Real Estate Pros Figuring Out New Reality
An article by Sarah Baker of The Daily News.
The real estate market isn’t projected to get back to the pre-bubble bursting days of 2007 anytime soon.
It’s part of the new reality that agents across the board are coping with, and it was the heart of the discussion Thursday, Jan. 26, when real estate information company Chandler Reports hosted its “Master Your Market: 4th Quarter 2011 Update.”
“For those of you who are counting, it’s been four years, five months and 26 days since real estate agents’ world was turned upside down,” said Ed Beasley of Sowell & Co. Realtors who spoke at the event.
Beasley’s sales from 2004 to 2006 were all about the same. Then in 2008, sales were down 30 percent. In 2009, sales were down 40 percent. By 2010, Beasley was reaching into his savings.
But in the last six months Sowell & Co.’s figures have seen about a 7 percent uptick.
“It’s taken four or five years to get to where we are now,” Beasley said. “It’ll take us eight years to get back up. At least we’re moving in the right direction.”
The forum, held at the Great Hall of Germantown’s Media Room, 1900 S. Germantown Road, discussed residential and commercial sales, plus new housing and loan activity.
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Review our Year End 2011 Residential Market Conditions Reports here.