October 4, 2010 2 Comments
For a long time I was an avid blogger on industry news and market conditions. Then all of the sudden I get so busy listing and selling, I rarely posted anything longer than 140 characters on Twitter. Today is a rare day for me no appointments, no meetings, no schedule. I decided it was time to post again.
The Chicago Real Estate Market
Transactions are happening. It is the skills of the agents making the deals happen and getting them to close. According to Case-Shiller Indexes® average prices are up in the Chicago area. I would agree with that but sellers need to read the fine print in all this. The sales that are closing are with more qualified buyers who are paying cash or are putting greater amounts of money down. These buyers are buying at the bottom of the top markets. The point to all this is values are still continuing to decline(in some areas more than others) but upper bracket properties are starting to move. Dennis Rodkin in his post on Chicago Magazine’s Deal Estate blog says “It’s 2002 all over again”.
Many factors in a transaction are no longer dictated by the buyer or seller. If it is a short sale or the buyer is getting a mortgage, much involved in the sale is imposed by the banks. One obstacle that cannot be overcome in this market is the numbers. Real estate is local. The numbers are based on comparable properties that have closed recently. What used to be does not count anymore. Both the buyers and sellers need to be pragmatic.
As renewal time is coming up for the REALTOR® association, there is speculation on how many of us there will be in 2011. For those us in it for the long haul it is about ongoing education and a full time commitment to our buyers and sellers. Education is no longer how we have traditionally perceived it. Don’t think that if you sit in a classroom you know what you need to know to grow your business and service your clients. It is virtual such as webinars, blog talk radio and the information that is shared through Social Media. IRL education is through day long seminars such as Inman’s Agent Reboot and the Houston Association of Realtors® Digital Media Summer Camp. Just as the industry has become global so is the way we get our information. Mashable is a perfect example of that.
We learn from past experience. What I have learned over the last year is I cannot do business as I have in the past. Everyday is a new ball game. As a real estate agent you have to function well in a dynamic atmosphere. As a buyer or seller you must have realistic expectations if you are going to become involved in a transaction and expect it to close.