My Opinion of the Real Estate Market

I was SHOCKED the other night, as I'm sure many other people were, when I heard a news anchor on my favorite station say "The real estate market appears to be turning around...."

Everyone immediately seems to explode into "How, what, why, when, and who???"

Everywhere I go, someone has an opinion on the real estate market.  There isn't a day that passes by that someone I know in this small town finds out that I'm now a REALTOR, and says "But isn't it a bad time to go into that???"

Well here I am, after more than a year at RE/MAX, giving you my opinion, and I have to say no, it is a GREAT time to go into real estate.

So we got snow this week, and it has thrown things off a little, but let me tell you about what was happening during all that warm weather.

I had some of my first official floor time here in the last week of March.  For those of you unfamiliar with the real estate office practices, floor time is when you are the agent on duty, and when someone calls in and says "Hey, I want to sell my house" or "Hi, I'd like to look at a house", you're the one who gets the call.  So after getting my license, signing up with the North Metro Assosciation of Realtors, and becoming an official RE/MAX agent, I sat at my desk for my first floor time.

I couldn't believe how busy I was.  I quickly was surrounded by files and paperwork and showings and disclosures and lake setback information.  Before I knew it, I was swamped.  I have been so swamped, in fact, that today is the first day I've been able to do some of the things I've wanted to do, like write a blog about the real estate market.

I've got buyers.  I've got sellers.  I've got MLS listings, non-MLS listings, tons of potential listings, and a goal to have a purchase agreement in by the end of the month.

Not exactly the easiest goal in the world, as you real estate agents out there know.  However, I think in this market, with my current situation, it's totally feasable.  I've got a handful of pre-approved buyers, and even more that aren't pre-approved yet but looking into it.  I've had lots of showings, and have more this next week. 

I do agree that the market was bad.  There was a slow period, but the National Assosciation of Realtors says that nation-wide, we hit bottom last AUGUST.  We've been back on the uphill climb since then.  Sure, winter hit, and winter is always slow, but Lonnie and Tina have been consistant through it all.  They are plugging away, going to closings left and right, and still on track for their yearly goals.  Back during my last week as receptionist, we had four purchase agreements in place by Tuesday.  That's two a day. 

So my shock at the media finally admitting that with spring, warm weather, and that itch to look at something different, people are starting to buy again.  The confidence level is going up, and with it are the number of listings, purchases, and showings.

Am I worried about what may happen?  Not really.  The benefit of working in Mora is not only that we cover such a large area (Pine, Kanabec, Mille Lacs, Isanti, Chisago, Aitkin, and Carlton counties), but we have lots of affordable homes for people who are buying.  We have great starter homes, in town and on land, and great step up homes for after that first home.  There is also the pricier lake properties, which are appealing to out-of-towners.  We have so much opportunity right here, and the market really hasn't slowed because of it.

It is a buyers market right now, there's no doubt about that.  What does that mean for you?  If you're listing, you may have to negotiate a little.  Buyers might want a little more than what you originally offered.  Nothing that can't be overcome, though, and a good, through, hard working agent will get you that.  If you're buying, you can be picky, you have lots of opportunity, and you can negotiate a little more.  Buyers are asking for all kinds of things that weren't in the original listing agreement, from microwaves to lawn tractors.  It's a fun market, and definitely something that is worth experiencing.

If you do feel concerned about the market, and have some questions, give me a call.  I can show you our track record, that we're performing consistently, no matter what the media says.  I can explain to you what you may face as a buyer or seller, and how to overcome any obstacles you might face.

The good news is that no matter what the media says, things are moving.  Some price ranges may be a little slower, but there are always people coming to the point in their life that they want to buy a home instead of rent.  The opportunity is great!

If you are interested in our listings, check our website out at RE/MAX Select's website!  You can search the entire MLS from there.  Otherwise, feel free to e-mail me at joslynpanka@hotmail.com for more information!