I stopped at the Pottery Barn this morning -- I can't seem to stay OUT of that store!! Because I wear my badge these days almost everywhere, I'm easily recognizable as a real estate agent. The Pottery Barn sales clerk, staring at my name badge asked, "So, how's the market? Pretty bad, huh?"
I glanced up from my writing in my checkbook and smiled. "You know, the market is doing very well, actually. If you're a buyer. Buyers are snatching up some terrific deals, interest rates are still hovering around 6%. I closed 4 escrows last week. Hmmm . . . I'd say the market is pretty good."
Because it's always a good market for somebody.
But isn't it funny how, if it's not a seller's market, the perception seems to be that the world is going to hell in a hand-basket -- that real estate is going down the tubes?
When it's a seller's market, it's not a very good market for buyers. Buyers end up overpaying, stumbling over each, clawing tooth and nail to get the last home in inventory. But sellers are making out in these markets like there's no tomorrow.
Even when interest rates are high, like they were back in the late '70s, early '80s, it was still a good market. It was a good market for sellers who were willing to carry the financing for buyers, and it was a good market for buyers who could get owner financing without paying exorbitant closing costs for the privilege of obtaining a mortgage.
If your activity has fallen off lately, look at what where the action lies. Short sales and foreclosure listings are selling. Buyers are beginning to wake up and realize they should jump on the bandwagon before it passes them by. There are plenty of opportunities to be of service in this market.
You have a choice about how you view the market and how you respond to its cycles.
Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.