Market Mayhem – true or false?

Posted: December 14, 2007 in General, Uncategorized
Tags: , , ,

I go to the gym everyday at about 7am. I am in the locker room, typically, at about 8:15. And I have learned that when I get to the locker room the televisions that they have hanging on the walls are, typically, on CNN or some other news channel. Sometimes they have them tuned in to ESPN, but the members of the gym can change the channel anytime that they’d like to.

Now, an interesting phenomenon occurs almost everyday, and in 2 ways:

1. The news channel, no matter which one, seems to have something on each day about the real estate market, how bad it is, and how this is a critical time for buyers and sellers

2. Inevitably there is a cluster of folks around the television when these news folks start giving their opinions

I confess that I am not a real estate “expert” (although I wonder how one merits such a label). Nor am I an analyst (although I analyze daily). I am, however, heavily involved in real estate, and have been for over 7 years. This doesn’t make me an expert, but it does make my thoughts worth consideration, at least to some degree.

Critical thinking anyone? So here’s what happens in my brain when I hear all of the hype going on in the media about real estate. First, I acknowledge that there is an element of truth to what is being said. After all, the best lies always have truth in them. Second, the media adores sensationalism. Sensationalism raises ratings. Three, the information being fed to the media is, in most cases, from folks who don’t actually deal with the day-to-day grind of real estate. And finally, fourth, when the guys in the locker room walk away from the television, although what they heard will sway their opinions in a small way, what really matters is the wishes of the client.

In other words, yes there are some mortgage/lending issues right now. No one can deny that. But they are NOT as bad as what the media is making them out to be. Unless your niche market is the first time home buyer or those who can only approach a subprime loan. And while the media has a measure of effect on the market, in the end, the market is driven by the consumer. And I promise you that the consumers are out there.

Going to explode… We all know that November, December, January, and even February are the slowest times of the year for real estate agents. This is true! Granted, some agents increase their marketing (which is smart) and they take some of the business that other agents miss, but the market is still undeniably slower than other times in the year. That being said, as a full time Transaction Coordinator here at Keller Williams, I can tell you that I am closing more deals this month than I did in October or November. The business IS still out there.

What a market like this does is –

A) It weeds out the agents who thought that being a Realtor® meant you get to get a Mercedez and a Rolex. It’s kind of funny how that perception is a prominent one. Anyone who has been in real estate for more than 2 weeks knows that the Mercedez and the Rolex comes after the blood, sweat, and tears. And even then most agents continue to drive the ever dying Buick Regal while looking at their Timex. Success in real estate takes incredibly hard work.

B) It pushes the good agents to get even better by refining their people skills, marketing techniques, and leadership qualities

C) It weeds out the crooked, time wasting, client killing, agent frustrating Lenders who promise the moon and deliver hot air from the ever open and flapping hole in their face called a mouth

Handbook for Stupid Lenders So let’s be a part of the solution here rather than a part of the problem. The market is NOT as bad as what the media would have everyone believe. Although we see historically repeated trends in lending and real estate, these trends always level out. People will always want to buy and sell real estate. There ARE clients out there RIGHT NOW who are looking to buy or sell. Let’s concentrate on that!

Dustin Curlee

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Comments
  1. Kim Shuford says:

    I am so glad I found your site! It is so nice to see that someone else is trying to set the record straight! The fact is, right now is a great time to buy. True, several programs for buyers are no longer available, but for those who qualify, they can get a great deal at a great rate. Thanks so much for your post! http://www.kimshouse.wordpress.com

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