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Hindsight is Always Easier
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Housing Recession Cuts Deep

During the last 20 years the global financial and real estate markets have experienced huge volatility.  Weíve had more bubbles and crises than during any other post Second World War period.  Bubbles are usually hard to identify beforehand, not widely accepted during the upswing but easy to detail with hindsight. Hindsight is remarkable, isn't it? 

According to NAR, existing-home sales have been slipping for three years now:

7,072,000 in 2005
6,478,000 in 2006
5,652,000 in 2007
4,500,000 in 2008 (est)

The national median existing-home price for all housing types has dropped to just above $200,000 while total housing inventory continues to rise reaching new highs;  approximately a 10 month supply at the current sales pace.

For a great many agents this is the first time they'll be learning a lot of new lessons.  For the rest who have "been there before" it's a time to reflect on the last time through the cycle and add the new lessons learned.

What can we learn from this?

Above all, as a professional committed to the business of guiding others through the intricacies of the real estate transaction during difficult times, you need to find ways to help your clients navigate situations that are unique to the current market.  Your key to success is to arm yourself with the most current information available about industry trends, the business, the market and the opportunities.  Learn how to facilitate short sales, how to prevent foreclosures, how to stage a home, how to be more productive with less inventory and buyers and so on.

Itís not the downturn that is the challenge, but rather itís what are you going to do with the opportunity before you.


External Links

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Real Estate Information Sources - Real Estate Articles
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