If you’re trying to sell your home and having trouble, or if you’re interested in buying a home but your credit doesn’t seem to be good enough to get banks interested, you’re not alone. There are a lot of people who are struggling with the same kinds of situations. It’s also important to realize that it’s not just buyers and sellers. The real estate brokers and agents who are trying to help you may also be having a lot of trouble. If homes and commercial properties aren’t selling, the agents (and the broker) aren’t making any money. That’s bad, especially when the economy is already down and money is harder to come by in many professions.
For people working in real estate, the frustration is almost a tangible thing. They were doing so well, until the bubble burst. Now, many of them have had to give up the lavish lifestyle that they were enjoying. They’ve given up cars, homes, vacations, and all kinds of things that they bought when the money was flowing in and people were buying and selling houses almost faster than the real estate professionals could keep up. That’s not the case anymore, and houses can sit for a year or longer in order to get them sold. The prices are also significantly lower than they used to be, so real estate agents who are still selling houses aren’t making as much money.
Longer hours are necessary, and still the cash flow is not the same. It’s an unfortunate turn of events for a profession that has been well respected and rather lucrative for many years. Things will improve, of course. There will be a return to higher prices and a larger volume of homes that are being sold. The real estate market is cyclical, and the only thing that brokers can do now is wait it out.