The 2006 Real Estate market has been an eye opener for many Real Estate Professionals. The fast paced sales and appreciation trends of the past 3 years have leveled off and in the Suburban Chicago market they have actually “cooled” off. In the Will County growth corridor Buyers are aware that they have more negotiating power as growth slows and the “For-Sale” inventory rises. This trend demands that Real Estate agents work harder and expand their knowledge of the day to day market adjustments. Agents can no longer just “show up to work” they must be armed with all the information their clients expect to navigate the Real Estate maze.
Today consumers are better informed and more educated then ever before. The advent of the internet has dramatically changed the needs and expectations of Buyers and Sellers . A recent National Association of REALTORS@ survey found that 81% of home Buyers in 2005 obtained information on the internet. The Agents these Buyers end up working with need to understand their markets and be prepared to answer pertinent questions from their clients. This knowledge must include Real Estate demographics on sales data, new developments, Builder incentives, market time, market comparables, school “report cards”, and area amenities just to name a few. It is the good Real Estate Agents job to guide the Buyer through the process so their home buying decisions are made as informed consumers and their purchasing power is increased with increased knowledge and negotiating skills from their agents.
Home “For Sale” inventory is high in the Suburban Chicago area. This is one of the driving factors in the leveling off of the market. Prices are dropping and market time is extending as Sellers compete for valuable Buyers. The Seller’s Real Estate agent must understand their areas competition and be prepared to guide the Seller in obtaining the most money in the least length of time. The only way to accomplish this is with a fully stocked arsenal of knowledge and experience.
It is also more important then ever that today’s home buyer and sellers hire an experienced informed Real Estate agent. Discount brokerage who only offer limited services will not be motivated to keep on top of today’s market trends. Their expertise in this competitive arena may be less than a full service agency/agent who is there with their clients through every step of the process. Furthermore, it has been shown in recent NAR survey that For-Sale-By-Owners sell their homes for substantially less than agent assisted home sales and it takes them 17% longer to sell.
A wise person once said “information is power” and it’s up to the Real Estate Agent to empower Buyers and Sellers so they can make decisions on what will give them the best outcome in today’s market.
Deborah Olson, Owner, Radcliffe Realty