September 2012 REBGV Stats Mike Stewart Realtor

[jesse1]

The last sale sets market value

Haha this one always cracks me up. Kibitzing neighbours feeling poorer and richer because of what two other parties who may have no semblance of reality are doing. Price is a very bad indicator in less-liquid markets.

[semven]

Haha this one always cracks me up. Kibitzing neighbours feeling poorer and richer because of what two other parties who may have no semblance of reality are doing. [Price is a very bad indicator in less-liquid markets

You heard it here first.

Jesse I think that you are agreeing with Seth.

[jesse1]

I think that you are agreeing with Seth

I had to think about that. Problem is I can never tell when Seth is being sarcastic. Which I consider an enviable quality, BTW.

[semven]

I think that you are agreeing with Seth

I had to think about that. Problem is I can never tell when Seth is being sarcastic. Which I consider an enviable quality, BTW.

Sarcasm is wasted on me ..If I notice it, I dont acknowledge it. If I dont notice it...well, you know

[MikeStewartRealtor]

And here's the Video!

[timber2012]

And here's the Video!

Wow - yawn. Could this guy be any more boring?

[timber2012]

Which way do you see that playing out? Sellers lowering prices or buyers accepting the prices being asked? Or a little of both?

I find in my experience that when the market is changing (up or down, but is more pronounced in a softening market), the perceptions of value of properties diverge between buyers and sellers for a set period of time.

Out of curiousity, how much experience do you have. Your website says that you have been a medallion member since 2007. How long have you been working in the RE industry?

[vanpro]

Which way do you see that playing out? Sellers lowering prices or buyers accepting the prices being asked? Or a little of both?

I find in my experience that when the market is changing (up or down, but is more pronounced in a softening market), the perceptions of value of properties diverge between buyers and sellers for a set period of time.

Out of curiousity, how much experience do you have. Your website says that you have been a medallion member since 2007. How long have you been working in the RE industry?

Good point timber: unless you have worked in the industry during the mid 1990's and/or early 1980's, you have only the experience of a boom market (except of course the 2008 short but significant downturn).

[timber2012]

It's like a stock broker starting in the dotcom boom...making good money and not considering that there is any other reality out there.

The comment that got me is that from Mike's experience, the lulls are short lived and the market rebounds quickly.

[vanpro]

It's like a stock broker starting in the dotcom boom...making good money and not considering that there is any other reality out there.

The comment that got me is that from Mike's experience, the lulls are short lived and the market rebounds quickly.

Yup: that describes 2003 to 2011 perfectly (2012 "lull" / downturn is yet to be played out).

[MikeStewartRealtor]

I started in May 2005.

[timber2012]

Medallion club in 2 years - impressive.

[vanpro]

I started in May 2005.

Right, so basically your entire experience in this industry has been during the biggest hyper-boom real estate market, ever (except for approx. 6 months between fall, 2008 to spring 2009).

If you don't know what the early 1980's or mid 1990's downturns felt like and lived through them, you have much more interesting times to look forward to in your future experience.....

[eyesthebye]

"vanpro"

Right, so basically your entire experience in this industry has been during the biggest hyper-boom real estate market, ever (except for approx. 6 months between fall, 2008 to spring 2009).

also except the past six months. So in the past 4 years we've had two corrections that total 1/4 of the time.
Come to think of it...it hasn't been all boom since Mike entered the profession, has it?

[timber2012]

Is this a correction?

And there is something in the middle between boom and correction called balanced. Or, in other words, normal. The past four years has witnessed either boom, correction, followed by massive boom. The problem with that is somehow "boom" has become the new normal. Its not. Even if we head for 7 years (entirely possible - happened before after a run up) of flat market with little product moving, this will seem like a disaster for those who only know of 10% per year returns.

Even Mike has said he's only witnessed "short lived" corrections or lulls. To him, this massive run up in volume and price is "normal".