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SILVAR REALTOR(R) of the Year reflects on 2010, what to expect for 2011 Wednesday, December 22, 2010
David Barca, Silicon Valley Association of REALTORS® 2009 REALTOR® of the Year, has served as Keller Williams general manager for the San Francisco Peninsula and is now operating principal, having expanded into Menlo Park, with a new Keller Williams office. Past president Julia Truesdale Keady (far right), a REALTOR® with Alain Pinel Realtors in Palo Alto, presented Barca the special pin and award at the REALTOR® installation ceremony early this year. Also pictured here is Barca’s wife, Elyse, who is also a REALTOR® with Keller Williams Realty. David Barca, who was named Silicon Valley Association of REALTORS® 2009 REALTOR® of the Year early this year, can see buyers and sellers take advantage of this market if they place their trust in an experienced and knowledgeable REALTOR®. A manager of the Keller Williams Realty office in Menlo Park, Barca sees 2010 having had a very mixed bag for sales. “The year started off in a big hole from an inventory standpoint, down 34 percent over the previous year,” Barca says. “However, slight glimmers of hope prevailed - our inventories have grown 11 percent over the course of the year and sales by 24 percent. Even median price is up nearly 11 percent this year.” According to Barca, all that sounds great until you realize that buyers are still complaining of lack of choices in their home searches, and that some portion of the appreciation in closed median prices is from a reduction in distressed property sales. “Couple this with my personal observation that REALTORS® had a very tough year in 2010. Some did very well, but many had the worst years of their career. Even those who were fortunate enough to have transactions found lenders who didn't seem very cooperative, and earlier in the year, appraisers who appeared to lose their touch in appraising properties at value, even in multiple offer situations. So, I believe we are in the middle of a recovery, but it's not over yet,” says Barca. Barca adds, “Times will continue to be difficult, but if lenders and appraisers and distressed properties become even slightly more accommodating, I see 2011 ticking up a bit. A boost to that will be if inventories also pick up.” How well the housing market performs in 2011 will also have a lot to do with what happens to capital gains; the mortgage interest deduction; the lending industry from a regulatory standpoint, including the fate of Fannie Mae and Freddie Mac; and, of course, interest rates and jobs. “People don't buy homes who aren't working. We all need to hope the jobs picture begins to turn around and I don't have a magic ball for that,” Barca remarks. Barca urges buyers who can to take advantage of the market. “It is indeed the perfect time to buy. Things may change for the better, but my sense is buyer leverage is the best it will ever be. Make sure your lender situation is solid and your REALTOR® is savvy when it comes to negotiating and closing the transaction. Ask your REALTOR® for refined data and, in particular, how the data applies to the specific area and home(s) of interest,” advises Barca. Barca’s advice to sellers is, “Price the home to sell and make it as marketable as possible. Trust your REALTOR® when they say you need to paint or update your kitchen or bath. These are things that not only add value to your home, but dramatically improve your chances to sell your property in a timely fashion. One key message is to ask yourself what it will take to sell your property for the most money in the least amount of time. Let the REALTOR® help you here.” The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley. The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics. Variations of this article have appeared in local area newspapers. For further information, please contact Rose Meily at SILVAR Public Affairs, e-mail , or phone (408) 200-0109. |
