Is real estate struggling? Is there a storm? Are we riding it, or riding it out?
Realtors I talk to are: optimistic, working harder than ever, looking forward to the future, getting out of the business, all of the above. Jim Morrison sang, “Riders of the Storm” but sometimes when I sing along, I change up the words.
Denver Real Estate is faring well as compared with much of the U.S., and while we still struggle in some segments of the market, others are very strong.
Buyers are the beneficiaries of this perfect storm. Rates are low, a positive in most buyers’ minds, and home prices have flattened enough to make any purchase a bargain or a great investment.
But in the words of Yogi Berra, “You’ve got to be very careful if you don’t know where you’re going, because you might not get there“. Consider yourself lucky to benefit from a home’s inflation after 5 -7 years, plan not to sell in less than 5 years. Also remember, you’ve had a place to live - to hang your hat and raise your family. Keep an eye on the tenet of real estate, “location, location, location.” As Yogi reminded us, know where you’re going.
Is this a time to panic? A time to despair? Is this the be all - end all storm? I think not. It’s a cycle, yeah a bad one, and what choice do we have but to live? Be smart, talk to a professional real estate broker and an experienced savvy lender before you decide to move. Figure out your upside and your downside as much as you can. It’s time to economize a bit, contingency plan, budget. It’s certainly not time to panic. What good does that do you?
Experience the original storm at LifeStyleDenver.
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The Kentwood Companies sell over $1 Billion in Denver Real Estate every year. Gretchen Faber co-manages the Cherry Creek office and works primarily with relocating executives and families.
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Hi Gretchen, Sure looks to me like the worst of the storm might be over and that the psychology of the market will be turning around soon.
Gretchen,
In the words of Denny Grimes, we are practicing Survivor real estate these days. Here on Topsail Island, N.C., we have been and will continue to follow these three words. Outplan. Outwork. Outlast.
We have watched a number of of colleagues leave the business over the past three years. Stick with your plan, get back to basics and you will survive and be the better for it.
The rain is wonderful and business is great...storm ,,,,not in the greater Milwaukee area..that was last year....at least for us,.,.hang in...if it is what you love, do it...if you have lost your enthusiasm, find something you love...life is tooo short to drink cheap wine or whine about the market,
Gretchen~ Riding out the storm is just part of it. History tends to repeat itself. Things will work out and worrying too much just makes things worse.
Gretchen
Thank you for sharing great insight with your new post. Buyers are benefiting with the current market conditions, but they will past. I would like to think real estate professional are riding the market to a successful conclusion.
Good luck and success
Lou Ludwig
Hi Bill - so true about the psychology! I think I even wrote about it a few posts ago.
Hi Rand - I love your survivor motto! Can I borrow it for tomorrow's sales meeting?
Sally & David - Good to hear about Milwaukee. It's nice to know the upper midwest isn't suffering all over. And BTW, no cheap wine for me!
Vickie - Yes, worry is totally unproductive!!
Hi Lou - there's only a conclusion when we're, you know... I like to think we're learning new skills every day. You're right that buyers are benefiting now.
Gretchen: I can only speak for myself and my business. It has been better than last year and the last year was better than the last despite the cry of how bad the market is doing. What I realize is that we as agents can/ should ride out the "storm" as you call it by providing good quality service.
Hi Loreena - totally agree. There will be people who leave the business who weren't prepared for how hard the work really is. And that would happen regardless of the market conditions.
May Day MAy Day...the storm is near, oh heck its here now!!!With every storm there comes a rainbow and for those of us who have been selling for sometime we know to get in our lifeboat and hang on.. with any down market it has its silver linings...one is that it weeds out the agents who are part timers and only play at being a professional. There are buyers out there and its up yo us to provide them with the highest wuality of service. Now I know that can be hard after all buyers can be very diffcult in this type of market. I too liked what Denny Grimes said last week in Orlando, it is a game of Survival....I plan on riding out the storm....hold on, it s getting rough out here.......ahoy, I see land!
Hi Gretchen, you have some very good points. I believe that whatever doesn't kill you, makes you stronger. The survivors will be strong when the storm is over. Thanks.
Hi AJ - May Day indeed! Being a managing broker means keeping the peeps motivated and eyes forward. For the most part, we have a super professional and long tenured group in our office. There are days, though, that make the storm feel worse than it actually is.
Denise - My husband always uses that Neitzsche quote. It's really a great reminder to find strength in adversity.
Hi Gretchen - While I was on vacation last week, 2 local brokerages went out of business, one of them was my office - blinked a couple of times and back to work with my new company. I think we are in the eye of the hurricane right now, we will see how fast it moves on.
Hi Virginia - How funny that you said the "eye of a hurricane" in your comment, because that's the exact term I used with an agent this morning. My feeling is that when the other side of the hurricane hits us, we're going to get very busy again. I'm really sorry to hear about your brokerage. Good luck at your new home.
Thanks for the good and positive post.