We all know the story of Chicken Little who ran around saying the sky was falling, and eventually became Foxy Loxy's lunch. There's no question that the entire global economy is in facing challenges as never before, and that many people are fearful almost to the point of paralysis. When the only thing we can count on is uncertainty, fear starts to rule us and keep us from acting.
75 years ago things were also looking grim when Franklin Roosevelt gave his first inaugural address. He spoke of the need for action as the way to overcome the paralysis, saying famously, "…let me assert my firm belief that the only thing we have to fear is fear itself."
Last time, I said that we cannot always control what happens. Catastrophes, both natural and man-made, do happen. What we can control is our attitude and how we let those events affect us. It's not in our power to turn back time and make different choices. But we can get to that "So what? Now what?" place where we look at what happened, acknowledge the fear, and choose to draw on our own resources to look ahead and take action.
What does this mean for real estate agents? What can you do?
You can reach into your Realtor's® tool box and bring out your best. Call everyone in your sphere of influence, just to keep in touch. Connect through your Internet social circles as well as through your local organizations such as Rotary. Become that beacon of hope and light that everyone is looking for now. Stay active in the community. Everyone else may be hiding, but you can be out there. Real estate is a contact sport, so be out there talking to people.
I just listened to John Tuccillo on a conference call about today's reality. Tuccillo is a former NAR chief economist and author of the book, Click & Close. He reminded us that it is a good time to buy if you can hold on for the next 5 years. Banks are not in the real estate business; they are in the lending business. There are still banks that are solvent and strong, and they are making loans to buy houses. If buyers can show them the money - have great credit, proof of income, and a good down payment, they are more likely to be able to get a loan. Plus, there is lots of inventory to pick from at great buys. Tuccillo is predicting that by 2010 and 2011 we could have a real estate market that resembles the 2003 market - strong, balanced and possibly going upward. If buyers can hold on beyond 5 years, they can make some real money at 7 to 10 years out.
It's important to remember – as John Tuccillo pointed out - that the news media speak in generalities, and that all cities and states are not experiencing the same effects. Agents need to look at their specific market as some markets are actually doing well, selling at or just a little below median market. So check your MLS data to understand what's going on in your specific market with days on market, ratio of sales to listing price, etc. Then you'll be able to give consumers the facts so they can make good decisions. Share what the opportunities are today and just be someone that people can talk to who won't moan and groan about how bad things are. When the time comes – as it surely will – people will remember the agent who is out there and being the focal point of their community.
So we have a choice: be paralyzed by fear, or maintain a hopeful attitude and take positive action.
What will you choose today?
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We can't lose sight of the fact that this an election year. I feel like it's 1991 all over again. If you recall: Iraq war, housing declines, a recession...and does anyone else remember the news uttering the infamous line "worst economy since the Great Depression"?
Sound at all familiar?
I think the economy will start looking brighter, at least in the press, right about...oh...November 5th.
We all need to take a step back and realize that while we are in a mess, it is critical that we maintain contact with our clients and customers. They are looking for reassurance and we need to be as honest as possible with them while maintaining a positive attitude.
Take care.
Your right Patti people need to focus on what is going on in their local markets and adapt as neccesary. Postivity is the key.