Before we get into the numbers of the market this week, it’s time for me to confess something.
I’ve often struggled with getting across to people how important it is that a Realtor understand what is happening in the local real estate market. They have to understand not only the ‘what’, but also the ‘why’ of the market. And I don’t think many Realtors understand both components. At least, not the ones I talk to (unless they come to this blog to get the information).
A friend of mine from Michigan put it into perspective for me, and I’ll relay the messages he sent me.
“I view the job of the REALTOR as being the captain of a sail boat. You always need to be looking at what is going on around you and have an understanding of why the winds are blowing the way they are and if they are going to change. If you know these things, regardless of what happens, you will be able to get your client to their destination if they can stand the ride. If you do not know what is happening, or why, or what is coming down the pike, you are as informed as the passengers you have taken on board, and therefore offer no value added reason to do business with you or even listen to what you have to say.
I know I don’t articulate it as well as I would like, but I can see it and feel it.”
His further explanation was . . .
“Up until now we all came to think of things as if we were in a powerboat world, set course, fill ‘er up with fuel and fuel speed ahead. In reality though, it is a sailboat world as the winds of change have clearly demonstrated over the last eighteen months or so. Consequently, that old marketing plan that went step one, step two, step, three etc., doesn’t work any more.
What is needed is someone who understands that the best boat, the best crew and the best plans all go out the window as soon as you get outside the breakwater. They must be monitoring what is happening all the time and they must be able to communicate it to the client because waiting too long to make a course correction can be painful.”
Bob’s message to me gave me the clarity I’ve been searching for when it comes to expressing my thoughts on the real estate market and Realtors in general. Regular readers will know that I question much about the practise of real estate in today’s world, given the relative ease of getting a license and the nature of the administration of the business. The last 7 years of ‘easy’ real estate have attracted so many hundreds of people into this business, and I don’t believe they belong here. Not because they are not good people, but because they don’t know enough, and they don’t go looking for the training to get what they don’t know they need.
You’ll see that the average days to sell a house now is less than 20; it was 127 back when I got my license, and it went up as high as 180 days. The marketing and mental tools needed to manage sellers, buyers, sales, and listings are not learned in school, and they’re not learned when houses sell in less than 20 days. Those skills are learned over years in the business, going through all different kinds of markets.
My mum is a gem in this business – 36 years helping people buy and sell real estate, through the 22% interest rates and the days of driving to Ottawa in the middle of the night to get an offer signed because fax machines hadn’t been invented yet. And all those years of experience through every kind of real estate market you can imagine. Those are the skills of a sailboat captain. The real estate schools are turning out powerboat pilots, and that’s not what you, the consumer of our services, deserve.
Anyway, enough of that, let’s get on with the numbers of milton ontario real estate this week . . .
Here’s the Total Market Overview:
The important column in the table above is the Pending Ratio – it relates the percentage of available inventory in that price range that sold. So, the closer the number gets to 1.0, the better the market is for sellers. Take a look at the numbers in the lower price ranges – we are desperately short of inventory. Who do you know that is thinking of selling their house in those price ranges? Please call me and let me know how I can help them best.
Here’s the Annual Weekly Summary:
Inventory down by 16%; sales up by 33%. I doubt there’s a real estate boom coming.
Here’s the Absorption Rate update:
and the Annual Summary in graphical format:
It’s an amazing time to sell your Milton Ontario home – call this sailboat captain to help you get to your next safe harbour!
