Mortgage Bankers Association: 2011 "The housing market may not stabilize until the first quarter of 2011."

Business Week: 2012 - "With any luck, three years should be long enough for the U.S. economy to recover and for the nation's housing inventory to shrink to more normal levels."

FHFA Price Decline Study: 2010 - "Indexes suggest that the time from peak to bottom tends to be about 3¾ years, whereas the median recovery period (from bottom to prior peak) was 6⅔ years."

Case Schiller Future Price Index (as of 6/09): May 2010

Keeping Current Matters Members can Click Here to login and get a slide covering each of the predictions. They will be helpful in your listing and price correction presentations.

The Home Valuation Code of Conduct (HVCC) in many cases eliminates loan officers, mortgage brokers or real-estate agents from any role in selecting appraisers. Because of this, lenders are outsourcing the selection to appraisal-management companies (AMCs). As a result, appraisers are earning less for each appraisal since they are sharing the fee with the AMCs. Some Realtors are reporting that AMCs also settle for appraisers who live far from the homes they evaluate causing a fluctuation in appraisals as the appraisers may not know how location affects value in certain neighborhoods.

One of the great things about being a Realtor is that there is no limit to our earning potential. That is also a curse. We have to accept that there is nothing standing in the way of accomplishing our dreams. Either we are going to do it, or we are not. We cannot blame our manager or company, as there are others in our office doing very well (if no one is doing well in your office, maybe it is time for a change). We cannot blame the economy, as many agents are having stellar years in 2009.

My father taught me at a young age that my success was up to only one person - me! It is not always easy. You can't have success without experiencing failure. The trick is to keep on getting up and continuing to fight. Obstacles to our desires will cave-in to our perseverance. Let's support each other. If you see someone stumble to the ground, pick them up, brush them off and encourage them to get back into the fight.

1.    Build your listing inventory

It might seem counter-intuitive right now, but we must build our personal listing inventory. As the low hanging fruit is being gobbled up by first-time buyers and investors, there is an appetite being cultivated at every price point. If we have inventory, we will finish 2009 well and set ourselves up for a spectacular 2010!

2.    Approach previous expired listings

Listings have expired, been withdrawn and released over the last 18 months. In many cases, the sellers' motivation for originally putting the house up for sale has not changed. They just couldn't navigate a very volatile housing market at that time.  Now that the market has somewhat settled and we have a better handle of the opportunities that exist, let's contact those previously expired listings and see if we can help them accomplish their goals.

3.    Uptick your use of social networking

If you haven't yet, create a presence on at least Twitter, Facebook, and LinkedIn. If you already have a presence, enhance it by completing your profiles and following, friending and linking with everyone you know. Ignoring social networking today is equivalent to ignoring the use of 'google' five years ago!

4.    Build your databases

Let's make sure we don't repeat the mistakes of the past. Surveys still show that a large number (87%) of people are satisfied with their agent at the time of closing. Yet, only a small number (14%) actually use that agent for their next real estate transaction. That is because many of us close a deal and quickly move on to the next transaction. The truly successful realize our business is one of relationships not transactions. Databases help us maintain and enhance those relationships. If you haven't yet developed a customer relationship management (CRM) system, START ONE TODAY!

5.    Invest in your profession

This time in our industry's history is truly separating the good and great agents. Today, you need to:

          - Know what is happening in real estate

The last point is most important.
You must know it well enough to explain it.

As Albert Einstein said, "If you can't explain it simply, you don't understand it well enough."

What are you doing to enhance your understanding? If you aren't a member of Keeping Current Matters at this time, think about it. Sign up and use the information for 90 days. If you don't see a dramatic difference in your communication with your customers, we'll refund you the entire investment. There is absolutely no risk in trying the service.  Sign up today!

Money Magazine told their readers on 6/30/09:

"To sell your home fast, you're going to have to dip 10% to 15% below what comparable homes in your neighborhood recently sold for. You still may not be able to compete with foreclosures and short sales, but at least you stand a chance of getting buyers to notice your listing."

Talk to your agent about your price today!

Time is running out on the benefits of the $8,000 first-time home buyers' program. You must be CLOSED on or before November 30th, 2009. Don't miss out!  Talk to a Realtor TODAY.

They want to raise the bar for all Realtors and their sites. Submit your site, and if featured, be proud of your accomplishments!

www.poshd.com

"Quit now, you'll never make it. If you disregard this advice, you'll be halfway there..."

-David Zucker

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Pat Johnson
Director of Asset Management
Palladia Inc.

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