Hundreds of Valley real estate agents rallied in Scottsdale on Friday in hopes of kick-starting the sluggish real estate market by thinking positive and being proactive.
During the boom, real estate agents could sit and wait for buyers and sellers to come to them, said Rosey Koberlein, CEO of Tucson-based The Long Companies.
Now, it’s time to stop being passive, Koberlein said.
“You know your market. You know your statistics. Be confident,” she said.
Koberlein was one of several panelists speaking at the event hosted by Long Realty Alliance at the Scottsdale Center for the Performing Arts.
Falling prices, tightened lending standards and rising foreclosure rates have plagued the market this year.
But there has been some more positive news in recent months, the panelists said.
Nationwide, the number of pending home sales has risen in the past two months, said Darrell Blomberg, owner of AzTech Realty.
Interest rates are also remaining relatively low.
“Interest rates are just fabulous these days,” he said.
Meanwhile, use of Federal Housing Administration loans is becoming increasingly popular. FHA loans don’t have specific credit score criteria and allow borrowers to put down only 3 percent.
The Bush administration is also working with the mortgage industry on a plan that would extend lower initial rates on adjustable-rate loans before they jump higher.
One of the biggest misconceptions is that there are no loan products available, said Larry Torch, regional senior vice president of Countrywide Home Loans. FHA loans are some of the most underused in Arizona, and loan officers need to be able to work with them, Torch said.
Arizona also still has good job and population growth, the panelists said.
Whatever business people are in, they need to think thoughts that will empower them to create positive results, self-described LifeSuccess consultant Nicholas Tutora told the audience.
Tutora teaches principles found in The New York Times best-seller “The Secret.”
“Don’t wait for the 'experts’ to tell you where the market is,” he said.