By Kay Wilson-Bolton
May 30, 2003
There is a fair amount of chaos in today’s real estate business and it is unhealthy. It is prompted by frenzied buying and selling, fueled by low interest rates and fear that the shortage of homes will created that “out of stock” condition all of us fear.
The market temperature is also causing other problems. The channels of service providers are clogged and the predictable levels of good services are being challenged. Meeting the scheduled closing dates is more difficult. Everything and everyone is thrown off schedule, down to the transfer of utilities and the reading of meters.
The lines of protocol have become blurred and some service providers have forgotten their manners. The search is on for someone to blame for a low appraisal, a missed closing date, and a missed time frame approval.
There are fewer courtesies being paid to a fellow REALTOR® who has a previous relationship with a client and intervention in that relationship is all too common.
This is an odd circumstance because it times of prosperity, it should be easier to be kind with the idea that honor still has value.
One can only wonder if the numbers of new people into the business are causing the chaos. We all know that some companies are better supervisors of new people than others. I’ve yet to meet a new real estate agent who didn’t want to do it right the first time, so don’t be discouraged about dealing with a new agent–just be sure you have someone who knows who to call with a question.
The chaos is exacerbated by the problems appraisers are having in the meeting new sale price based on the last few sales. While they are receiving a fair share of the blame for lost sales and delayed escrows, their job is likely the toughest. They are expected to go with the flow, yet they have to justify to a court of law, if necessary, the method by which they obtained the value for a property.
The state of our economy is tricky and so is our future. We have yet to see the price we will soon pay for what we think we are entitled to receive and for wanting it now.
Kay Wilson-Bolton is the owner and broker of CENTURY 21 Buena Vista and CENTURY 21 Ojai Valley. She brings a regional perspective to local issues. She can be reached at 340.5025.