Commentary by Steve Morris
RISMEDIA, Oct. 29, 2008-There are those who make things happen, those who watch what is about to happen and the rest who wonder what happened. Some people instinctively know what to do next in order to progress and succeed, and yet the high majority has to be shown the way. The former are the leaders and the latter are the followers. Which one are you?
If timing is everything and being prepared is paramount, is now the right time for you to be readying yourself for an upward turn in the market? Let’s explore the patterns of the real estate market right back to the 1980’s.
Starting in 1985: we experienced the highest-rising, longest-lasting positive market in real estate, which lasted about six and a half years. This was then followed by a severe recession in the 90’s, lasting about the same period of time.
From 1999: the market climbed positively again for seven solid years, rising to even greater heights, which then took a nose-dive, triggered by the sub-prime mortgage debacle in the spring of 2006.
Presidential Election: On November 4th, 2008, we will witness a Presidential Election in which will result in the new leader taking official office on January 21, 2009. Then the first 100 days in office will be assessed seriously at all levels of media.
Market flow: From now until then there will still be a tendency for the final stages of a downward trend. Once this is all complete however, “the bottom of the market” will be declared at all media outlets. At that point everyone will begin to look up. Then, slowly but surely, recovery will begin to transpire. Real estate markets usually fall fast and rise relatively slowly, certainly in the beginning. Then given about a three-year stretch, things would have returned to where they had been.
Result: What you would have witnessed is seven years up and seven years down.
It is imperative that those real estate professionals who have come through this challenging market be fully prepared to take advantage of the upward shift. Sharpen your skills, position yourself with the right organization and align your systems and services. You will be the leaders. Timing is everything.
Steve Morris is CEO & Founder, EXIT Realty Corp. International
For more information, visit www.exitrealty.com.