Lenn tells it like it is. Realtors take note ~
The market is what it is, where it is and no one can know for sure what will happen. Many think they know, so they predict. Silly, isn't it? It's either yes or no, right or wrong, up or down. We prefer to live in the moment .... of the present with no risks involved.
I'm seeing a large number of blog posts on ActiveRain about
Real Estate Values
Real Estate Pricing Trends
Real Estate Investment Values
Future Value of Real Estate
Predictions for Future Value
Pricing Real Estate . . . .
. . . . .and much more relative to the agents' duties to their buyer or seller clients/customers with respect to future value or equity.
WHAT IS YOUR JOB?? Agents/brokers believe that it's their responsibility to predict the future prices of homes for buyer/clients.
Agents/brokers believe that it's their responsibility to determine whether or not a seller should sell now or wait for a time when the home can be listed at a higher price.
My #1 question is. . . . WHAT IF YOU'RE WRONG???
Folks who know me know that I am not shy when it comes to having opinions!!!
However, folks who know me also know that I understand that my brokers licenses permits me to BROKER THE SALE OF REAL ESTATE in Maryland and Virginia.
REAL ESTATE IS A RISKY BUSINESS. Risk reduction is and always has been paramount in determining what we say, what we do, and how we run our businesses when serving buyers and sellers. That means risks to ourselves AND TO BUYER AND SELLER CLIENTS.
AGENTS WITH A CRYSTAL BALL? Over the past few days, I've read posts wherein AR members clearly state that they advise buyers and sellers not just about the present real estate values, but that of the future real estate values.
BEWARE!! Those lines on a graph showing real estate values going up for the past few months can suddenly turn DOWN!
FACT OR OPINION? We can prepare BPOs for home buyers and sellers showing how the past and present local market has performed and is performing. Consumers regularly ask, "How's the market?" I tell them, good or bad, in general terms. However, I can't remember very many buyers or sellers asking "Where is the market going?" At least not since about 2007 when we all know where the market went in 2007.
HISTORY DOESN'T ALWAYS REPEAT ITSELF. The history of home prices was, for many decades a reflection of the national economy and appreciated along the lines of economic growth and inflation, 2-3% a year and you could pretty much take it to the bank. You could document those stats.
THOSE DAYS ARE GONE.
So, what are we do to Lenn??? What are folks searching for when they call about homes for sale or find that special home to buy or try to determine how much to offer???
THEY'RE LOOKING FOR A HOME!!!
Help them find a home. Don't practice risky behavior like advising them that their home will appreciate XXX over the next few years. YOU DON'T KNOW!!! Remember 2006.
If they want to sell, let them. Don't tell them to wait because you know that prices are going up. YOU DON'T KNOW!! Remember 2006.
Courtesy, Lenn Harley, Broker, Homefinders.com,
Serving home buyers in Maryland and Northern Virginia. 800-711-7988.
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