

Consider this, with a reduction of roughly $2 billion in transactions, at a 6% commission rate, Realtors collectively made $120,000,000 LESS in commissions than they did just 23 months ago--those poor bastards.

I've tried to help these poor souls in the past, but they keep on with their 'buyers on the fence', 'good time to buy' drivel trying to spark demand and get their transactions/dollar volumes/commission back up. Based on the inventory levels in OC, this strategy clearly is not working. But, don't worry guys, I am here to help.

At the top of this page, you'll find the latest installment in the OC Prudent Bears' 'Discuss it with a Realtor' campaign. Realtors, feel free to share this with ALL of your sellers, help your clients sell their homes and earn yourself a commission!

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