House Hunt: Realtor Brenda Wade Sees Hope in the Numbers, Helps Distressed Owners Move Ahead

Realtor Brenda Wade sees hope in the numbers, both in the inventory of available homes for sale (the numbers are lower) and the anticipation of rate increases on the horizon.

Put the two together and it’s likely that the elusive “bottom” in house prices, if not here now, very likely will be here soon — given the economy remains stable.

And whatever additional drop there might be could very well be offset by a rise in interest rates.

“If we’re not at the bottom we’re near the bottom and any difference would be made up with the increase in rates,” said Wade, of Brenda Wade Realty. “Your (house) payment will change more dramatically with interest rates creeping up than with an adjustment in prices.”

Wade, as a certified distressed property expert, is well aware of the difficulties of a more- than-trying market.

“Five years ago, when prices were going higher and the newspapers were saying, 'Real estate is great, now is the time to invest,' those of us who sit in offices and work every day knew we were in trouble,” Wade said. “Inventories were high and there were no buyers and prices were at a peak.”

Now, “we’re in the trough,” Wade added. “We don’t know whether we’re entering the trough or coming out of the trough, but we’re there.”

Gone are the days when investors “flooded the market with the flip,” as Wade put it. In that period’s wake are distressed homeowners, caught in the crossfire of a bad economy, lower incomes, lost jobs, failed investments and depleted savings — and homes they cannot sell.

Or, can they?

“You never know, because the economy is still precariously perched,” Wade said. “You’re looking very morning to see the economic indicators. Right now we’re going in a good direction, as long as it continues to move forward and there’s not another huge setback.”

Wade offers some further assessments of her take on the housing market as it pertains to sellers needing to sell:

Banks are willing to work with people who haven’t been able to keep up with their mortgages because they can’t.  They’re looking at “debt ratio and what has changed in your life, if you’ve lost your job or bonuses aren’t coming in,” Wade said. “They’re looking at the total package. You can submit information yourself or we submit it for you and negotiate with the banks to see what your options are.”

Short sales, which drive prices down, have been predominantly on the market, she noted.

“We help people figure out a situation that would allow them to move on and recover,” Wade said. “As long as you’re continuing to drown you can’t rewrite yourself. You can only doggie-paddle for so long and then you’re going to go under. We have been able to help a large number of families get on with their lives.”

The reality is such that “some people will never make the money they made five or six years ago,” Wade said. “You can absorb that for awhile but eventually you have to realize those higher-earning days are behind you.”

“I think everybody knows what that feels like, to be in that bad place,” Wade said. “What you have to so is make that difficult choice and proceed ahead.”

The good news is that banks are working with people. And the market, which Wade said began its drop in July 2005, is holding steady, it not improving.

“You still hear a lot of doom and gloom," Wade said, "but if you actually look at the numbers, inventory is greatly reduced and inventory is what drives the market.”