I attended this conference last week and will have to say, I was not impressed with the outcome. The Texas Real Estate Center is at the Texas A&M University and they have all the latest and greatest as it relates to Texas real estate. Some of the topics were: The State of the Texas Real Estate Economy, The Texas vs US Economies, Financial Issues Facing Land Markets, Emerging Legal Issues in Texas Real Estate, Issues in Marketing Texas Water, Outlook For Texas Land Markets, and the Texas Housing Markets.
The market could be summed up this way. The buyers think we are in the 1930’s market and the sellers think we are in the 2007 market. Both of these are a little off but how long will it take for the present economy to figure this out and make the changes necessary to get the industry juices flowing again? This has always been the case. Seller’s think their property is worth more than anybody elses because they have put blood, sweat and tears into it and they know all the best parts of it. Buyers just look at it the way it is now and don’t give a lot of value to all of the work put into a place. Don’t get me wrong, buyers like the properties with TLC (tender love and care) but they want to compare them with the one down the road that is run down.
The reasons for my disappointments is that they did not give hard facts on the markets but instead just gave us their thoughts. My clients want to know what is going on and why. We did not get much of the why. The state is broken up into seven market areas and each one was down both in sales volume and price index. It was summarized that we may be in for deflation instead of inflation. The other disappointment was , they did not have any ideas on how to turn it around. You know, what do we do to compete in this kind of market. We are talking about the best minds in the business and it was vague at best.