Don Kanare - Realtor / E-Pro -
Your Incline Village NV Real Estate Agent -
www.InsideIncline.com
Lakeshore Realty - 954 Lakeshore Blvd. - Incline Village, NV 89451 -
775-831-7000 / 775-831-6777 (fax)
UNMOTIVATED SELLERS VS. MOTIVATED AGENTS
The Incline Village real estate market is characterized by discretionary purchases unlike most markets in the U.S. where buyers actually have jobs in the local area and purchase property as their primary residences. We are a high end resort market and people buy and sell here because they want to not because they have to. We don't get very many people buying here each year due to job relocations, school enrollment preferences and all the other reasons folks buy in a typical residential community. Our buyers purchase property in Incline Village because they love the place. Most buyers want to take vacations in Incline or move here to become NV residents and escape CA taxation which has grown to extortionist levels.
In 2006 and 2007, Incline Village real estate sales in units are down approximately 50% from 2005, but prices for most of our 12 market sectors are in a plateau or rising. Only the low end condos and lower priced / high elevation homes are in a price downtrend.
So, the question becomes, with only about 270 sales projected to take place by the end of 2007 and between 250 and 350 agents working this market at any time, who is more motivated to do a deal, the sellers or their agents? There are so many agents who have sold less than 3 properties in the past 2 years that literally over 200 agents in our market are now getting desperate. We are seeing Incline Village real estate agents put their homes on the market because they can't afford their mortgage payment.
With most sellers able to ride out the current malaise, but most agents needing to increase their income somewhere near what they earned from 2000 to 2005, it looks like a lot of agents are more motivated than the sellers they represent. This can create a huge conflict of interest.
The responsibility of a listing agent is to get the best price and terms possible for the listing. But, an agent who is struggling may abandon that important ethical commitment in a desperate attempt to get a deal into escrow. If you're a seller, it's imperative that you work with a successful agent in this market, not one of the struggling marginal types.
I've closed 10 transactions already this year, that makes me one of only 6 agents in 2007 to have hit double digits as of October 1, 2007. Having earned more in 2007 than in any other year, my goal is to negotiate the best terms for all of my clients and to walk away from any deal that is not in the best interests of my buyers and sellers. Not many Incline Village real estate agents can make that claim, but the last thing I want is an unhappy client.
At the present time, I'm scouring the Incline Village real estate market to find properties for my buyers where both the seller is motivated and the agent is motivated. That gives my buyer the best chance for picking up properties at or below fair market value. Some sellers bought so long ago, they just want to make a nice profit, not a killing. Those are the gems that provide the best values for buyers in late 2007.
Now is not the time to list your property with a second tier agent in Incline Village. So many agents have cut back on marketing and advertising expenses that only the top tier agents have the resources and energy to market your property successfully. And if you're a buyer, stay away from the marginal agent who is just trying to shove you into whatever they think you're willing to write an offer on. In a couple of years they may not be around to answer the question as to why they jammed you into something you were hesitant to purchase.
In the past 4 years I have recommended numerous times to my buyers to not write offers on properties that are in my opinion grossly overpriced and where the seller is not willing to budge to a realistic number. I prefer that my buyers wait and get the property of their choice at the best price. The numbers are so big for Incline Village real estate that I make a good living. I don't need to act in desperation, I'm here to do a good job for you.
Don Kanare - Realtor / E-Pro -
Your Incline Village, NV Real Estate Agent -
www.InsideIncline.com
Lakeshore Realty - 954 Lakeshore Blvd. - Incline Village, NV 89451 -
775-831-7000 / 775-831-6777 (fax)