"2007" a Basis for Optimism
A REALTOR, a Rabi and a Boat Captain walk into a bar; from a table in the back of the room a question rings out, “so tell us what's the future of this real estate market?” The Rabi and the Boat Captain turn and dash out of the bar leaving the REALTOR to answer. Sounds like the beginning of a good joke, but more times than I can count…that REALTOR has been me. This is a great question, one that we all are asking ourselves.
We are now 30 days into 2007 - in these 30 days my agents have shown more property to more serious
buyers than we had in the six months prior. We've written offers, had most accepted and are preparing several to close quickly. Some might say…”So why is this news?” It's news because it has been a long time since the Eimers Group, as well as most other real estate agencies, have had this much activity. The good news is that it is proving to be more than just a tease. As I am speaking with other agents and brokers throughout this area, I hear the sentiment echoed…whew!
2006 was a very unique selling or as the case was “non-selling” year. The future of 2007 holds some real promise and how the next two quarters play out may or may not be within our control.
“non-selling” year. The future of 2007 holds some real promise and how the next two quarters play out may or may not be within our control.
Within our control are the following:
1. Sellers need to be sure they are keeping their prices consistent with this market.
2. Buyer's expectations to buy at below fair market values need to re-evaluate those expectations.
3. REALTORS should clearly depict the strengths and weaknesses of this market to:
a. Buyers entering or re-entering this new robust market.
b. Sellers preparing to price or re-price their homes for this market.
4. Increased communication between all of us; agents, buyers and sellers, in an effort to insure a win-win real estate sale for all.
5. Facing Facts: This is a buyers market. There is too much inventory, and the rules of supply and demand do apply here.
a. Sellers need to price properties accordingly.
b. Buyers need to understand there is a difference between reasonable and unreasonable expectations.
c. The excesses of 2004-2005 are gone for everyone. That anomaly came and went. Some people did experience some amazing successes, but that time
is over. If your property did not sell during that time, it was overpriced then. If it was overpriced then, consider your position in today's market. It is time to adjust to this market.
d. If you bought in 2004-2005, in all likelihood you paid more than you can sell it for today.
6. Property Taxes: We must become more vocal with our elected officials, and we must stop accepting the status quo.
7. Insurance Rates: There is definitely activity in Tallahassee addressing this issue. We must not sit back and wait for something positive to happen. We need to continue to show our discontent with this issue. These are the addresses to the Florida House of Representatives http://www.flhouse.gov/ and the Florida Senate http://www.flsenate.gov/ . Please visit these sites and let your voices be heard. We can make the difference.
Outside our control:
1. When the FED will again drop interest rates.
2. Inflation, unemployment, the price of oil, the strength and health of our nation's economy.
3. Acts of Mother Nature
As you see, there is more that we can do than things we cannot do. I am only one of many REALTORS in this market; I am passionate about where I live, where I have raised all of my children and where I hope, that as they grow into adults will have a future here.
I think that this real estate market may be more a matter of a self-fulfilling prophesy than anything else.
The real facts are that this really is a beautiful place, truly paradise, somewhere everyone wants to be. So let's stop shooting ourselves in the foot and again get excited about all of the wonderful reasons to be here.
We are now 30 days into 2007 - in these 30 days my agents have shown more property to more serious
buyers than we had in the six months prior. We've written offers, had most accepted and are preparing several to close quickly. Some might say…”So why is this news?” It's news because it has been a long time since the Eimers Group, as well as most other real estate agencies, have had this much activity. The good news is that it is proving to be more than just a tease. As I am speaking with other agents and brokers throughout this area, I hear the sentiment echoed…whew!
2006 was a very unique selling or as the case was “non-selling” year. The future of 2007 holds some real promise and how the next two quarters play out may or may not be within our control.
“non-selling” year. The future of 2007 holds some real promise and how the next two quarters play out may or may not be within our control.
Within our control are the following:
1. Sellers need to be sure they are keeping their prices consistent with this market.
2. Buyer's expectations to buy at below fair market values need to re-evaluate those expectations.
3. REALTORS should clearly depict the strengths and weaknesses of this market to:
a. Buyers entering or re-entering this new robust market.
b. Sellers preparing to price or re-price their homes for this market.
4. Increased communication between all of us; agents, buyers and sellers, in an effort to insure a win-win real estate sale for all.
5. Facing Facts: This is a buyers market. There is too much inventory, and the rules of supply and demand do apply here.
a. Sellers need to price properties accordingly.
b. Buyers need to understand there is a difference between reasonable and unreasonable expectations.
c. The excesses of 2004-2005 are gone for everyone. That anomaly came and went. Some people did experience some amazing successes, but that time
is over. If your property did not sell during that time, it was overpriced then. If it was overpriced then, consider your position in today's market. It is time to adjust to this market.
d. If you bought in 2004-2005, in all likelihood you paid more than you can sell it for today.
6. Property Taxes: We must become more vocal with our elected officials, and we must stop accepting the status quo.
7. Insurance Rates: There is definitely activity in Tallahassee addressing this issue. We must not sit back and wait for something positive to happen. We need to continue to show our discontent with this issue. These are the addresses to the Florida House of Representatives http://www.flhouse.gov/ and the Florida Senate http://www.flsenate.gov/ . Please visit these sites and let your voices be heard. We can make the difference.
Outside our control:
1. When the FED will again drop interest rates.
2. Inflation, unemployment, the price of oil, the strength and health of our nation's economy.
3. Acts of Mother Nature
As you see, there is more that we can do than things we cannot do. I am only one of many REALTORS in this market; I am passionate about where I live, where I have raised all of my children and where I hope, that as they grow into adults will have a future here.
I think that this real estate market may be more a matter of a self-fulfilling prophesy than anything else.
The real facts are that this really is a beautiful place, truly paradise, somewhere everyone wants to be. So let's stop shooting ourselves in the foot and again get excited about all of the wonderful reasons to be here.
posted by Richard Eimers at 11:51 AM
4424 Commons Dr. East, Suite 2B, Destin, Florida 32541
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