Did you see Mary Umberger’s colume on Sunday, October 21st?
According to Ivy Zelman, a real estate market analyst, the existing home sale market will continue to slow through 2009 and then will see a gradual recovery through 2012. The sobering aspect of these projections is that total sales in 2009 will only be 60% of the total estimated for 2007 and the improvement in 2012 is still ony 77% of what will be done in 2007!
“”Existing-home sales are much stickier,” complicated by the ballooning numbers of foreclosures, she said. She predicts those sales, too, will reach bottom in 2009, dropping from her estimate for this year of about 5.7 million sales to — ouch — 3.4 million. The recovery for existing homes will be more gradual than for home builders, inching up to 4.4 million sales in 2012, according to her forecast.” Chicago Tribune, October 21, 2007
It is clear we are in the second year of a whole new real estate market, a market that will be with us for some time. Waiting for the old days to come back will mean a very long wait. What needs to be done now is to revisit how you run your real estate business. If you continue to stay with the business model where the company’s philosophy is that they are responsible for the agents success and therefore retain a large share of the commissions earned, you will find real estate is a business endeavor that is nearly impossible to succeed at financially. You may find you “enjoy” the people or the process but the financial rewards will be elusive. If you have come to the realization that you are the one responsible for the business you generate and, as a result, you should be the one to retain the commissions earned, you may find the business model of Charles Rutenberg Realty is a perfect match. If that is the case, let’s talk.