"It was the best of times it, it was the worst of time, it was the age of wisdom, it was the age of foolishness..." Who knew Charles Dickens was actually predicting the real estate market from 2000-2010?
In addition to being a prolific playwright, Dickens was also apparently a man who was able to see the future relating to the business of home sales. For those of you who have been real estate professionals from the late 1990's through the middle of the first decade in the 21st century you were able to participate in a period of unprecedented growth in home sales, home prices, and personal income. We undoubtedly also experienced foolishness - in price appreciation, the speculation frenzy, and perhaps in how we spent our growing income.
Since the mid-decade plummet in homes sales and prices we've noticed some drastic changes and have experienced a variety of challenges. Most of us have now gained some wisdom, along with consumers everywhere - it seems we learn more from our challenges than during times of plenty.
As a broker and owner of three offices we've certainly made some changes in how we spend money relating to our business - just as we've seen revenues decrease. Our business decisions, just like companies in all industries, have hopefully positioned us to be stronger, while leaner, for the recovery (probably very gradual). We hope that the last four years have taught us a few financial lessons - both personal and business related, so we are not doomed to repeat the past anytime in the near future. I, for one, want to look at this downturn in the rear view mirror - and the sooner the better.
What have you learned about yourself, what changes have you made in how you do business, and how will you do things differently in the future? Let's use the "worst of times" to create the "age of wisdom".
Lynn Johnson, CRS, GRI, MBA
Broker/Owner
Owatonna Real Estate Pros
Coldwell Banker Home Connection
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