Real Estate Articles
Silicon Valley's REALTOR® of the Year Says 2009 Twice More Challenging than 2008, but Better Times Are Ahead
When Jeff Barnett was presented the 2008 REALTOR® of the Year award at the beginning of this year, the real estate community had just concluded a very challenging year.
"2009 has been twice as challenging as 2008. It's been a very interesting year," Barnett surmised, chuckling.
This year has been so bleak for real estate that even Barnett, a self-proclaimed optimist, admits "it was very hard to even find bright spots the first six months." The market was flooded with short sales, foreclosures and REOs, with a number of Santa Clara County neighborhoods especially hard hit; more jobs were lost; and sales slowed to a snail's pace.
Then things changed. Sales began to pick up, thanks to the federal government's first-time home buyer tax credit, the extension of the higher conforming loan limit of $729,750 for high-cost areas, and lately, the extension of the home buyer tax credit through April of 2010 and expansion of the tax credit to include repeat buyers.
"We are ending the year very well and looking forward to a very positive 2010," according Barnett, who is vice president/regional manager of Alain Pinel Realtors in Los Gatos and recently named one of the company's four managing directors.
How does he get through the tough times when just about everything is down? "I always try to look for the good things that are happening," Barnett answers. "I hold on to every notch of positive information out there."
The worst is behind us, but recovery will be slow. There will continue to be short sales and REOs next year, Barnett is certain houses will sell, especially in the Valley. We continue to have the best interest rates we've had in years, he says. He also points to the unique assets of Silicon Valley.
"We're lucky we live here," he exclaims. "There will always be a demand for homes in Silicon Valley because of its intellectual content, being the technology hub of the world. It's a tourist area. We have a limited supply of land."
For the economy to get better there is no question the unemployment rate has to improve and lenders need to loosen lending guidelines. But for now, "It is a good time for buyers; the best time in a decade for first-time home buyers. We are seeing sellers becoming more realistic of prices in the high-end market," Barnett says.
The Silicon Valley Association of REALTORS®' REALTOR® of the Year award is given to members who continually demonstrate skills, competency, knowledge and service to the public, client and the association. If all of these qualities were to be illustrated by one image, Barnett would be it. He has contributed his time and talents to the association and has been an example to fellow REALTORS® by his leadership, principles and contributions.
Barnett is very active in the real estate community, as past president of the local trade association, and currently California director of the National Association of REALTORS®, state director for the California Association of REALTORS®, vice chair of the MLSListings Inc. Board of Directors and board director of the National Association of REALTORS® Credit Union. He counts 15 years of managing his personnel and seeing his Los Gatos office as the number one office in the five-county MLS (Multiple Listings Service) area for the past 10 years as his best experiences in real estate. He mentors nearly 200 sales professionals and values the REALTOR® trademark. The difference between a REALTOR® and a real estate agent is "night and day," as the former abides by a Code of Ethics, has the training, expertise, professionalism in the business and continually advocates for homeownership and private property rights. Of 550,000 agents in the state of California, only 162,000 are REALTORS®.
Asked about the worst part of his work? "Flying 60,000 miles this year for work with the state and national REALTOR® groups," Barnett groans.
Yet, he'd do it again in a heart beat!
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 email or call the SILVAR office at (408) 200-0100.