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The CENTURY 21 International Convention kicked off yesterday in San Antonia, Texas (home of the Alamo) and I am excited to bring some of the national news home to Tallahassee. One of the best benefits of being involved in the top brand in real estate is the information that is sent our way.
The picture on the right was taken with my iphone this morning at the General Assembly when the President/CEO of CENTURY 21, Tom Kunz was addressing a packed house. There were representatives from CENTURY 21 offices from 68 countries plus every state in the U.S. I was pleased to see so many people assembled to discuss current real estate market conditions.
Real Estate Industry Leaders Bullish On Recovery
The key bit of information that I am seeking here in San Antonio is what the leadership of Realogy and CENTURY 21 think about the recovery. Bear in mind, the Tallahassee real estate market typically lags the rest of the country by 6 to 9 months for some strange reason, so if we can get a good feel for what is going on everywhere else, we will have a head start here locally.
Tom Kunz pointed out that this is most likely becoming the best time in history to buy a home. With consumer confidence low, buyers have been weary to make a move. But with every month that continues this way, we are seeing more and more pent-up potential for buyers to break-out. When this break-out occurs, we will most likely see very high sales numbers, though values will still be down.
Richard Smith (President/CEO of Realogy) pointed out that the last “fly in the ointment” is getting congress to approve a stimulus that would provide low interest rate on mortgages. While our current interest rates are incredibly low, knocking them down another point or two would most likely open the flood gates of buyers who have been waiting to make a move.
Alex Perriello (President/CEO of Realogy Franchise Group) also echoed the importance of the mortgage interest rate stimulus. He reminded us that every recovery from previous recessions was lead by the housing industry, thus he was understandably upset that the current Obama Stimulus plan had less than 1% going towards the housing sector. He ensured us that the real estate and banking industries were working hard on achieving results with lowered mortgage interest rates.
More From The CENTURY 21 Convention
Well, I have to go back for more great insights and discussions from the CENTURY 21 team. I will conclude this sequence of blogs from San Antonio tomorrow. I know I have a pile of Tallahassee real estate market reports waiting for me when I get back to Tallahassee.
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