200 9. That was a year full of challenges and changes. I stopped blogging about this time last year as it became apparent that I could no longer anticipate with any degree of accuracy what would occur next. Anticipating what real estate and financial markets will do is an important service that I provide to my clients. In the turmoil that was last year, the best that I could offer were snapshots i.e., moments in time wherein I could tell a client, “this is where we are right now”, but not much more. This condition was particularly tough for clients in slower markets, either high end, or distant locations. As time passed on the slower listings, my credibility was challenged. I had to remind folks, “our price made sense when we started, but the market has continued to move, and we need to get ahead of it”. Always wanting to get the most for our sellers, it was very, very challenging to price properties accurately enough to obtain offers within a small enough window of time wherein the list price remained valid. I termed this, “retractive market velocity”.
One agent feedback comment that we received last year tells the story very well: “Your listing is priced well, but it is not the compelling value that causes buyers to take action”. That pretty much sums up 2009. Sellers saying, “I don’t want to give it away” and buyers saying, “it needs to go lower before I will consider making an offer”.
Along comes 2010. Finally, a market I can get my head around. There are now enough comparable sales taking place that I can convey a reasonable sense of value to buyers and sellers. It’s not always what they wish to hear, but at least the information remains relevant for more than a few weeks rather than days as often was the case last year.
The bottom line is, I’m back writing! The past instability precluded my ability to write with confidence. But now I sense a recovery is firmly rooted. The pace and consistency remain to be seen, but the worst is behind us.
Share this Post