Silicon Valley Realtors are upbeat about next year's housing market. One Realtor in particular is optimistic about 2020 and beyond. She has witnessed four real estate cycles of ups and downs and is undaunted by fears that the market will tank soon.
"It's very likely that the market could slow down sometime, but right now things are looking good for buyers, as well as sellers," says Phyllis Carmichael, Silicon Valley Association of Realtors' 2018 Realtor of the Year.
A 40-year veteran of real estate, Carmichael received the prestigious award at the local trade association's installation gala in January of this year. The award is well deserved as Carmichael is one of the most respected Realtors in the industry.
Carmichael is a broker associate with Coldwell Banker Residential Brokerage in Los Altos. Through over four decades Carmichael has served SILVAR in many different roles. As director, president and treasurer, and director at the California Association of Realtors. She has shared her expertise with the association and its members on issues ranging from political to governance to financial. Her ability to build consensus while pursuing the bold path forward is a hallmark of her decades of service, according to her peers.
Carmichael sees the current market as a tie between a buyer and seller market. "It's tilted a bit toward the buyer because home prices have gone down slightly. It's a good time to get out and buy."
With inventory low, sellers have a good chance of selling their homes if they price their home right. "There are still multiple offers on homes that are priced correctly," remarked Carmichael.
There are two reasons why after all these years Carmichael, a former public health nurse, has enjoyed real estate and continues to be engaged in the business. "Real estate is a fulfilling, fun business. I love working with buyers and sellers and value my relationship with them. Like nursing, it's a nurturing kind of job, taking care of people, many of whom are making the biggest investment of their lives," said Carmichael.
Carmichael added she also enjoys immensely working with SILVAR's board of directors and other agents. "It has been a joy working with CEO Paul Cardus. Our whole philosophy as a board is to be a kinder, nicer board; to be firm, but not be vindictive toward agents who disobey tour policy rules."
It is the same philosophy she shares with other agents. "I learned a long time ago to be kind to other agents and always be thoughtful and complimentary," said Carmichael.
Carmichael urges other agents to get more involved in organized real estate. A Director Emeritus for the National Association of Realtors and California Association of Realtors Director for Life, Carmichael said when she joined Legislative Day, she was hooked. "I have been going ever since. You will learn a lot that would benefit you and your clients."
Legislative Day is when over 2,000 Realtors from across the state gather in Sacramento and meet with their Assembly Members and State Senators to discuss homeownership, private property rights, and other issues affecting the business of real estate.
As for what's ahead for this market, Carmichael tells agents, "The economy is strong, companies like Apple and Google are still hiring, they are building housing, but the need for housing is so strong because of the lack of building for so many years. There may be a pullback in prices, but we're in Silicon Valley, and I believe prices will always stay at a high level. You can't go wrong buying a home 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.
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