Is real estate profession wearing 'For sale' sign?

I wouldn't call a decrease of only 15% in the number of agents from 2007 to 2008 exactly astonishing, would you? Especially when the un/under employment rate nationwide is over 17% right now.

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The supposed refinance deals are nonexistent. I tried on several
occasions to deal with GMAC MORTAGE but got alot of bull. I believe the financial industry is still in its robber mode and will need another bailout (already in the Process) in a few years, I had to file bankruptcy to protect my home. I think the financial industry is filled with sick greedy people who make loans to the people willing to spend all their earnings on housing.Lets see what happens again.

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Real estate is not a profession, except perhaps in the sense of the Oldest Profession. It is a dirty scam, inflating the cost of housing and property without adding value. It should be called the fake estate business. All they have done is drive prices out of proportion to value, hoping to get rich quick without working for it. All of them will misrepresent properties especially to a naive or inexperienced buyer. And how can you tell when a fake estate agent is lying? Whenever their lips are moving. They have been one of the major causes of the current Depression by building up a huge bubble in housing prices. Cry me a river about how they are hurting. It is nothing compared to the people in manufacturing having their jobs outsourced or wages and pensions cut. And nothing compared to the construction workers who have had a lot more jobs lost than 15 percent. Time for all of these con artistes and hustlers to find real jobs. There are far, far too many salesboys and salesgirlies in this country for the honest people to support.

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Buying a home is always a good investment if you buy the right home! When times are rough you can always rent a portion (rooms) of it out or the whole thing if necessary and down size to a small affordable accommodation, not to mention all of the deductions you can take advantage of as stated above.
The problems we face are the exsorbent cost real estate agents charge to sell your house 6%. ... I find that very ridiculous. It would be ok if they charged you 6% on your expect gains but they are charging you on your total cost basis. I believe this highway robbery and should be addressed to the law makers in congress. In addition, the bank are sticking it to us as well with their interest charges, because we are paying too much on interest and not enough going to principle.. Bottom line its greed by these institutions that has made owing a home in America a horrendous affair.

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I know selling real estate is a difficult job with long hours and a high rate of no sales but this should not be a surprise. I actually blame some of the housing issues on the agents ..they had to see people getting in to houses they could not afford. I have bought 6 houses over the past 30 years or so and there were many times they tried to talk me up a price range or two with "creative" financing. I declined as I didn't like adjustables or things that sounded too good to be true. They even took my wife to some higher priced homes to wow her and then you have a hard time going back to reality. I am lucky that she realized the difference between need and want.

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Can't help but comment. I've been a Realtor-Broker for 45 years. I've been through a handful of these terrible real estate recessions. This one is, by far, the worse, and it was solely created by lenders and incompetent/unethical agents.

The National Association of Realtors and the layers of state and city associations, are primarily in the business of bringing in more dues rather than policing the industry. So the NAR must share big-time in these failures.

For an example, there is no serious continuing education requirement, almost anyone with a state license can also be a Realtor, thus challenging the idea that Realtors are a cut above.

And finally, there would be no NAR of a consequential size if it weren't for the Multiple Listing Service. The proof of this is there for all to see. Commercial brokers have no need for membership in an MLS that primarily carries single family homes. So most aren't Realtors, proving that being able to call one's self a Realtor comes with little perceived value to the public.

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Let me tell you from a builder's perspective what has caused a failed housing industry. 80% of the homebuilding is gone! Independent builders have experienced 80-90% decline in revenue and income in this market. Easy credit fueled demand and national builders with their deep pockets and publicly traded dollars drove up the price of raw land and have cornered real estate markets all aroung the country. The nationals are thrilled by the profusion of independent builder failures ( there fiercest competition). Further, coming out of this, there will be little if any capital available to independent contractors/builders for acquisition and construction. Like other markets in this country, the consumer will be the loser for lack of competition, choice, and diversity of housing stock. Nationals can write down losses in one market, move their capital to other markets where things are happening. Independent builders do not have that luxury as there assets, families, and businesses are rooted in the communities that they reside in. There is no reason that raw land should have risen in value from $15,000/acre to $200,000/acre between 2000-2005! Anyone grounded here would not pay that kind of money for raw land, but the Nationals would with their big dollars in their pockets from the east and west coast markets. They have left the housing market in Minneapolis in ashes.

