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Benn Rosales
February 21, 2010 at 12:52 pm
Greg, so very eloquently put. The days of buy now and sell high with no forward consideration could in some cases be detrimental. It’s more important now more than ever that agents look up and really start paying attention to what’s happening in housing and not just in their neighborhood as the recession housing disease spreads. I like you see trouble ahead for the average house agent that cannot fully grasp and explain risk and reward in this new landscape. It had to be said.
Ken Montville
February 21, 2010 at 1:27 pm
A lot of home owners are going to be mighty disappointed. Especially those who may not quite be upside down but almost. The ones looking at their home as a retirement nest egg. I have to say, though, that it’s tough to look a home owner in the eye and tell them they’re dream is shattered. Hey, if it was easy, anyone could do it.
Jeffrey Douglass
February 21, 2010 at 1:41 pm
Greg, well done.
Practicing real estate for over 20 years I seen ups and downs, turns, and out of control market run ups.
Never before has there been some much Government involvement in real estate where normal market dynamics have not played out.
Being truthful is paramount in our business but I would caution anyone trying to make predictions of this market, either positive or negative – it has to be looked at carefully and locally – all the brightest minds in the County cannot predict where we are headed.
I do my best to provide Clients with tools and information that will let them come up with the best solution for their individual circumstances. My goal is to be a trusted advisor over someone constantly shouting out Buy Now, Sell Now before it is too late.
Buy real estate for long term. Buy real estate to give you a place to live and support your chosen lifestyle.
Every changing market has opportunity for someone, even those with sharp corners.
Duke Long
February 21, 2010 at 2:06 pm
Jeff,
Took the words right out of my mouth. Excellent Comment.
MIssy Caulk
February 21, 2010 at 2:35 pm
HI Greg, being truthful is a must. But, predicting the market in 3+ years in beyond my pay grade. I can’t.
I let my buyers know that…it may be higher when you sell, but it could be much lower.
We do know that the rates are going to go up, that is something we do know because what goes down must go up.
Benn Rosales
February 21, 2010 at 2:50 pm
In this case you don’t have to predict, if it hasn’t sold, the price is to high- re101. This idea that agents can continue to hide behind clever sayings like ‘I don’t own a crystal ball’ as an answer to market conditions that are empirical are over. If it’s about right now, no prediction is ever necessary.
Bob
February 21, 2010 at 2:39 pm
The corner or the cliff?
Greg Cooper
February 21, 2010 at 2:54 pm
Thanks all for your thoughts. I’m not claiming the corner or the cliff is an absolute negative, I’m just in belief things will be different and not like they’ve been. While houses may continue to sell, I see little reason to jump for joy over the prospects for the next two years in terms of value appreciation. In my client’s case after 36 months for sale he has little reason to think at 65 years old he’s going to see the appreciation he lost anytime soon. If rates go up 2-3 points, in his case it would have be devastating…and there are others like him with floating lines of credit who will get hurt badly if rates do rise. While some may argue the first time and the $6500 credits have had little effect, whatever that little effect is will be gone. And then what? As one of my sellers so somberly stated to me ‘Greg if the majority of mortgage holders are locked in at 5% +-, why would anyone willingly move up if rates go to 7? Heaven forbid 9 or 10? Aside from those with permanent and necessary life changes, most will not. Hence while we are in a new world, what that’s going to look like is still to be debated but for me it without question looks more difficult.
Ken Brand
February 21, 2010 at 6:21 pm
Ugggg. No time to slow and catch your breath. Onward march, clear eyed focus and electric action while others nap and hope. I guess the good old days are gone for good.
Nice call.
Patrick
February 22, 2010 at 10:14 am
Greg-I could not agree more!!! I blasted out a blog similar https://pugetsoundrealestateundressed.neighborhoodsundressed.com/2010/02/19/seattle-real-estate-what-will-happen-to-the-real-estate-market-after-may-1st/ this last Friday and I’m telling ya…it’s going to be a chilly Summer!