Today’s article by Courtney Stuart is one of the more well-written, non-fear-mongering articles I have seen about the local real estate market. It didn’t hurt that in addition to the commentary by local Realtors, they have realistic commentary by George Overstreet, Associate Dean for Center Development and Research at the University of Virginia.
To those who suspect that agents are just feeding the public a line to keep their own heads above water, George Overstreet, associate dean at UVA’s McIntire School of Commerce and an expert in real estate investment, says that’s not the case.
“People think we’re in some sort of bubble, so they’re on the sidelines,” says Overstreet, “but interest rates are still down, and the demand has shifted back to the left. So prices have dropped.”
The one part for which I may catch some flak:
“There’s a bursting of the agent bubble,” says Duncan, who is on the board of directors of CAAR and is glad to see the competition stiffen. Having real estate agents “who do the job as a hobby,” says Duncan, “detracts from the professionalism.”
It’s true. As I told Courtney – one can’t practice medicine, law, be an auto mechanic part time and do it well. Particularly when clients are dependent on the professionalism, competency and dedication of their representation.