New year in real estate: no cause for celebration

Real Estate Predictions, Wish List for 2011: Part 3

Editor’s note: Inman News asked our audience to share their views on what’s in store for real estate in the year ahead, and also to list their wishes and resolutions. This is the final installment in a series.

Predictions: The issues will continue to compound due to lack of lending and buyer/seller lack of confidence. It will be another year in which people will be forced to accept that current market prices are much closer to "real" than the pre-recession numbers, which were based on unsustainable hyperinflation/appreciation. People will be forced to rethink the role of real estate in regards to investing/wealth acquisition.

Wish List:

1. People begin to accept the present market as reality and not attempt to use some sort of PMA (positive mental attitude) to wish themselves into the market of yesteryear.

2. That lenders begin to change their model and lend to truly qualified borrowers vs. penalizing the entire population for their recklessness.

3. People begin to realize that their greed or idea that they can buy things for 25 cents on the dollar is not true in all markets. The 25 cents on the dollar was based on prices from several years ago — you get what you pay for.

4. The government eases up on the Band-Aid process. If something is broken from the inside, no amount of "Band-Aiding" can help it heal. The market is capable of sorting it all out. That is capitalism/the free market.

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5. People find the ability to make decisions with confidence. Just because they have access to the information and everyone is out there chasing them down because they seem like a potential buyer, the ethics are being tossed out the window on both sides.

6. That people stop complaining and hoping for something that is yet to be determined. We must seek resolve and be proactive in doing what we can each day as professionals.

Resolutions: Hold fast, keep focusing on clients’ needs, and do what brokers are supposed to do each and every day: Bring buyers and sellers together.

Jeremiah Smith
Broker
Lewis & Clark Realtors
Greensboro, N.C. …CONTINUED


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