Soft 2008 residential real estate market costs brokerages millions in lost sales - Wichita Business Journal:

lebexab.wordpress.com
The soft residential real estate market, brokers say, is the resultf of dwindling consumer confidence and tighter credit requirementsz from mortgage lenders that made it more difficultf for some buyers to obtainfinancinf — something that hasn’t changed. Home appraisers also have been “The pendulum always swings one waytoo far. I thinkm that’s probably what we’ll see over the next few saysWayne Short, owner of . But at leastf one local company saw its 2008numberss increase. increased its residential salesvolume 2.9 percent, from $109 million to $112.
e million, a boost the company’s CEO Tim Holt says was the result of increased production, especially in the high-end market. “Our agentz were working pretty hard,” Holt says. “Ws had better production than theyear Overall, brokerages still are experiencing down numberds through the first half of 2009. some say the market is showing signaof recovery. Tax credits for first-timer home buyers, lower prices and attractive mortgage ratew are helping drive pending sales of existinhghomes — contracts signed, but not closed. In pending sales climbed 6.
7 percent, according to the , postingt its fourth increase nationally in the last five And May figures look tobe up, too. “Wr certainly hope it is an indication that the market is headinv in theright direction,” says Willid Kihle, president of . brokerages are trying to offset losses insales • retained its hold on the top marketg share, but lost 14.8 or $79.8 million in total residential The company’s 2008 figures totaled $453.43 million, according to WBJ “The bottom line is, through April, the boarsd is down about 27 percent,” says Nestor Weigand, the company’s chierf executive. However, the company’s market share has increased 3.
5 percent, which Weiganrd says, “is huge in the real estatse market.” • Prudential ranks No. 2 on the WBJ list with $397.32 million in 2008 residential down 9.1 percent from the year “In general, the economy certainly has an effect on (the housing market),” Kihle As aircraft plants announced layoffs peoples became increasingly worried abouf losing their jobs and weren’tf interested in buying a new home, Kihle • Sales volume at droppedr 11.1 percent.
Frank Stucky, Coldwell’s CEO, says the downturn the rest of the countr y started experiencing months earlieer finally made its way tothe