Buyers buy now. Sellers if you want or need to sell, sell now. Banks liquidate now. Realtors get retrained and get to work now. You will win big if you do. Had a sales meeting today with my associates. Asked who knows how many closings took place in Cherry Hill, New Jersey for last six months and average price? Answers ran from110 with the part timers, on up to 120, 190, 310....pulled the data from TrendMLS. 359 single family home sales. Then I explained that is actually X's2. Seller side and buyer side. So, actually 718 sides in one township. Granted one of the larger townships. Average price close to $253,000. They some in the group's reaction was from surprised to very surprised. Then I lay-ed into the "community" that shares the "gloom and doom" mentality for the excuse of not working.
Went a bit further, pulled data from 1/1/2007 till 6/30/2007. The best seller's market for the last economic expansion of the "Roaring 2000's". Care to take a guess of the number of sales of single family homes?
503 x 2. Ok. 29% drop. and an approx. drop in price of 13%. It's my belief that, about the same percentage Realtors left the market. So, just as much business for the workers of our industry. I have several associates who have earned more in 2009. Yes, they changed their direction. Yes, they put more hours in the close title. Yes, they had to get retrained for this market.
Our theme for our meeting; "2010; THE MAKE IT OR BREAK IT YEAR", FOR I KNOW THIS TO BE TRUE. Those who adjust, maneuver, face their fears and get to work will be the premier Realtors for the next economic cycle. 2010 - 2011 will be the bottom out years. 2012- 2014 will be the stabilization years. 2014.5 - 2019 will be the next pricing boom. 2019.5-2020 will be the next correction. Plan for this cycle. Be cash heavy in 2019 and buy in 2022-2025. Of course this is just my opinion from details observations.