Why you need a Realtor

 A few years ago, homes were flying off the market and the role of a Realtor was really more administrative than actual partnership with our clients. The search process by client and Realtor was simple enough with a very low inventory throughout the low country of single family homes, especially in gated communities. Loans of all kinds were there for the taking and the good times were going to go on forever! It seems like Sea Pines leads the market up and down and this has truly been the case in this 3-4 year downturn. In 2005 inventory began to outstrip supply and in late 2007, prices began to be adjusted downwards for the first time in years.

 
All of a sudden we were facing the impact of Katrina, an insurance crisis as well as a significant economic, investment, and mortgage crisis. The shock of these events drove the residential real estate market into chaos in a short amount of time. Our structural formulas for selling and buying have all changed and a large percentage of Realtors have decided not to continue in the industry for various reasons, most of which are economic. The role of buyers, sellers, investors, mortgage companies, insurers, and realtors have all changed. In my opinion, the most important role that has evolved from these crises is that of the Realtor.
 
Prices in our traditional market have fallen 25-30% since 2007 and we are predicting an additional 8-10% in 2010 and then a leveling off for a few years. We are not good long term forecasters but  pretty good on the short term. In this market, a couple of things are important to come to grips with:
 
• It is  very good time to buy and for the first time in 21 years, we have a buyer’s market.
• There are buyers out there and on some homes priced to sell, we have had multiple offers.
• It is a price market and seller investment normally cannot be recouped.
• It is an excellent time to trade up in value and increase opportunity for price appreciation.
• Location, location, location, is now price, price, price. In many cases we’re back to 2003 pricing.
• Some motivated or “need to sell “sellers waiting for the market to rebound is not a sound strategy.
 
If seller or buyer is thinking about making a change, it is an excellent time for many of them but they have to look at the whole puzzle, not just the “buy” or the “sell”. A home owner, for example, who paid $875,000 for a home in 2005 might sell it today for $725,000-$750,000 but might be able to buy the home of their dreams that was originally $1,300,000 for $900,000. All of the pieces have to fit before it makes sense and normally there has to be some cash in the drawer to make it work. Lease to buy opportunities are becoming popular and some contingent offers for the first time are being reviewed carefully.
 
Your Realtor is now your business consultant who has to bring the knowledge of the area, the local economy, sellers & buyers, pocket opportunities, be aware of special situations, and possess excellent  negotiation skills. The Realtor has to understand the buyer and seller specific profile so time and energy is not being wasted. 
 
But all of this is not enough to get the job done. All of those involved in the Deeming manufacturing quality effort of the 1970’s understand the first step in good decision making is to “bring data”. Bringing data is the first objective of Carolina Realty Group in the low country. Unlike most real estate companies, Carolina Realty Group prides themselves on studying and evaluating the market; this company understands each community and can produce, using data, the comparative marketing data to support pricing decisions. We normally want to be on the same page with our buyers and sellers before the real estate process begins. Decisions can and must be based on facts that are produced in a partnership between the Realtor, the real estate company, and the client. It always produces a win-win situation when data bases are established and agreed upon.
 
Clients lose when their consultant is a “lone wolf” running blind with just a briefcase full of MLS property flyers!
 
My name is George Cobb and I am a Realtor who prides himself on being a consultant who uses the best available tools from a very data based real estate company, Carolina Realty Group. We continue to be successful in a slow market by having the ability to offer the information the market needs. If you have any comments, constructive criticisms, or questions please free to contact me at (843) 338 6424.
 
 
 

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Hilton Head Realtor George Cobb
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