James Lupori, Associate Broker Keller Williams Realty - 206.713.2102

Here in the Pacific Northwest, in spite of what the media proclaims, we are experiencing a serious slump in housing sales. I like the picture above as it's emblematic of what the sellers and the real estate agents need to do: they all need a serious brain scan. As a Realtor (c), I spend a lot of time pondering the market to discover the best way to solve my clients' challenges. After taking a few moments to look at the current market in Kenmore (my home town) I'm convinced that the same old process of selling one's home (e.g. hang a sign in the front yard, putting flyers out, doing open houses, running an ad in the local paper, etc.) with or without an agent is an inadequate strategy in the current market. Allow me to point out some facts about Kenmore today:

Dear reader, please pardon my candor but both the real estate agents and the sellers are at fault. Most of the homes now languishing on the market were overpriced when they first hit the market. The market has been in decline for a year now, so there was no excuse for the inflated prices. Sellers were living a delusion and the agents were still in a "listing-equals-an-easy-paycheck" mode.

Now that the financial markets are in utter turmoil, it's incredibly important that agents be crystal clear with their clients and sellers give themselves a "check-up from the neck-up."

Brain by Liz Henry

Picture by Isobel T

Most of us have heard of the 16th Centur Pahrmacist/seer Nostradamus who has been credited with the prediction of wars, Hitler, natural disasters, etc.. Unfortunately, or fortunately, he didn't have much to say about the current world financial crisis. One reason is that they didn't have the complex financial systems of today (can you say credit swap?) My point is that it's in our nature to try and make sense of the the trouble we find ourselves in. So who do we turn to for an opinion about the future of Real Estate? Who has the crystal ball?

When it comes to real estate I usually turn to the predictions of economists.....at least for a little guidance. OK, I know what you're thinking: those bozos have predicted the last 10 recessions that never happened. Fair enough, but I have attached a link below to an an article by Economist (and fortune teller) Michael Hudson. He authored the article in the May 2006 issue of Harper's Magazine entitled "The New Road to Serfdom." Please take a look at it. I received permission from Dr. Hudson himself to offer this piece to you. He wished more people had paid attention to the coming problems in the market. Yes, indeed, the future is not what it used to be.