I simply love my job!! I love people, love how they differ, and love trying to understand what is inside their heads.
I took a great webinar which Long & Foster promoted to its agents. Here I found a great graph which indicated the 11 stages of two different types of buyers- The Internet Buyer and the Traditional Buyer.
The Internet Buyer:
- In the beginning stage, the buyer is greatly satisfied with his findings/ His Dreaming Stage
- As the time-line continues, his satisfaction drops to a low point
as he begins to scale his choices down to what is more realistic Wants vs. Needs
- After Viewing properties he has selected, the buyer feels more satisfied, but any decision making, especially one of this magnitude, take s time.
THE PROBLEM- Time is of the essence in real estate. For example:
Recently, I had a call from a buyer who was relocating here from Texas. they saw online one of the homes I had listed and wanted to know more about the area. Unfortuantely, the site they visited (ZILLOW) had the home listed as active; it had actually sold.
I completely understand how hard it is for anyone trying to relocate to the Washington D.C. area. Our real estate market has dropped, but not like some parts of the country. From recently attending a Dulles Area Association Economic Summit, several economists revealed this information:
"Greater Washington Economic Conference
Dr. Steve Fuller, Economist at George Mason University says "The payroll job loss as likely to go deeper and longer - perhaps 18-20 months. There are currently 13 million unemployed, and many of these people will stay unemployed because the new jobs will have different qualifications than those for the people getting laid off. He predicted oil will still be below $80 per bbl in 2011. Normally there are 5 million house sales per year (it got up to 7 million a few years ago), and we are currently around 4.5 million now. Consumer spending will be a negative 1% in 2009 vs the normal 2.5% growth per year.
The Washington economy will have a 1.5% growth in GDP vs the negative nationally due the presence of the federal government. Where Detroit has autos; LA, films; Houston, oil; a third of our economy is directly tied into the feds, and that component is rising. Federal spending here will total some $135 billion in 2009. Federal procurement dollars have tripled over the last 10 years with much of the corresponding job growth going to Northern VA.
Job growth has averaged 46,500 per year since 1991 with some recent years as follows:
- 2003 - 56,000
- 2004 - 71,000
- 2005 - 63,000
- 2007 - 29,000
- 2008 - With one more month's numbers to come in, he thinks it will net out at 25,000
Washington is double the national job growth rate in professional and business services which have an annual salary of $75,000. Due to the region's wealth, our retail trade job growth is 3 times the national average, and other services (such as daycare, etc.) twice. Steve sees the spread between our unemployment rate and the national rate (now 3%) perhaps growing to a 4% spread.
He thinks our economy will begin to rebound the second half of 2009 with a total net new job growth of 230,300 for the region over the next 5 years as follows:
- 2009 - 23,700
- 2010 - 36,500
- 2011 - 42,400
- 2012 - 48,100
- 2013 - 54,000
Of these new jobs, Northern VA will have 125,900 and Suburban MD, 66,000." "
As you can see, The outlook according to the major economist who study the Washington and Northern Virginia economy and housing market is not all that bad. We are very fortunate to live where we do.
The Economic Summit which was held by Dulles Area Association of Realtors in December had me feeling pretty good about our job growth and the local economy. Speaker, John McClain from George Mason University showed the many interesting statistics through his graphs and forecasts.
Fortunately, my past career with United Airlines gave me the opportunity to get to know parts of our country and the types of communities typical of the area. So when this client began to ask me questions, I knew their frame of reference, I could almost predict the places and communities they will most likely gravatate to in our area.
My Texas client was easy. I had many conversations with both he and his wife prior to their arrival. They also were extremely detailed and capable of making decisions quickly since they had done this many many times before. The use of a spreadsheet was a terrific idea to help with their plan of action.
I committed myself to the entire weekend after Thanksgiving even though my college daughter was only home for a few days. I knew they would find "their perfect spot", but never dreamed it would take a mere 5 hours after their arrival.
Just think of all the great locations we have...Arlington, Alexandria, so close to D.C. and such an easy commute. And then you have Reston, a fantastic, internationally known planned community which incorporates easy living among corporate offices, open space common grounds, walking paths, and plenty of lakes and parks. And to the west, Ashburn, Leesburg, andPurcellville. You can't forget about the historic areas surrounding Waterford, Midddleburg, and Aldie. I can't forget South Riding and Stone Ridge, smaller than Reston, they have the conveniences of being planned communities, but with a small town feel. Where should I begin?
Experience is the worst teacher; it gives the test before presenting the lesson."
--Vernon Law
Thankfully, all of us had the experience needed for this situation.
Anyway, their openness, their experience as a buyer, and their decision making skills worked!
Take a look at the graph and see if you can figure out where you are in the process.
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