By Gary Mueller from Gary S. Mueller & Associates, LTD
I hope this finds all well.
Those of us who are more experienced in real estate (you may also read that as referring to those of us who are simply older!) have seen vast market swings over the years. We are currently in a strong, “Seller’s” market. I have seen MANY deals where agents did a great job of determining a fair market value for a property only to have multiple offers presented for the residence with purchase prices far in excess of the listing price. In these cases, the deal likely, initially, hinges on the appraisal. Some sellers are even asking buyers to waive the appraisal contingency or to agree, through attorney modification, to pay more than the appraised value for the home, if needed. These ARE NOT normal times. These times harken to the “old days” when issues with appraisals and contract sales prices led to major concerns with market stability. I am concerned we are marching right back into the same or similar conditions and pratfalls as before. In short, be careful out there. If you are working with buyers, make sure you are keeping them fully informed about the market and the climate of deals. Make sure to paper your files to make sure communications with your clients are clear, correct, and concise----and codified!
Your Association continues to work hard on your behalf and on behalf of the real estate industry. Your Association maintains a strong and vocal seat at the table for discussion with the City of Joliet, County, and other governmental entities on all issues that affect real estate. Your Association constantly monitors the Governor’s Executive orders and moratoria. If you have any questions about what is going on or the background information on why certain matters are being discussed, please feel free to reach out to Leadership or members of the various committees that are actively contributing to the resolution of outstanding matters.
The Code of Conduct Task Force is nearing completion of its project, a Code of Conduct for Affiliate members. Your Association will be sharing the fruits of the efforts of the Task Force once the final project is approved. Please stay tuned.
Keep working hard. Keeping massaging your business plan. Keep pushing. Maintain relevance to your clients and to the industry. There is a reason REALTORS ® were deemed essential workers during the pandemic. Please continue shining brightly for all! You rock. Thank you for allowing our office to work with you.