Ok, many are asking "What is your professional opinion of the Real Estate market this Spring?"
I'm glad you asked! I've seen the "highs & lows" of this market for almost 20 years now AND I'm extremely optimistic for 2013!!!
Ok, here are 3 questions you've asked and HERE's my RESPONSE! Put on your seat belts!!!
1. How will this shift affect buyer agents vs seller agents?
Because in the Northern Virginia market there tends to be "low inventory" this may be the best time in years for sellers to place their homes on the market and command "Top Dollar!" The "shift" that affects agents is, buyer agents must be extremely savvy and competent when presenting offers AND upfront/honest with their buyers THAT because of "supply and demand" there are few if any "deals" out there! Prepare your buyer(s) for multiple offers and escalation clauses to include paying over the "asking" price and paying their own closing costs! For seller/listing agents, be realistic with your sellers (most sellers tend to think their homes are worth more than they really are) so as the "professional" give them the facts, ie, 6 months of comparable sales because that's exactly what an appraiser will use in determining "true market value."
2. What marketing strategies will you need to change?
I would strongly suggest as a real estate professional you start informing your sphere of influence of the "shifting" market! Email, social media, whatever that works best for you...GET THE WORD OUT, it's time to get that home on the market and there's hope for buyers as well. Make sure M/M Buyer are working with a competent loan officer and are "PRE-APPROVED", credit checked, assets, so they are ready to make their BEST offer! Also, consider working with Builders/New Construction for your buyers as well.
3. What are the top three things a buyer's agent or seller's agent must do to be successful in the new market?
3A. To be successful in this current market you must let people know you are in business AND to serve them. Your clients are not just "a paycheck!" Make sure you are in this business for all the right reasons and repeat/referrals will sustain you for life!
3B. Become technologically savvy, brush up on the internet, social media, so you can work "smarter" not necessarily harder!
3C. This probably should be at the top of the list, take care of your HEALTH! This venture called real estate is pretty much 24/7 for alot of us. We must have "balance" when taking time with our family and also maintain a vigorous exercise regiment to include eating the right foods, drinking plenty of water, etc, etc. Ok, this is my story and I'm sticking to it!!!