- All of the above
Go ahead, think about it and then register your vote in the comments below. But do come back when you’re done.
Trust me, I’m well aware of the tone here recently. To be perfectly blunt, I have a fairly low tolerance for inanity and the online real estate space has been filled with such things for the past month. To whit:
- Those of us trying to sell homes in a market with no inventory of which to speak are being told there are millions of homes waiting on someone’s desk
- Zillow and Trulia are on hiring sprees, handing cash to names both large and small (at least in terms of impact) in the real estate world.
- The boiler rooms at Zillow, Trulia and Realtor.Com are working overtime, trying to separate agents from the cash in their wallets with such brilliant efforts to overcome objections such as “don’t you want your business to grow?” (Hint, kids: if you’re going to work in a boiler room, rent Boiler Room and learn how to sell.)
- Comparable sales mean next to nothing in the Phoenix market right now, not when there are cash offers to be had.
- Did I mention there is no inventory?
For all intents and purposes, we’re back in 2005 – just without the phony loans. Homes that come on the market in the morning are off the market by the following evening. We sit with 8,650 homes on the market and 15,891 under contract. Those halcyon days where a buyer could look at a home, think on the decision for more than about 20 seconds, look over some comps and then write an offer are gone for the moment. Now it’s like crab fishing – throw in the pot, hope there’s a keeper when you pull it back up. (How did you guess the new season of Deadliest Catch started?)
What buyers and sellers need now more than ever is an experienced agent who will guide them through this morass – not someone who will tell them what they want to hear, but someone who will tell them what they need to know. Unfortunately, many people seem to prefer the former to the latter.
Frustrated, concerned, shrill … I’ll own up to all of them right now, folks. We’re in turbulent seas and no relief appears to be in sight.