Profile: Les Simmonds

Les Simmonds takes the helm at the Orlando Regional Realtor Association (ORRA) at one of the most challenging times in the association’s history. Membership has dropped significantly since the highs of the real-estate boom and even some longtime pros are struggling to ride out the downturn. Here’s what Simmonds had to say about the state of the association, the market and the industry.

Q. What are your goals as the new President of ORRA?
A. My goals are to focus on member support, improve communication and strengthen ORRA’s Realtor community.

Q. What are the biggest challenges ORRA faces in 2009?
A. Helping our members to be successful and enhancing the association’s economic stability in this very difficult economy. In the coming year, stabilizing the housing market will be vital to economic recovery. To improve the housing market, the inventory of unsold homes must come down. Cautious homebuyers will need encouragement to enter the marketplace again and mortgage lending must be available to qualified borrowers. One step in that direction came with the Federal Reserve’s announcement in November that it will purchase mortgage-backed securities from Fannie Mae, Freddie Mac and Ginnie Mae for up to $500 billion, freeing up much-needed mortgage money.?

Q. Everyone expects a Realtor to say that any time is a good time to buy a home. But I’ll ask the question anyway. Is now really the time to buy?
A. Yes. People should take advantage of the drop in home prices and low interest rates. Prices in the Orlando area are at levels not seen since 2004. Consumer confidence has been shaken by concerns about the housing market, the economy and job loss. Throughout 2009, the economic recovery process will be slow and arduous, and it will be largely dependent upon home-price stabilization. If homebuyers can secure low interest-rate mortgages for affordably priced homes, sales will pick up and inventory will decline. Confidence will rise and the economy will grow.

Q. Based on your years of experience as a Realtor, what advice do you have for members on how to deal with these hard economic times? Is recovery on its way?
A. In addition to available funds, low interest rates are necessary to further stimulate the recovery. The demand for housing is largely driven by affordability and mortgage rates. History has shown that even during a recession, most people will have jobs, and if the price is right, they will buy homes. Currently, there is tremendous pent-up demand among buyers who are sitting on the fence. With the right incentives, buyers will get back into the market and high inventory levels will begin to decrease.?

Q. What do you love most about Orlando?
A. I love waking up every morning to a sunny day and the wonderful quality of life.