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I am a realtor over 40 years, sellers force up the prices this is called GREED I see it done many times, Igine them the current market value of their home and they insist their home is better than their neighbors, the seller that listens to there agent sells teer home faster and at current market value, but many times GEED causes over valuation, any good REALTOR will confirm this statment...

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The responses are probably indicative of "finding someone to blame". Many of us really know what precipitated this awfull economic suituation but the blame is loaded on, or generally based on either a personally experienced situation or listening to that ill informed bunch called 'news readers'. I say this because I see the word "greedy" all over the place. If pushed most people cannot really define greedy except to apply it to someone who has made more than they have. Hardly anyone is willing to admit that they made poor choices in their life. When life was good 'who cared' as long as they were not the goat, but when time got tough "blame" became the most popular game in town!! Buckle down, chin up, but stop your dammed whining.

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I don't fell sorry for realtors. They are a bunch of crooks, just like used car salesman. No education is needed except a 8 week crash course. They don't complain about the good times, do they. Why didn't they save their money during the good times or did they think the bubble would not burst. Go find an honest job.

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I'm always sorry to see anyone lose their job, but the way real estate is bought and sold has to change. There really is no need for a full service agent who charges such a large commission on sales these days. Most people do a lot of their looking on the internet.

If realtors don't change the way they do business, they will become obsolete. I know quite a few people who won't even try to sell their houses because they don't want to have to fork over 6-7% commission.

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I have sold real estsate for over 35 years. Never a member of any organizations, such as nar or local boards. I am not a Realtor. I don' t pay $600 a year and so much for each listing. The mls is nice to have, but way over priced. I was surprised to have the comments so negative on us. The people who buy houses should have the education to know that you don't pay more than you can pay back, but they need a reality check. Easy to blame someone else. Mortgage Brokers should share most of the problem with the appraisers. Buyers should be prosecuted for failure to pay. Signed mortgages are broken and no one is being sued or put in jail. Why? Real Estate people do not make the market nor set prices without the seller permission, and after doing the home work to figure out the price for a home, but many want more than the neighbor got or is asking. I don't approve people for a loan not do I hold a gun to their head, the buyer needs to have a little common sense, and instead of living a make believe world. Welcome to the real world.

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Try having light industrial property for sale! Thanks to the crud that happened in the mortgage industry and the economy am looking and other year of hopeing - praying that my property will sell at the below what it is actually worth.

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In Florida, everyone and their mother has a real estate license. The state test is a joke. Too few professionals, to many dummies. The worst part of buying or selling a house, is having to deal with real estate agents.

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Appraisers, appraised properties for more than they were worth some of them friends of Mortgage lenders. One part of the Real Estate industry push another part and it was a snow ball turned avalanche. Loan processor should have declined loans but didn't because they made commission on or more pay for having more loans in their pipeline. Than the loan goes to an Escrow agent who looks over all paperwork and is a neutral part of the deal (supposedly) also should have caught and was the last place that a bad loan could have been stopped but wasn't. The building contractor were building homes like wild fire and so many of them setting empty and unsold. They had so many housing tracts going and had to sell the ones that were done in order to get funding to finish the next tract they were doing. In order to "force" people to buy those the real estate industry and builders manipulated the market to send people that way. Established areas were appraised high homes sold like wild fire and the seller made a mint and bought the new homes in the HOUSING TRACT. Now there were many money people who knew where this would lead and it did. They had no concern because they have money and they are now buying up foreclosures, auctioned homes and homes that are priced (example) at 100,000 that would sell in a good market for 300,000. When the market swings back they will AGAIN make a killing financially. There isn't just one part of Real Estate that is at fault the appraisers, the mortgage lender, the escrow, the fair weather Real Estate agent who comes from a regular job to temporarily sell home and return to their job when done giving REAL Real Estate agents a bad name. Bottom line it is GREED in Real Estate, Stock Market, and anywhere else they can rape this country financially. People were lied to that they were getting a fixed loan and had they many of them would still be in those homes. The Real Estate Agent finds the buyer fills out the original paperwork but the loan is not done by the agent most of the time if at all. As for the agent not deserving the commission that isn't true an agent can spend much time driving around showing one couple or person many homes. Searching the MLS as well, much time goes into finding your client the home of their dreams while matching it to what they can afford. A true Real Estate Agent will never put a person in a home they can't afford. We want the client to be happy send their friends to us and even return themselves if they want to buy another. Please do not put all of this on the Real Estate agent. Pres. Bush also knew what was happening and it was also his duty to protect this country from collapse and he did nothing about it. GREED AND MORE GREED is all it is. And people wonder why other countries refer to America as Greedy. Hello America wake up.

