2007 has been successfully put to bed and in the Real Estate world 2008 is still bloated and sluggish. Locally 312 listings expired (meaning they did not sell during the contract period). It still leaves us with over 2400 listings on the market. That is double what inventory levels were on average from 2000-2005. Land listings are even more out of whack with over 3500 lots or parcels for sale in the area.

 What does all this mean for you?

Well, it depends on who you are.

Flipper aka short term investor

If you got in on the buy and flip mania that ended in 2005 and look at real estate as a liquid asset then you are done. Your day has past. That includes those who were third party investors and those living in the home but looking to unload in 2 years with a 100% profit.

Homeowner

You bought your house because you needed a place to live; you liked the area and neighborhood. You are going to do okay even if you bought in ’05, if you are able to stay in your house for a few more years. If you bought 5 or more years ago and need to sell stop trying to make a killing and just make a decent profit. Once your house is sold you are going to have a great choice in your next purchase.

First time buyer

You are holding all the cards. If you have good credit and stable income with some money down you can find  great deals to get you into a home that was beyond your ability just 2 years ago.

Wealth building long term investor

You have hit the jackpot. There are and will continue to be great opportunities to actually purchase properties with positive cash flow and long term growth potential. This is the time that the rich get richer and the simple facts are that real long term wealth is achieved through real estate holdings.

So not only are the markets local but the reasons for buying are personal. Real Estate is a buy and hold investment opportunity that will bring wealth to those who can play the game. Just as with any investment strategy you have to understand your tolerance for risk and ability to ride through blips in market conditions. Then you can decide what category you fall into. One thing is for sure if you are serious about passive income and building long term wealth real estate should be part of your plan.

Vicki Brannock is a Realtor in Prescott Arizona.
email: Vicki@Prescott-RE.com

Well it has begun in earnest. The seller/investor/developer…you name it has begun blaming the listing agent for their dilemma. My team associate was informed today by a long term partner whom he had made a heap of money over the last few years that he was giving the commercial listing that he had worked for over a year and a half to another agent. Never mind that he had, at the first sign of the slow down, worked creatively to split and sell pieces of this property and marketed it with the same urgency as if it was his own. Another agent not affiliated with our team but representing a neighboring subdivision from ours was fired and replaced. I could go on with several other examples but if you are an agent you have your own stories. I happen to know that each of the examples cited were wrongly dismissed. These agents had poured considerable time, effort and money into these projects and felt that they would be treated with professional courtesy and respect. Unless you have been living under a rock for the past year you certainly know what is happening in real estate. No one saw the extent of this problem and we still don't know what is going to happen. But what is an agent to do when the seller is ready to shoot the messenger. I have tried to reason with my clients regarding the realistic price and the length of time selling their asset is going to take in this current market. Some listen and some don't. I am spending about 30% of my expected commission up front on marketing.

This turn of events gives me pause. My philosophy has been that I am a partner with my clients. I don't sugarcoat and continually feed them facts. It is important now more than ever to establish ourselves as not some interchangeable entity that can be discarded without cost but as a professional partner who has as much at stake as any other partner. Maybe it is our own fault in how we have presented ourselves in the past but that time is gone and we have to reinvent our image or we will be nothing but a car salesman on a generic lot, interchangeable and not important in the scheme of things. We will become obsolete.

Vicki Brannock is a Real Estate agent in Prescott Arizona. You can email me at Vicki@Prescott-re.com

• Make sure that most everything is off your counter tops. Pay special attention to clutter like letters, keys and dishes. Try to put small appliances out of sight for the shots.
• Look at bathrooms and remove makeup, toothbrushes etc. from countertops.
• Try to hide cords as much as possible. You can even temporarily unplug some things if cords are too visible.
• Make sure all children’s toys are put out of sight.
• Put your pet bowls away

• Remove ANY debris from around the house. Put all toys and bicycles out of sight.
• Wash your entryway, patio etc.
• Remove any dead plants (not dormant).
• Stage your patio furniture, how you use your living space does not necessarily translate well in a photo.
• Try to look at everything as if through a camera lens, you may even want to have a friend come over and take a look.