Reality.... Really?

My office had its weekly sales meeting today. Many of you may know that I am the eternal optimist but I also try to be realistic. So, the discussion started by one agent stating that our market isn't as bad as other Florida markets (I am in downtown St. Pete); a second agent agreed and thought that our nitch area has held strong and that buyers need to understand that the prices are not going down; a third agent stated that a specific neighborhood in the area had a 30% increase in sales this past month. So I, the statistical geek, had to set them straight. 

 

Our area is unique b/c there has been hardly any new construction (there is no where to build; we are a penisula). However, I have ran the numbers and the nitch market numbers reflect the county numbers very closely. Our immediate area has a LISTING PRICE AVERAGE of $988,000 and an AVERAGE SALES PRICE of $480,000 - WOW! The neighborhood that just experienced 30% increase in sales is b/c those sales were FORECLOSURES! This is great for investors, especially if you have taken your money out of the stock market. It is not good news for home owners and sellers. Reality sometimes hurts BUT it is time for sellers and realtors to get realistic about pricing and this market

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October 23 2008 - US
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Replies (29)

Profile picture for mina36
Um....it's "niche", actually. Not "nitch".
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October 23 2008

umm thanks

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October 23 2008
Profile picture for mina36
LOL. You are welcome. I proof read as part of my job. Can't turn it off when I come here.
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October 23 2008

Some other realtor gems...

 

# a sinking living room (vs. sunken)
# walking closet (where is it walking to?)
# wreck room (rec. room)
# stainless steal appliances
# contract fell threw
# hardware floors (hardwood floors)
# remolded bathrooms (yikes!)

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October 23 2008
Profile picture for mina36
Yeah, I know. Sad, isn't it?
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October 23 2008

I like remolded homes. especially if molded in the new green toxic mold. I really like stainless steal appliances, because you don't have to pay for them.

 

but is the house in a quite neighborhood? as apposed to a not quite neighborhood.

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October 23 2008

If you live in southern florida all the bathrooms are remolded... over and over and over:)

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October 23 2008
Profile picture for mina36
LOL.
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October 23 2008

My favorite is an "oversized panty", also fond of the "dent" on the first floor. My hubby always thinks it is funny when someone talks about the "master bat"

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October 23 2008

As real estate professionals, I agree that we must be truthful with our clients about the state of the market. That said, however, I hear so many agents continually talking about how awful the market is, often in front of consumers. Although there are many factors that have created the current economic and housing market conditions, one factor is certainly negative word of mouth and the the continual negative reports in the media.

 

We need to start discussing the positives about the current market:

 

1. Housing prices have come down and there is alot of inventory... Great for buyers.

2. Upsizers might not sell their current home for as much as a year ago, but they will also most likely spend less on purchasing a larger home. Statistically, seller/buyers who are upsizing should save more than they lose.

3. Interest rates are still at historical lows.

4. The media keeps talking about the tight credit market... If a client has decent credit and proof of income, credit is still available. A large percentage of first-time homebuyers are on the fence right now because they think they cannot get a mortgage.

 

Emphasize the market positives, while staying informed and sharing the facts and we can assist others better while helping ourselves to be more successful.

 

Christopher Rich

Your Fairfield County Connecticut Real Estate Agent

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October 23 2008
Profile picture for mina36
"We need to start discussing the positives about the current market:" I don't. I'm neither a buyer nor a seller. Or a realtor. I can say anything I darn well feel like!
So here it is:

KITTEHS ROCK !!!!!!

Thank you. That is all.
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October 23 2008

assphinctor says what?

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October 23 2008

fairfieldcounty - I do not disagree. Again, I am the eternal optimist. I believe now is such a good time to buy - I have bought 2 houses in the past 6 monts. However, being realistic with our sellers will help us get the prices where they need to be for this market. Being realistic with our buyers will help us get offers that are realistic for this market.

 

Know the data and know how to interpret the statistics.

 

BTW: GO RAYS!