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To those who are uninformed about the real estate PROFESSION.
Real estate agents and brokers are licensed professionals who are monitored and regulated by the state they are licensed in. They are required to attend continuing education classes every year to keep updated on state and federal laws associated to real estate ownership and transfers. Some states require an attorney at law to oversee all real estate transactions. A real estate transaction is a leagally binding contract that must conform to all local, state and federal laws and regulations. Most home buyers and sellers are not trained nor do they understand the legal responsibilities and liabilities regarding real estate transfers. This lack of understanding can cost the owner/buyer tens of thousands of dollars. The real estate commission is split between the sellers and buyers real estate company (usually 50/50%). The agent then splits the 50% with their company (average 70/30%). Of the 70% the agent receives, the agent must pay all federal, state and local income taxes, license fees, association fees, advertising costs, expenses (auto, meals, insurance, repairs, etc) and pay for their own home mortgages, insurance, utilities, clothing, medical, food, home repairs, childrens school and college education. If you are capable, do the math. Try to calculate what is left over for the agent to save by using the home sales figures in your area.

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IT'S TRUE THAT 80 PERCENT OF THE AGENTS SHOULD NOT BE IN THE BUSINESS.
IT'S TRUE THAT AGENTS IN MOST CASES ARE REQUIRED TO MAINTAIN TRAINING.
IT'S TRUE THAT A LOT OF PEOPLE HAVE THEIR FINGERS IN THE PIE (BOARDS, STATE, TRAINERS, INSURANCE, BUSINESS EXPENSES, ETC.).

IT'S ALSO TRUE THAT YOU HAVE THE OPTION OF SELLING YOURSELF IF YOU DON'T LIKE USING AGENTS.
IT'S ALSO TRUE THAT GETTING A HOME SOLD IN MOST CASES REQUIRE A LOT OF HELP IN THE FINANCE AREA.
IT'S ALSO TRUE THAT WITHOUT KNOWLEDGE OF THE BUYERS, YOU LEAVE YOU AND YOUR FAMILY WIDE OPEN TO ALMOST ANYTHING.
IT'S ALSO TRUE THAT YOU COULD FACE A LAWSUIT IF YOU MISREPRESENT ANYTHING.

JUST TOUCHED ON A FEW THINGS AND I DO WISH ANYONE SELLING A HOME THE BEST OF LUCK.

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you guys are blind... its like stealing candy! Wow DUH! the banks got bailed bozos! note to self... they didn't liquidate the tons of equity and see it as a giant windfall as soon as it cools down from the massive robbery they just pulled off from the tax coffers... don't your butt ever ache from the extreme dorking? noooooo... you must like it, weirdo. the GOP seen this as a rebuild year and sold you want-a-be middle classers who actually believed republicans suddenly wanted a smaller government. later on the numb feeling goes away and you'll know what i mean, by the way you have some nasty on the back of your heads.... some of the cumpassionate cunservative wet stuff... icky! get your mommy to do you a hot line at the family service clinic or something.

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