This week’s sermon comes to us from J. Lennox Scott, Chairman and CEO of John L. Scott Real Estate.
This sermon was preached before a live audience of the faithful at the Pacific Northwest Housing Summit this past Thursday.
The full sermon is about nine minutes long:
[audio:Lennox-Scott_2010-03-18.mp3]
Here are a few excerpts:
On the $8,000 first-time homebuyer tax credit…
The tax credit worked! We brought buyers forward by a couple months.
On sales volumes…
Sales are at a strong activity level at this time. Every single month going forward, and we will see that continue.
Where the market currently sits on his personal sales volume scale…
90s is frenzy, 80 is strong, 70 is healthy, 60s are adjusting, 50s is major adjustment, 40s is major correction. … Now we’re back up to the 70-80 range. Strong market is what’s taking place.
On current market conditions…
Right now today, all the indicators are back in alignment. The affordability index is back to a high. We have the debt service to household income ratio back in alignment.
On the “echo boom generation” entering the housing market…
I believe they’ll save the US economy in about five years, there’s so many of them.
Thank you, Pastor Scott, for that spirited and inspiring message!
Here is today’s benediction:
May a surge of open house traffic fill you with all joy and peace in believing, that ye may abound in commissions, through the power of the National Association of REALTORS™.
rAmen.
If you listen to the audio, about 7 minutes in Lennox mentions that Tim Ellis of the Seattle Bubble even bought a house this year. That was the strongest indicator for market activity, according to Lennox.