“You are going to be fine. It’s only real estate, after all. You know, work only on weekends, plant a “For Sale” sign in the front lawn on Friday, rest and relax, look at offers on Monday”. Armed with such faith entrusted in me (!) I plunged into “only real estate after all” in 2001. Little did I know how it would change my life! The busy-crazy market we encountered meant 70-hour work weeks, ever-changing environment, endless steep learning curve, competition, negotiation, footwork, explanation, re-negotiation, and savvy clients with sparkles in their eyes for what could be.

Loved it. Every minute of it. Truth be said, some days more than others.

Follow up:

Fast forward eight years later, the excitement is still alive. And I believe there are tremendous opportunities to be had, if you do the right things. After the feast, the real estate market is purging. For home buyers and sellers the new motto is “Back to Basics”.

1/ Be prepared: buyers, you must be able to afford your purchase. What a concept! Sellers, this is good news: time to sell to motivated and able candidates, and start hunting the next good buy. Excellent news with interest rates at historic lows (about 1% less than 2008, for some,) government help ($8,000!) to first-time buyers and solid loans.

2/ Look closer: home values have actually increased. The unique combination of our area qualities is unchanged: excellent weather, large cultural mix, quality of life, easy access to major cities, high public education level available. The market is now extremely local (think neighborhoods, blocks, street levels.) Expertly picking out value plays in this context will result in a higher return on your investment.

3/ Be smart(er): study the market from reliable sources (the lady in front of you at the cashier does not count,) be realistic, follow properties from listing to sales, actually go out and see homes. After all, this is your taste and opinion.

4/ Be patient but don’t wait for Godot either, aka the market hitting rock bottom. When you think this is happening it is already too late. Guess who else is now trying to purchase and sell quickly: everybody! Today’s winners identify the right property and negotiate the right price and terms now.

5/ Be organized: you are probably busy having a life beside real estate. Equip yourself with the right tools and the right team. With new products and new rules, the process has evolved. Experience and knowledge are particularly critical to your transaction success. Remember, house hunting and selling is fun, it’s exciting! Leave the transaction management to professionals.

6/ If you are still reading this, chances are you want to know more or talk about your personal situation. Call or email me. It’s only real estate, after all.

By Violaine Mraihi, Coldwell Banker