The Reality of Realty
Wednesday, November 14, 2007
We started talking about change in the market over one year ago. The media was the first to jump on the negativity bandwagon and broad brush our market. There are no “national markets” and we are not California and we are not Florida. Barry Rosa, our SVP of New Homes and Land, also emphasizes that there are 169 markets in Connecticut and submarkets within each market. He is dead on. Single family units in Fairfield County are projected to be short only 5% from 2006. Single family median sales price is projected to be UP by 3%. We have neighborhoods that are selling well and, in some cases, still seeing multiple offers.
In other neighborhoods we are seeing a build-up of listings and sluggish sales. So Barry’s statement about the submarkets is true. This is where the experienced, knowledgeable agent is worth their weight in gold. Whether representing buyers or sellers, these agents know how to effectively navigate through the market and provide the appropriate, professional counsel to their clients. Regardless of the positives in the market, the negative stories are above the fold on all newspapers and fodder for rabid news reporters. The power of the media has convinced sellers that nothing is selling and buyers to wait until the market “bottoms out”. When you look at the statistics, which are based upon FACTS, otherwise known as REALITY, it’s clear to see that the market is adjusting but it’s not in a downward spiral. All of this incorrect information creates more of challenges for REALTORS in needing to undo the effects of the media. So, the best way to combat this is to provide the facts of the market (sales, variances, median sales prices, days on market) and make sure you break it down by area. You are the expert and have the power to control your business by making sure the reality in your area is conveyed to your clients.







Reader Comments