The Beverly Hills Real Estate blog www.patandmelody.com
Tuesday and a storm is heading our way. Rain coming in the next 24 hours, that is; if the forecasters are correct. Rain is good for the Southland. Cooler today as the storm approaches from the north. Yesterday we were talking to a friend in San Francisco where it was pouring!
Our real estate business continues to plug along despite the negative news slant. We're grateful for that. One of the reasons why we're doing well is we participate in a coaching program that affords us quality insight into today' market. Yesterday's coaching e-mail included this reminder:
Here is reality. These are the most recent sales numbers for the Westside real estate market. I am sure the sales numbers for your market are not too different.
Feb 2007: Ave median sales price $1,060,000 - 335 closings
Feb 2008: Ave median sales price $1,100,000 - 225 closings
Feb 2009: Ave median sales price $ 904,000 - 155 closings
What this means.....
If you are doing the same thing you did 2 years ago....... your business is going to be down approximately 70%.
Pretty harsh but truthful news. This information is a useful tool in directing us to take alternative steps to stay in front of the business curve for real estate. Our goal is to be in the best position knowledge-wise to serve you. Thanks to Steve Shull's 100 Day Challenge program for guiding us through challenging times!
From Wall Street:
U.S. stocks on the rise today as investors bet U.S Treasury Secretary Timothy Geithner will shed light on plans to shore up the financial system one day after Wall Street slumped to a 12-year low. Additionally, investors are also looking to congressional testimony on the economy by Federal Reserve Chairman Ben Bernanke for direction. Why is it that I have little or no faith in these people? It must be working! The market is up: 0.01% at 7:26 this morning. Maybe investors are a little skittish too! We shall see.
One thing is for sure... Today is another day, a beautiful one at that, so make it a great one. We shall see you tomorrow!