Time for the President to Host Summit on Housing

Anyone who has followed real estate news knows the many challenges facing the nation’s housing market today. While some areas of the country, including Colorado, have held up reasonably well, much of the country is still struggling to recover from the sharp downturn of recent years.  The housing market is arguably the most important foundation of our nation’s economy. Without a solid, sustainable recovery in real estate it will be difficult for the overall economy to see strong growth once again.

With that in mind, our parent company, Realogy Corp., has issued a formal request to President Obama calling for a White House summit on housing to address some of the major hurdles holding back the housing market. Richard Smith, chief executive of Realogy, urged the President and his Administration to seek recommendations from real estate business leaders to help stimulate a sustained housing recovery.

As Smith noted, housing has an enormous impact on our nation’s GDP and given its substantial influence on all aspects of the economy, he believes it warrants special attention from the White House.

The key to the proposed White House summit on housing would be its emphasis on bringing together real estate business leaders to make actionable recommendations designed to stimulate the growth necessary for a sustained recovery in housing, which would have an ensuing positive effect on job creation and the broader U.S. economy.

Frontline business leaders from the residential real estate industry would add a valuable perspective to the process, and the summit would give the Administration the benefit of “unfiltered, real-time market feedback” from residential brokerage operators, real estate franchisors, homebuilders, mortgage lenders and other related industry groups.

In a letter sent to the President last Friday, Smith concluded by saying “your leadership on this issue would bring together the top business minds of the residential real estate industry at a time when practical business experience may very well offer the guidance necessary to stimulate housing, and thus, the U.S. economy.”

I’m proud that Coldwell Banker (through our parent company) is taking a leadership role on finding solutions to get the nation’s real estate market humming again. While there are many challenges facing our economy, much of it begins and ends with housing.

Louisville and Superior Do It Again

Word travels fast when CNN Money Magazine ranks Louisville number one again on its "Best Places to Live" list. Superior also made the list again, ranking at 20. For those of us who live in these areas, it's no wonder why others can see it's such a desirable place to live. Lots of sunshine, no shortage of outdoor fun, good schools, low crime, and having the mountains in our backyard don't hurt. I also love how great restaurants, shopping, and culture are all a stone's throw away. And we don't have to pay an arm and a leg to live here! Compared to other suburbs of larger cities, Denver's metro area is relatively affordable. And with the low unemployment rate, this area is an attractive place to be and makes the housing market more steady. Other Colorado towns to make the top 100 list include Castle Rock, Parker, and Black Forest. 

Why Your Home Isn't Selling

As an agent who specializes in helping sellers get their home sold, I work with many for sale by owners (FSBOs).  A recent article in the Wall Street Journal piqued my interest because it echoes the sentiment I see every time I help frustrated homeowners who tried to sell it themselves realize their dream.  "DIY Guru Gets Broker Help"  discusses how the founder of forsalebyowner.comand an advocate for doing it yourself saw the light.  After practicing what he preached for six months (wasting time and money), he hired a top agent like myself to sell his home at 6% commission.  The results exceeded his expectations, selling the $2.15 million condo for $150,000 more than he was asking as a for sale by owner, more than covering the commission paid (and he didn’t have to do any of the work).

Statistics:

- 50% of for sale by owners sell to a family, friend or relative

- 5.4% will successfully sell their home without the help of an agent

- 1 in 3 use an agent to sell their home

- The only lever a FSBO can pull in this market is the price lever…how do you know when you are at the right price?

It's easy to put your house up for sale. It's tough to get it sold. With the changes in the market, FSBOs are having less and less success on their own.  The average buyer sees 100-150 homes when searching their criteria online, looks at nine homes on average in person, and purchase only one.  Because the odds of getting a buyer into your house are so low, its necessary to make sure your home's first impression online makes the cut.  Blurry or dim pictures, unemotional descriptions, and making it difficult to set up showings are all areas where I see for sale by owners fall short – it is no wonder that hiring a top agent will net the seller more money after all expenses.

Call me, Definitely Dave, at 303-442-5001 so that you too can make the most money on the sale of your home, NET after expenses.