Survival Guide for Tennessee Realtors

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Survival Guide for Tennessee Realtors

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Regardless of the political rhetoric during this election season, Tennessee real estate is far from being back to normal. While the politicians spew fuzzy math, Tennessee realtors know the truth. Borrowing another politician's line, the truth is inconvenient at best. Real estate in Tennessee is hurting.

The silver lining, however, seems to be that statewide the real estate market is no worse than it was last year. Following the end of the $8,000 federal homebuyer credit, realtors knew the market would cool. And cool it did. New and existing home sales in July were off around 25 percent.

Still, sales figures were comparable to 2009. Some realtors believe negative national press, rather than local press, is creating fear within prospective buyers. However, as news reports continue to focus on unemployment and housing issues, buyers become even more wary and concerned. Consumer confidence levels in the overall economy are driving problems in real estate.

The key to improvement in the real estate business in Tennessee is a better job market. Currently the state is slightly above the national unemployment average at 10.1 percent. When people begin to regain stability in their jobs they should begin to return to the housing market.

Tennessee realtors have been facing some critical decisions. Firms have reduced staff, advertising and promotional activities to save money and are now focusing on Internet marketing. By optimizing their listings across Internet portals, some firms have seen a dramatic increase in monthly hits.

On the other hand, one firm has actually increased advertising and marketing. They have seen their calls, appointments and website traffic dramatically increase. To be effective regardless of the tactic, be consistent and maintain marketing continuity.

Right now interest rates are at historically low levels that should be enticing shoppers and buyers. Low prices and low interest rates must be communicated to buyers. Good news, a rare commodity these days, needs to start making headlines in Tennessee and elsewhere.

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