Williamsburgs Real Estate Blog and more!

2010 is History!

2010 is gone, thank goodness. It has now been over 3 1/2 years since the housing "bubble" burst-at least locally. Looking back at the Williamsburg market, we had a robust, housing market for a remarkably short time. From early 2006 to early 2007 is the length of our "bubble" in Williamsburg. That's it-about a 12 month window. And it has been over 40 months worth of "correction"

Why so long?

Perceptions. Buyer perception-seller perceptions-media perceptions-government perceptions-and yes-REALTOR perceptions. Our local MLS roster swelled very quickly in 2006 and 2007. Everyone took and passed the ridiculously easy PSI exam to earn the right to help someone buy or sell the biggest asset of their lifetime. No one really questioned anyone's qualifications or expertise. Everyone knew someone in the "business". We still have a burgeoning agent roster where slightly less than 25% of the agents are able to make enough money to call it a career. Nearly half of all REALTORS in our MLS barely earn enough to get beyond the poverty level of income.

53.13 percent of our MLS roster has done 3 or fewer transactions that closed in 2010! That's combining at least one listing and one buyer sale. Only 15% of the agents have done 10 transactions or more. If you don't think that's a big deal. Look at it this way...who would you rather fix the brakes on the car your kids might be driving? The guy who got out of trade school that's done 3 brake jobs or the guy who's been doing it for the last 8 years and hundreds of brake jobs? Nearly 77% of our roster has listed and sold five or fewer listings. 94% of our roster has closed 7 or fewer buyers. It really boils down to the experience a transaction provides. I can honestly tell you that each and every seller and each buyer situation is completely unique, and you'll never see or know it all. But with more transactions, an agent can keep you on your toes and best prepared for what lies ahead!

If 2011 is going to be the year we break out of the slump, it's probably going to be the year of the professional REALTOR getting serious and the part timers getting out of business. Chances are if you look to buy or sell a home this year, and use a full time full service agent with experience and a track record of success, you will have a more successful and satisfying transaction.

Good luck and much success in the coming year!