There's a Rudyard Kipling poem that starts, "If you can keep your head when all around you are losing theirs... and blaming you...."
That seems to be the current state of the Real Estate market. A lot of people are panicking and it can be seen almost daily in the Stock Exchange/Equities markets. But here's the thing that consistently seems to separate the successful person from the rest of the crowd - the ability to keep a cool head and to see things for what they really are. I hear a lot about how "quiet" it's gotten lately in the marketplace. This is a sign of opportunity because it means the typical consumer is currently experiencing a bit of a "deer in the headlights" syndrome. What these folks need is the calm, experienced guidance of a professional, and those of us who can lead RIGHT NOW are the ones who are currently in a state of knowing calmness.
So, how does this relate to the real estate industry? - In my opinion, this is not a time for panic but for opportunity. (Panic is an emotional state that will keep someone from seeing clearly.) As I see it, we are on the front-end of what I'll call reality. Here's what I mean - the past several years in our industry have been marked by sky-rocketing real estate values and very liberal home mortgage loan practices. That might have been "reality" but it certainly isn't realistic. The corrections now taking place in both of those sectors are a return to real "reality" and those of us who see it know what opportunity there is.
Here's the meat - I will use my local market in the Denver and Douglas County Colorado area as an example. Home prices are slightly soft; there are an elevated level of foreclosures; listing inventories are slowly declining; and the national market is bumpy. So, if you are a Listing Agent, and calm, cool, and professional, you can explain to your sellers why now is the opportune time to list at a realistic price. The client will get the sale; they will, in some form or another, improve their present situation; and they will set the stage for their next acquisition or otherwise prudent move.
If you are representing a Buyer, the very same advice holds true. Gone are the days in Denver where there are lots of selling concessions, deeply discounted prices, etc. So, home buyers must be given the lesson in reality as well. From a buy side, the Denver market is absolutely poised on the cusp of an appreciation cycle and this will benefit home-owners.
What I have left out of this article is the need for a command of local market facts and statistics. As a professional, you must first have absolute command of your facts and only then will you be able to develop a professional opinion based upon those facts. This is not the time to "dabble" for anyone who seeks a profession anywhere within the Real Estate Industry. You will need to commit to a high degree of professional expertise, or, quite simply, get out of the way. I am not saying this to be hard; I am saying it because, especially in times like this, the marketplace will demand it or will crush you otherwise.
Seek to be the best! Know the facts, keep your head, provide a credible opinion, be a person of action, and move with purpose!
Greg Polashock is a Real Estate Home Mortgage Loan Consultant and Certified Mortgage Planning Specialist with Cherry Creek Mortgage and resides in Castle Rock, in Douglas County Colorado. He can be reached via email at Greg@GregIsFinancingSolutions.com, by phone at 303-887-0672 or on the web at http://www.gregisfinancingsolutions.com/.
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