JL's Columbia SC Real Estate Blog: My Magic Eight Ball and the Current Market

My Magic Eight Ball and the Current Market

 

 I get questions all the time about the current state of the market and what is going to happen in the future. Just for the record, I can assure you that I am not the only person in the world that has noticed we have never seen a headline in any paper that reads psychic wins lottery. That's mainly because no one can predict the future or what lies ahead for any of us. This market has presented many challenges that many people have never faced. It will simply take time for everything to come around, level off, and get back to "normal."

 However, one thing that I have been suggesting lately to all those that ask me questions about the market, is to run out and buy a magic eight ball. It's guess would be just as good as mine on many of the answers that the general public would like to have. Or that we in the industry would like to have as well for that matter. The truth is that no matter how in the loop we are, it's still a guess.

 Now all the various economic stimulus programs are the latest set of confusions running through the industry. The fact of the matter is that none of us know exactly what Congress is going to do either, and it's not like we ever have. But, there was a good deal of excitement created in my clients at the thought of possibly cashing in on the $7,500 tax credit and this one I understood and could explain. Now, with all the new proposed stimulus packages, such as extending the tax credit and raising the amount available, and including more than first time home buyers, people have a ton more questions. Again, I have to offer them my magic eight ball. I have no idea what they are finally going to pass and what they are not going to pass. Everything for now is just a rumor.

 So, I will continue to watch the market closely, like everyone else. I will hope for the best and prepare for the worst and see where it all ands up. As for time frames on any of the questions that are asked of me, who really knows how long any of this will take. I usually give the same answer all the time. When people ask, "so when is the market going to completely turn around?" I always say it will do so in the Spring, I just don't know what year.

 www.jlboney.com

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JL Boney, III - Columbia, SC Realtor - Coldwell Banker Residential Real Estate

 I specialize in Columbia, SC real estate and the surrounding areas, including Blythewood, SC, Kershaw County, Fairfield County, and Lexington, SC. If you are in the market to buy or sell a home in Columbia, SC or any of the surrounding areas, I would love the opportunity to speak with to see how I can help. Thanks for reading and feel free to contact me if I can be of service to you.

Office- 803-788-1450     Cell- 803-730-9601     Email- James_Boney@Yahoo.com

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Comment balloon 25 commentsJL Boney, III • February 09 2009 07:12PM

Comments

I like your comment regarding the fact that a physic hasn't ever one the lottery....shouldn't that tell everyone something. 

Posted by Kathy Kooyman (Home Realty) almost 10 years ago

I always figured that the Federal Reserve figured their rates with a dart and a dart board.....your method probably works just as well......

Posted by Julie Chapman, New Homes Sales Lakeland Florida (DR Horton ) almost 10 years ago

JL,

I completely agree about the tax credit.  Our company had some really great marketing pieces that we could send out or add to our buyer packets that broke the $7500 credit down nicely.  I mailed out all of my HUDs to my 2008 closed clients the beginning of Jan, adding info about remembering to talk to their acct about the tax credit if first time buyers.  Wouldn't it go to figure that about 2 wks later, things are in the air!  All I can tell them when they email or call with questions is to talk to an accountant because things are still up in the air.  I usually use a crystal ball to look into the future, but maybe I will have to try out the 8 ball!

Posted by Jen Olson (First Weber Group Realtors) almost 10 years ago

Kathy- You would think so.

Julie- We have a 50/50 shot of either of us being right.

Jen- I gave up on the crystal ball months ago, it just wasn't that reliable for me. The eight ball has really came through in the clutch though.

Posted by JL Boney, III, Columbia, SC Real Estate (Coldwell Banker) almost 10 years ago

LOL, JL ~ I knew somebody had all the answers. Little did I realize it was you, and instead of Google Juice, you've stolen all the 8 Ball Juice!  LOL  If you still have the crystal ball, just drill 3 holes in it and go bowling!  :)

Randy Hooker - Dreamcatcher Realty - Arizona Real Estate

Posted by Randy Hooker, Gilbert, Chandler, Mesa, Queen Creek (Dreamcatcher Realty / Greater Phoenix Area) almost 10 years ago

Randy- The eight ball juice comes in much more handy in my opinion. Good suggestion on the crystal ball, I do like to bowl once and a while.

Posted by JL Boney, III, Columbia, SC Real Estate (Coldwell Banker) almost 10 years ago

JL - While the Eight Ball might work for some, perhaps a crystal ball would work better.  I know when I have asked fellow real estate professionals what they think the market will do, they often reply, "None of us has a crystal ball."  Well, perhaps we need to get one:-)

 

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) almost 10 years ago

Myrl- That's just it, no one has that crystal ball, but you can get a magic eight ball. So which one is better now?