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October 23 2008
Profile picture for mina36
"assphinctor says what?" Not sure what you are trying to say... but I am pretty sure you are spelling that wrong, too.
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October 23 2008

assphinctor says what is a famous 'Wayne's World' quote. Don't worry... I checked dictionary.com before typing:)

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October 23 2008

my bad... sphincter... assphincter

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October 23 2008
Profile picture for mina36
Had to hit wiki for that one.. not up on WW references. Thank God for that.
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October 23 2008
Profile picture for jimmy57

"Eternal optimist" and "Emphasize...the positives" -- sounds pleasant, but that's really a blatant form of bias, isn't it?  Not what I look for in someone who's interpreting statistics and giving business advice...

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October 23 2008

"Emphasize the market positives, while staying informed and sharing the facts and we can assist others better while helping ourselves to be more successful."

 

Well, at least you are honest about your motivation to be dishonest.

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October 23 2008
Profile picture for jimmy57

"Being realistic with our buyers will help us get offers that are realistic for this market."

 

Notice the motivation for being realistic.  It's not for the sake of being honest -- it's to get offers!

These are the same people who were happy to ignore all reality while prices were going through the roof -- all's right in their world as long as houses are selling.

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October 24 2008
Profile picture for jimmy57

Good one, K101.  ..and I'm off to slumberland.

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October 24 2008

Well if I prefer to be optimist over the eternal doomers pesimist. I could only imagine what good company I would be if I only looked for the negatives! Geez

Believe it or not... there are some positives in this market. In my area a family can buy a nice home for 40-50% less than what it was in 2005!

 

Jimmy  & k101 - like it or not there are people out there trying to sell homes and people trying to buy homes. Being realistic with these people will help each party reach their goals. Buyers are buyers b/c they want to buy! novel idea. They WANT to make an offer on property. Educating them of market conditons with realistic numbers instead of fluff will help them make a decission about the properties of interest.

 

Please explain the difference b/n realistically reporting the numbers versus honestly reporting the numbers?

 

And I am sure you were not complaining when you got a raise or your stock went up.

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October 24 2008
Profile picture for mina36
My raises never come at the possible expense of someone else. And frankly, for your kind to natter on about optimism in the current economic climate is just horribly insulting.
Can't you see the many tiny deaths taking place around you ? People's lives are exploding. I have read so many stories of people's ruin on here, and in the news. It's desperately sad.

There is a lot of blame to go around, including homebuyers. But yours is the only group dancing around at the death watch of the current way of American life.
And you can't see why people have so much hostility towards you?
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October 24 2008
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October 24 2008
Profile picture for jimmy57

You see, Rachel, ordinary people face reality everyday, they're not just conceding to be a little bit "realistic" when they need a different SALES TOOL.

 

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October 24 2008
Profile picture for aapostrophe

i have to agree with mina and jimmy.  this new "add a dash of realism to the old talking points" is silly and insulting.  it makes me ask whether these agents have actually begun to see the light or is this tiny bit of realism the new prescribed NAR speech.   

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October 24 2008
Profile picture for aapostrophe

let me clarify that my last "question" is rhetorical.

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October 24 2008

Wow, what a mess the housing market is, and will be, for quite a few years to come. Sir Allan made reference to something on another discussion, and that is: the only way to 'fix' the current housing crisis is to have banks write-down every single loan on the books so that the loans are in line with what the homes are worth NOW. Anything short of that and we are in a for a drawn out nightmare situation.

 

In this market, few people will actually benefit from buying. That is reality. For those that will benefit, it IS a great time to actually buy. But it truly does depend on the market- some areas will see another 20% in price drops, while others have somewhat stabilized.

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October 26 2008

OMG THIS IS AWESOME!!!!

"# a sinking living room (vs. sunken)
# walking closet (where is it walking to?)
# wreck room (rec. room)
# stainless steal appliances
# contract fell threw
# hardware floors (hardwood floors)
# remolded bathrooms (yikes!) "

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November 05 2008
 
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