It sort of surprises me that I close, on average, more than one real estate transaction per week in the Sacramento four-county area -- knock on wood. Times are tough in this industry. CAR Chief Economist Leslie Appleton-Young says home sales will shrink 10% this year, and predicts median home sale prices will increase only 2% in 2011. So why am I selling when other agents are leaving the business?
You know, I didn't wake up one morning and decide that I should challenge myself more. That I needed more adversity in my life. Like, I should sell every one of my listings at least 4 times. Yeah, that's the ticket. If I can sell a home once, I can sell it another 3 times. And maybe I should learn to appreciate elevator music because I should sit on hold, waiting for a bank's negotiator to pick up the phone. An hour on hold isn't that long. It might even be preferable to get used to being hit over the head with a sledge hammer, thrown into a tank full of sharks and repeatedly stabbed in the eyes with red-hot pokers every single day.
Because that's what being a Sacramento short sale agent is like. You take the good with the bad.
But I do look at what's happening in real estate in Sacramento. I try to keep my finger on the pulse and figure out trends; I look at where the market is moving and what is selling in the real estate market. When I hear bad news, it's upsetting, of course, but it doesn't mean that I will be out of business, regardless of the news. Well, if we had a nuclear war or that supervolcano at Yellowstone erupts, I'd be out of business, but short of that, it doesn't really matter to me what happens to the real estate market in Sacramento. I will adjust accordingly. I have a survivor instinct.
In August of 2005, when values started to fall, it was pretty obvious to me that buyers who purchased a home with 100% financing were up a creek. I was right, unfortunately. Right then, I decided to learn everything I could about selling a short sale. Over the past 5 years, I've acquired a wealth of knowledge, and it continues to change daily. What was true yesterday isn't necessarily true today. I decided that if I wanted to continue to sell real estate in a falling market, I needed to focus on short sales. I may joke about it, but I don't regret that decision.
If you're a real estate agent who is struggling, look around you. Somebody is selling something. What is it? Can you spot a trend? How can you get that business? If nobody is buying a new home because builders are dropping like flies, go into resale. Think about your marketplace. If financing dries up due to interest rate increases or FHA loans vanish, maybe you could learn about owner financing. There's always a ying to the yang. And if the real estate market has come to a screeching halt in your area, deader than a door nail, maybe you could move to where homes are selling? There's always something going on in real estate.
Photo: Big Stock Photo
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
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The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
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You've given us sage advice, Elizabeth. I agree, "There's always something going on in real estate" and it is up to us to find our place.
I see more and more agents in my office, that swore off short sales until the market went "back to normal," jumping in to sell short sales. When it's the majority of the market, you have to roll up your sleeves and sell them. That's all there is to it.
My point is, I guess, that you can't wait for the real estate market to change. You must conform to the market. We tell our sellers and buyers to conform to the market but sometimes we, as agents, hesitate to take our own advice.