The Market dropped more than my weight yesterday! Everyone seems to be questioning when it is going to hit the bottom. I started to delve into all this to see what wasn’t losing money. Something astounded me and then it all made sense! According to Foxnews.com on Tuesday the following is stated to be true:
The Nasdaq Composite managed more modest losses than the broader market, with BlackBerry maker Research in Motion(RIMM) and eBay (EBAY) rebounding solidly.
Hmmm????? Please read no further until you agree that I am NOT a Stock Market GURU. This is how I understand it: Everyone is tight on money so they have to sell all the things they have and don’t really need. They get on EBay and research the products, prices, and surplus. They pop it up on E-Bay NOT worrying about the commission they have to pay, just happy that they have an audience. They set their reserve (blind to bidders), wait a few days and all of a sudden they have a bidder! Perhaps the reserve wasn’t met but they still have a potential buyer! They agree that something is better than nothing! And they Sell!
So, where does RIMM (Blackberry) fit in? This is what I know. As a “discount” broker I would buy a Blackberry over an I-phone because it is a mid range phone and I am able to do ALL my business from it. Sadly I am on a Razor right now and waiting patiently for my 12 months to run through so I can get a Blackberry or whatever else they have on sale. Luckily I work from home and my husband, Dan will call me as soon as an important email comes in to give me the scoop. EBAY users need instant email and Internet access, hence the Blackberry. Its a Match made in Heaven!
Sellers; I advise you to please set your “reserves” but don’t walk away from any offers. They may be insultingly low but it is an opportunity. Remember that many E-Bay bids start out at a penny. The excitement about bidding is not knowing the reserve. In real estate some Buyers come in with a one time offer but the majority of Buyers are ready to negotiate.
Buyers; I’d love to tell you that you can get a Big Canoe home for 50% off but your chances are pretty slim. These are few and far between. Trust me I LOOK every day for amazing foreclosures in Big Canoe. They pop up every once in a while and when they do, I write about them and usually advise you to make haste. Sure, you may be able to find one or two on your own but unless you really know the area well it’s best to have an agent that knows the nitty gritty. It doesn’t have to be a foreclosure to be a bargain. Many new and resale homes are aching for offers. If you see a home you like, give it a shot, expect a counter, and prepare to get a great deal in the end.
From EBay I have learned to:
1. Research the products. Not all homes are alike. Big Canoe is a unique community. Don’t buy the first home you see! Learn the neighborhoods and apply one to your lifestyle.
2. Stay alert and in touch. Get a smart phone and call your agent regularly, check your favorite sites too, and watch the neighborhood stats! (They will go up tomorrow! I promise!)
3. Whether you are buying or selling, be patient, realistic, and level headed. A great house may NOT be there tomorrow but if you know your market you’ll be one step ahead of the next guy. If you have a home that isn’t showing, find out why? Most of the time it’s priced too high, or has a drawback that you may already be aware of. Fix it if you can, or price it to sell.
With a grain of salt….I am patiently waiting for Oktoberfest!!
Karin Elliott October 10th, 2008