Posted by JL Boney, III, Columbia, SC Real Estate (Coldwell Banker) almost 10 years ago

JL - You and I are in the same boat.  Will you start rowing, dangit.?   I am watching and waiting.  My clients are waiting for me to explain it all to them.  But, they all want to buy NOW.  Not bad for me, but I need to make them aware that a good deal of this will shake out only in the next month or so.  Everyone wants everything now. LOL....nothing changes, yet everything stays the same.  Hmmm

Posted by Suzanne McLaughlin, Sabinske & Associates, Realtor (Sabinske & Associates, Inc. (Albertville, St. Michael)) almost 10 years ago

Suzanne- I know just how you feel, I assure you. One day we will all be able to look back and remember these days, but that day isn't today.

Posted by JL Boney, III, Columbia, SC Real Estate (Coldwell Banker) almost 10 years ago

Jl...

There you go ...you are so right ... attempts to predict the future are just like shaking that magic eight ball, except that I think that you have a better chance with the eight ball tan in trying to figure congress out!

Posted by Richard Weisser, Richard Weisser Retired Real Estate Professional (Richard Weisser Realty) almost 10 years ago

Richard- I don't even think the eight ball will help with Congress my friend.

Posted by JL Boney, III, Columbia, SC Real Estate (Coldwell Banker) almost 10 years ago

JL, thanks for the suggestion of the 8 ball. I went to buy one and came home and ask it all kinds of questions. Great answers. Now I don't has to wonder no more about certain economic events.

                                                               ~ Life is Good

 

                                                                                             

Posted by Roy A. Peterson, P.R.E.I. (Domicile Analysis of Texas) almost 10 years ago

Between the Magic 8 ball and the St. Anthony's statues (buried upside down!) I am ready for 2009!

Posted by Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA, (Keller Williams Capital Properties) almost 10 years ago

A ouija board is easier to carry around but I do like the basic black of the 8 ball (goes with everything).  .   

Posted by Alyce Martin, Albuquerque - THE Place To Be! (The Realty Group, LLC) almost 10 years ago

Thanks for stopping by and reading about granddad. I am traveling up there today and coming back late.

Put that magic 8 ball to use for me.

Posted by Chip Jefferson (Gibbs Realty and Auction Company) almost 10 years ago

JL - You are onto something here! Fun post!

Posted by Kim Southern- "Sold" with Southern Hospitality, Greetings from the North Georgia Mountains! (Century 21 In the Mountains) almost 10 years ago

JL,

I wish my crystal ball was better than you magic 8 ball but alas it's not.

Posted by Don Rogers, Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes (Keller Williams Realty Chesterfield) almost 10 years ago

Roy- It can be a life saver.

Lise- Sounds like you have all the bases covered.

Alyce- You have to learn to properly accessorize. The ouija board just screams needy in social situations.

Laura- Have a safe trip, hope all goes well.

Kim- I may be you know.

Don- No, the crystal has let us down.

Posted by JL Boney, III, Columbia, SC Real Estate (Coldwell Banker) almost 10 years ago

It is suprising how people think that we still run the market, and think that we will know exactly what will happen tomorrow.

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) almost 10 years ago

Bill- I wish they were right, things would be much easier if that was true.

Posted by JL Boney, III, Columbia, SC Real Estate (Coldwell Banker) almost 10 years ago

JL, I like your idea of the Magic 8 Ball!  You are right, it will be right at least as often as the "experts".  I have been watching hte market with my eyes closed the way I watch Max's game when we have 52 seconds left and we are only up 2 points.  Usually eyes closed, my back to the action.  I can't stand the suspense.

Posted by Susan Mangigian, Chester & Delaware County Homes, Delaware and Ches (RE/MAX Preferred, West Chester, PA, RS152252A) almost 10 years ago

Susan- I can understand what you're going through, but I must say, I love suspense.

Posted by JL Boney, III, Columbia, SC Real Estate (Coldwell Banker) almost 10 years ago

I always tell people that if I had the crystal ball with all the answers that I'd be traveling. I guess the next addition to my office needs to be the magic 8 ball....I'll just hand it to them instead. :)

Posted by Mandi Perkins (Pioneer Title Agency) almost 10 years ago

Mandi- I think the eight ball is a must for every office.

Posted by JL Boney, III, Columbia, SC Real Estate (Coldwell Banker) almost 10 years ago

Participate