STRATEGIC THINKING

The housing downturn has prompted many Realtors to alter their business and marketing plans, says "Five Minutes to a Great Real Estate Meeting" author and real estate agent John Mayfield. Property professionals say it is difficult to get sellers to understand that it is a buyer's market, as evidenced by the number of homes sitting unsold for longer periods of time while sellers wait for a buyer willing to pay their optimistic asking prices. They also note that buyers are hesitant to enter the market, even though mortgage rates are much lower than the 18 percent recorded in the early 1980s. In such an environment, the National Association of Realtors is encouraging members to highlight the benefits of homes as long-term assets.

Source: Reuters (11/16/07) Christie, Jim
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