A market in Transition

Some Realtors should find a new profession – so says the Minnesota Association of Realtors (thanks, Inman). So far this year, in the Charlottesville Area Association of Realtors, (most of the top 10 agents are either new construction or condo conversion agents) as of today, 382 agents have had at least 5 “sides” and 201 have had at least 10 (out of ~1300 Realtors). In the Charlottesville regional market, to make a living, I think that one has to have at least 15 sides to make a living.

This is going to be a constant theme for the next six to eighteen months. Think, for instance, about this – in a conversation today with another experienced (~7 years) agent, she said “I still don’t know what it means to be in a Buyers’ Market.” She’s a great agent, and like me, neither of us have known first hand anything other than a strong Sellers’ market. I pull from my parents’ (both Realtors) and other “seasoned” agents, but even that peripheral knowledge cannot replace living and working through the ups and downs. We shall see …

Note: Here’s Greg’s take on this letter.

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