In this Real Estate market when I'm asked the question "How's the Market?" It's the most difficult question to answer. On a personal level my heart breaks for the thousands of people who have lost thier homes. To say my business is doing well sounds arrogant. So, what to say?
Because My career started in 2001, I still don't know what to expect on a daily basis. On September 11 2001, my family told me to "Get your day job back".
After watching the attack played over and over on TV, I still went into my office to work. It was surreal. My office manager told me that nothing will ever be the same and he understood if I went back to my retail position.
Find out what's happening in San Mateowith free, real-time updates from Patch.
True to my personality, when bad things happened around me, I put my "blinders" on and worked harder than I ever did in my life. I refused to watch the devastation played out, or read the papers. My heart broke for all who lost loved ones on that one day. Most of the people I worked with had been in the Real Estate industry for 20+ years. I refused to believe any of the doom and gloom, and just worked. The results were positive and I did well.
Today it's a whole new ball game. Some of my colleagues tell me they've never seen the Real Estate Market in such a slump. Who is to blame doesn't matter.
Find out what's happening in San Mateowith free, real-time updates from Patch.
Some do say that the sub-prime loans started the mess, others blame the "inflated" prices of the Bay Area.
There is some good news. This year many people who were priced out of the market in the last few years are back. One of my favorite stories is of a single young man who, in 2006 wrote countless offers on homes and was rejected on all. He finally came back this year and purchased a single family home for about 200K LESS than what he would have spent several years ago. Many of the people who were in the same position are happy to know that the inventory is high and prices are negotiable.
How does this play out if you're selling your home? There's only one answer: Price it right and they will come. A home in Belmont was priced right in January and the homeowner received multiple offers. The home sold within a few days. In Foster City a 4 Bedroom Town-home sold in just 11 days. On the flip side of the coin, a lovely single family home in Foster City took several months to sell.
This proves that pricing is everything.
