Happy New Year!!
I bet you got a whole lot of wishes for a much better 2009, I sure did too. Nothing tells the story of last year like the "Book of Lists" 8th addition by the "Northwest Arkansas Business Journal." The top twenty firms saw their volume shrink by 21.19%. The top twenty-five agents saw increases in their business in only seven cases. It is beginning to appear that we won't be back to normal till 2010, but things should start looking better by the second quarter of 2009. Don't look for a "Bail Out" for NWA. We are a whole lot better off than a great deal of the total US market.
We have too much inventory!! We could be like Chrysler and stop producing inventory till the market balances out, but we have very little control of production. There is something we can do to help the situation. Take a look at your listings, when the general market conditions drop from 2.5% to 17% (Arkansas Democrat Gazette 12/31/08) like it has in NWA. Many of the existing listings have become overpriced. Take a look at your listings; do a new CMA; if the seller will not or cannot come down on the asking price; drop that listing from the MLS. If a seller feels they cannot come down on their price due to owing more than the property is worth, have them contact their lender about a short sale right away, and take the property out of MLS until the conditions of the short sale can be worked out. If the property is truly worth what it is listed for, take it out of the MLS and let it rest until spring. Keep in mind, "A property that no one will buy is worth nothing." (Dr. Jeff Colllins, Street Smart.) We can be part of the solution to a market in balance.
I just finished the book "The World is Flat" by Thomas L. Friedman. It is well worth reading because the future is here. In it he suggests that in toady's marketplace you CQ (Curiosity Quotient) may be more valuable than your IQ. As we are all becoming more and more connected via technology, we must do things in new ways. Try new things, learn new things, and take new courses of learning in new ways. Get a new professional designation, proof of knowledge causes trust. The Real Estate Profession needs a whole lot of help in that area of trust.
If you have not tried it, get on "Face Book." Try the social network www.Plaxo.com, and start a blog on www.Activerain.com. It is a new way to farm, and it takes time, but it's a lot easier than "knocking on doors."
The Realtors interested in education here in NWA are planning a good schedule of courses for next year - take advantage. Superior education courses are the key to superior results in a Real Estate Career. Our job, in addition to being marketers, is to be Educators.
For current market conditions in NWA click on the web site www.ChadKumpe.com.
Comments(3)