Wachovia – here we go again

From The Business Journal of the Greater Triad Area:

Citigroup Inc. will acquire the banking operations of Wachovia Corp., according to an announcement from the FDIC. The announcement did not detail the terms of the transaction or the immediate operational impacts except to say that there will be no interruption in services for bank customers.

Wachovia moved its headquarters from Winston-Salem to Charlotte in 2001 following its merger with First Union. The company still maintains its Wealth Management division in the Twin City. The impact of the sale of banking operations on that division has not been announced.

Wachovia’s total Triad employment is 3,800 people.

Big Question? What impact will this have on Triad jobs and, subsequently, the Triad housing market?

The Real Estate Shift – Part 1

If you have just awakened and realized that the real estate market has “shifted,” let me explain why this happens. “Real Estate is a cyclical business. What goes up must come down. And what is down won’t stay there. Shifts are never unexpected but rarely predictable. You know one is coming. You just don’t know when. They are, in fact, inevitable – shifts happen.” (Pg.7 of The Shift by Gary Keller, Dave Jenks and Jay Papasan.)

Most buyers today are bombarded by the media, well-meaning family and friends and are letting others do their thinking for them. Although these trusted sources have been time tested, one thing is obvious. They are not real estate experts and everyone has a different take on what to do with this market.

What to do? Seek out the experts! Just like you would with any professional, you want to make sure that the information you are getting is correct and timely. This real estate market is changing monthly so each month brings a different set of strategies for buyers and sellers. Buyers and sellers need Realtors® to help them more than ever. You should expect your Realtor® to be armed with numbers and facts in this market.

“Reality is you can’t sell high and buy low at the same time. If you sell and then buy during a seller’s market, you will get more when you sell and pay more when you buy. When you sell and then buy in a buyer’s market it only makes sense you will get less from your sale, but be able to make it up with greater savings when you buy.” (The Shift, p. 182)

The end result should be that home ownership is best viewed as a long-term investment just like shares in the stock market. The current market brings opportunities and once they are gone, they won’t come back until the next cycle. And then prices will be higher.

I will bring you more from the best selling book The Shift in future posts. This book is about real estate in today’s market and I believe it should be required reading for every Realtor® out there.

Winston-Salem Mayor says 35,000 new jobs needed

During a “State of the Community” speech Winston-Salem Mayor Allen Joines said the city must generate 35,000 jobs within 10 years to catch up with cities in metropolitan statistcal areas that have higher growth rates. He went on to say, “city leaders must identify the community’s “economic driver” and leverage that driver with “ruthless” focus to make it work.”

While no specifics were revealed he did mention the importance of the Piedmont Triad Research Park and the FedEx air-cargo hub.

In addition to Mayor Joines, the city and county managers both addressed the reality of the slowdown in the local economy, reiterating that new building permits are down, unemployment is up and homes sales are down. 

What do you think will need to happen to grow our local economy?

Will the upcoming elections have any effect?

Tell us about the successes you are experiencing in your industry/company.

I welcome your comments.