Here we are in the middle of what many consider the “worst” real estate market most of us can remember. Well…in some ways this may be true…but there is a flip side to me.
If nothing else this market has hammered home a lesson that, sadly, I have had to learn more than once to really LEARN it. And that lesson is this. Be grateful for what you have when you have it.
Specifically what I am referring to is what I am going to call the “Good Ol’ Days”. Back in the day when all we had to deal with as Realtors were sellers who wanted to sell and buyers who wanted to buy. No banks interference other than the bank providing the buyer’s new financing. Not many homes in true “distressed” condition. The biggest hurdle most of us as agents faced was getting past the inspection period with all parties feeling good about proceeding with the deal.
Today we live in an different environment. VERY DIFFERENT! A large percentage of transactions are either short sales or bank owned properties. We have to deal with showing homes that many times have no utilities turned on…and often the buyer has to turn them on to do inspections. There are long wait times evolved with “short sales” often times resulting in the buyers deciding to NOT wait it out and withdrawing their offer before we can get bank approval.
Now…to add another layer of challenge…the lenders have been forced to tighten up the appraisal process resulting in even longer escrow periods and many value issues as well. Yes..it can be argued that this will help with establishing true market value…but I believe it’s like closing the barn door when the horse is already gone!
But I guess the bottom line is this…I have enjoyed my real estate career for many years…and will continue to do so. What I am going to do however is be REALLY grateful for those transactions that come my way with traditional clients…buyers who want to buy and sellers who want to sell…and banks who want to lend money to qualified folks!