People often ask Realtors,
”
How’s the real estate market? Is it good?
”
Actually, there is no
”
good
”
market or
”
bad
”
market. The market just is what it is, and there are unique
opportunities for individuals depending on circumstances.
People often ask Realtors, “How’s the real estate market? Is it good?” Actually, there is no “good” market or “bad” market. The market just is what it is, and there are unique opportunities for individuals depending on circumstances. Right now the market is in equilibrium. Last week 22 new properties came on the market, and 22 went into contract! (Not necessarily the SAME 22, however.) There were 20 reported closed escrows, and a total of 13 listings removed from the market. The inventory stands at 208 available single-family dwellings.
This is pretty much how it’s been for the past few months. Though the market is stable, the California Association of Realtor (CAR) purchase agreement is not. A new edition is coming into use on Jan. 1, 2003.
This is like the deal with the telephone. When I was a little girl (this week I turned 49 so you can imagine how long ago this is) my grandmother showed me how the telephone worked. She sat me down on her lap before the shiny black rotary phone, stuck my stubby finger into a numbered hole, pulled it down to the metal bumper, and let it go. Schooop, rat-tat-tat went the dial. It was magic. Later I found I could memorize phone numbers by the length of the schoop rat-tat-tat sound. A skill for a lifetime mastered.
I should have known something was afoot when colored telephones were introduced: cream, white; pale blue or pink princess phones; those weird green and yellow hues. After that it was the push button phones. Then phones were no longer hardwired to the wall: The cable connection was introduced and all was lost. Whoa, doggies! Never mind trying to figure out the difference between ISDN, DSL and trunk lines, now you buy a new phone complete with its own college-level textbook of functions and controls and features and devices never to be mastered.
And facsimile. Did I mention fax?
Just like the phone, the CAR contracts are rapidly changing to meet the technological, social and economic dynamics of today. Crafted by a committee of Realtors and attorneys, these contracts are designed to minimize the possibility of conflict and misunderstanding in the “typical” real estate transaction.
These changes are just one reason why you need a full-time real estate professional when you buy or sell property. It certainly wasn’t your Realtor’s number one hit parade activity to spend hours this past month in classes with legal experts and trainers, but it is his or her duty and our privilege to represent you in the most important financial transaction of your life. Realtors work hard to keep up with legal, legislative and contractual issues so you won’t have to do it yourself.
Phone your local, full-time Realtor today (if you can find the phone’s user guide) for information about the opportunities you might have in today’s market. And be kind to your Realtor!
