All Good things must come to an end!
At least that is what my mother used to tell me. Every one keeps talking about this bubble. My problem is I have been looking at some of the numbers in different areas, and what i find is they are just returning to past rates. There are some places that are hurting but most markets seem to be just correcting themselves. The newer agents (my self included)are the only people I really see in a panic (not me). A lot of people are part time, and they just got in to make a quick buck (that's why you keep hearing about so many lazy agents).
Instead of talking about a bubble, talk about changes to market conditions. The good times are over it's time to do some work. Now is the time for the real agent out there to shine. Full service agents will see a big boost when people realize you can't just put up a sign and people will come. Here is our chance to show that selling homes is a true profession. Nothing againt discout brokerages but I bet a lot more will be offering full service at full service prices.
Look up the past rates in your area so you can have a true idea of what the market is going to be like. If you are new talk to an older agent and see what they did to make it during these times. Remember the market will go down at some point, but it will never stay down. People will always need a place to lay there head and its up to you to find that place. Learn your craft well enough and people will find you no matter what the market is like.
I agree John. The days of turning large profits almost overnight, for doing very little to nothing, are over. Seller's are still making a profit, but they're complaining about how much.
I have watched many associates that I work with leave real estate for the mortgage business or to get part-time evening jobs because they can no longer support themselves. They can no longer afford the real estate dues, advertising costs & marketing required to stay afloat & sell a home in today's market. Fine by me! : )