Realtors Embrace Market Shifts

Q&A talks about the housing market with , president and CEO of the Greater Hartford Association of Realtors.

Q: How is the real estate profession faring? Have a lot of folks left the industry because of less home sales?

A: Any significant market adjustment brings change and new challenges to the profession. Realtors, being resourceful entrepreneurs and accustomed to a dynamic profession, have adapted to the new market realities. Our membership at The Greater Hartford Association of Realtors has remained strong throughout the housing downturn; however, there is always some loss of members with a drop off in sales.

Q: What segment of the market is strongest now? Is it over-55 housing? Single-family homes? The condo market?

A: We’ve seen single-family home sales increase by more than 20 percent for the past two months when compared to this time last year. The condo market has also had a strong spring with closed sales up more than 35 percent. It’s simply a great time to buy with mortgage rates at all-time lows and the $8,000 housing tax credit, which just sunset on April 30.

Q: What’s the forecast for home sales now that the tax credit has expired? Will a slowly improving economy make up the difference?

A: It’s difficult to predict what will happen in the months immediately following the expiration of the tax credit. The large jump in sales probably will not continue, but real estate activity in the summer months is always the strongest sales season. If our economy continues to improve during the second half of the year, and into 2011, home sales, and prices, will likely remain stable in 2011.

Q: Are there certain parts of Greater Hartford that have done better than others recently? If so, why?

A: Our 57-town housing market in Greater Hartford has tremendous diversity. There are areas that may have more activity for buyers looking to increase their living area and yet, there are neighborhoods more suited to the first-time homebuyer. Currently, homes in the price range of $200,000 to $249,999 have seen the bulk of the sales activity.

Q: What are some challenges facing your industry in specific? What do Realtors face in terms of career hurdles in the coming months?

A: The tax credit was a huge benefit to the housing market. But now that it has ended, our membership will need to be more creative in finding buyers and sellers. According to the National Association of Realtors, 90 percent of homebuyers are using the Internet to begin the process of finding a home. We are encouraging our members to add the Internet and social media to their list of networking skills by providing events and classes that educate and guide our members in using these powerful tools.

Q: Obviously the Internet changed the way people shop for homes and mortgages. Do you foresee any other changes on the horizon that will impact how consumers purchase homes?

A: Realtors won’t just find potential buyers and sellers on the soccer field, in grocery stores or through traditional advertising anymore. The Internet as a networking tool is a relatively new phenomenon and one that will take some creative trial and error to see what works and what doesn’t. Technology as a whole has been and will continue to be the driving force of change in the way Realtors do business as well as how the consumer uses it to achieve their dream of homeownership.