Real Estate Agent Quotes About 2010 and the New Year

This will be the last blog entry for 2010. So it seemed fitting to ask a handful of our real estate agents about the past year and what they envision for 2011.

Kittean Little – Beverly Hills

“I felt 2010 was surprisingly brisk. I represent a lot of high net worth individuals, (entertainment) industry clientele and investors. I noticed a lot of these people were re-entering the marketplace. If we haven’t reached the bottom, we’re pretty close to it. In 2011, if you have money buy a house, because by 2012 and 2013 you’ll look back and wish you had.”

Brian Stevens – Studio City
“2010 was the best year ever. It was off-the-hook”

Scott Sorrentino – Calabasas and Studio City

“2011 will be a far superior year than 2010. Consumer confidence is likely to grow and trickle into the real estate market.”

Bud Mauro – Northridge
“In 2010, as in 2008 & 2009, I think most REALTORS®, were expecting the market to make a come-back; to rebound, even just a little. Something to build up some confidence in the minds of the novice Buyers. It just didn’t happen.

Of course, the seasoned veteran Buyers didn’t have that problem. The “veterans” were buying Short Sales and REO’s with 50% cash down, and in many cases, all cash. Veterans “know a deal” when they see it. The novice Buyer, not understanding the current market and fearful of market stability always seems to want to “low-ball” the Listed Price. By the time they get the message that home has gone to a veteran Buyer.

The Sellers in the 2010 market had adjusted to the current market values. They had a need to sell and respected their REALTORS® opinion of market value. The novice Buyer was not comfortable with values, whatever the price. All in all, the real estate value of average priced homes stayed quite level in 2010. Some showing a slight increase (maybe around 2%), while the higher end properties showed significant price reductions.

The market was haunted all year long by the threat of the foreclosures still to come (Shadow Inventory). That hasn’t happened. Inventory is still low. NOD filings have lessened for the time being. The threat of an over abundance of foreclosed properties is still in the mix. When they will “hit” the market is a mystery.

2011 should be a very interesting year. Buyers should not put off getting into a home. Home prices and Interest rates are just too good to pass up. There may not be another opportunity such as the current market prices for years to come. Think about it. We never saw this downturn coming and we won’t see the turnaround market until it is too late.” 
Ben Salem – Sherman Oaks
“(2010) has been an incredible year for me and my most successful to date. However, those successes do not come by accident. Market shifts have created new challenges for our industry, and with the help of a fantastic team we’ve put a great deal of effort into how we respond to those challenges.”

Carol Otero – Northridge

“2010 was the best move in my 20 years in real estate (She joined Rodeo Realty mid-year from another real estate firm). I doubled my income from the first six months of the year. The support at Rodeo is beyond belief; I have never had more people help me do what I need to do.”
Roger Perry – Beverly Hills
“I’m hopeful for the New Year! People just need to wake up and take advantage of the low interest rates and low asking prices. I plan on working hard in 2011.”