President's Perspective

The central Ohio real estate industry slow? Compared to what?!

Brad Bennett
President

REALTORS® are asked this question many times each week, and give a myriad range of answers. The statistics show that the market is a touch lower in number of properties sold and average sold price. But, wait, compared to what?

Yes, compared to 2006 year to date, that is true. The number of houses sold is down 5% and the average sale price is down a whopping?' 1%. But compared to 2004, only 3 years ago, we have sold the same number of houses and the average sale price is up nearly 3%. So guess what my answer is, when asked "How is the real estate market?"

Thanks to all of you who responded to last month's In Contract article about our role in trying to sway our local media to paint the true picture of the state of the market in Central Ohio. We have a choice to either paint the doom and gloom, or paint the true picture that Central Ohio is one of the major metro markets "with the least risk of price decline by 2009". (reference The Standard and Poors' Case-Shiller Home Price Index reported in late June 2007).

In my 35 years, I've always noted a trend that our summertime market slowed in July and August. We have some climate impact. Just as a harsh winter slows buyers coming into the market, a hot summer slows the market, as well. As general interest in the housing market wanes a bit toward the end of summer, many of us take some well deserved vacation time, ready the household for the upcoming school year, etc. Once school is back in session, and households return to a more normal routine, we see perk in the activity.

So, there you have my reaction to the question. I think this is a very opportune time to ready ourselves for that perk in activity.

The summer is not slow at the board. In recent weeks our members (and staff) have participated in:

• Introducing our new Pinpoint MLS mapping system that allows us to search areas by drawing a geometric shape around the locations desired. Lots of new data is also generated with this system!
• MLS Chair Laura Case and the entire committee are analyzing a new Tempo 5 MLS system that will replace our current Tempo 3 system in the 1st quarter of 2008. It is an awesome MLS system.
• Our Affiliate Liaison committee, under the leadership of Chair Kim McCutchen, is exploring moving toward escrow closings.
• The Affordable Housing Committee, with John Jung and Cindy Windsor, are hard at work on their next Super Sunday Affordable Housing Open House (houses in the $125,000 range and below) on October 7.
• Our CORPAC Committee and Chairs, Chris Bell, Teddy Griffin, and Dave Dewey have been hard at work on the annual golf outing fundraiser. Their goal for this year is $157,500.
• The Communication Committee is working on the September 7 Safety Seminar and the next set of Investment Seminars in November. Chair Dale Cook reported that the committee has nominated Brian Kemp for the NAR Good Neighbor Award for his work with the Make a Wish Foundation.
• With so many changes in our real estate world, our Education Committee leadership, Elton Davis and Simone Williams, reported at our mid-year retreat that CBR is offering more classes than ever for continuing education and our knowledge.
• Home buying outreach programs have taken up much of the Equal Opportunity committee's time under Chairperson Gail Tate Johnson.
• Our REALTOR® Care Day expanded to 14 area associations and a great main project in the short north area. Chair Chris Reese, with fundraising chairs, Chris Pedon and Julie Morgan are working hard for another successful Celebrity Waiters Luncheon.
• Increasing our professionalism is an ongoing job by the MLS fines task force, the Professional Standards, and Grievance Committees. Sadly, these committees, with Chairs Bob Case and Linda Whiting, have a never ending task.
• Wow, Standard Forms with Susie Mullenix and Bonnie Nyikes Chairs, have lots of new and revised forms in production, to help us with our listing and contracting.
• A main thrust of the Sales Advisory Committee is to computerize our awards system. This is a monumental task that is coming closer every day. Thanks to leadership, Janet Willoughby and Debbi Saczawa.
• With the pressure on builders today, our Builder/REALTOR® Alliance Committee, Chairs Jodi Lombardo and Paul Bilow, are working hard to increase REALTOR® participation in new home listing and sales as well as coordinating a new build tour of the Southeast area of the city.
• Make sure to check our your Preferred Vendor list for discounts and services enabling you to save money. This is all made possible by Phil Moneypenny and his Member Services Committee.
• If you haven't attended any of the monthly meetings of the Tech Users, Chair David Dikeman and the committee have lots to offer to increase your `tech-saavy'.
• Our commercial members rely heavily on the CI Steering Committee's efforts to oversee development of assistance in that arena. Chair Joe Polis has spent many hours building those services. Carlton Dargush and the Education arm are scheduling 40 hours of CE this year. Commercial membership is increasing with Elaine Parisi at the helm. The Recognition Committee promised to have an `over-the-top'Awards Night next spring. Shane Woloshan reported that this will be a `must attend' event. Standard Forms and Jay Zollars continually update the CI forms for the members.
• And now, COCIE, our Central Ohio Commercial Information Exchange. This is an information system developed under the leadership of David Hartsook that is modeled by many areas in the country. Commercial brokers around the country continually ask David's advice on setting up a similar system.
• Several other committees are hard at work behind the scenes. Gary Parsons and Jim Merkel head up the never-ending Budget and Finance work. Long Range Planning and the Board of Consultants is lead by Greg Hrabcak and Doug McCloud. Our spring Awards Night was led by Lynda Long and her committee.
• The political prominence of CBR is coordinated by the CORPAC Governing Board, Louise Potter Chair. This is a continual task to protect property rights and REALTOR® rights. With John Myers and the Governmental Affairs Committee, they continually monitor and influence our legislative arena.

Two other major functions are underway at CBR. A communications audit was authorized by the Board of Directors and is underway to help develop the best methods to communicate with you and the public. In addition, Chris Reese is heading up the investigation of a local public awareness campaign to promote REALTORS® and combat the negative media. We hope to combine forces with the builders and mortgage bankers associations in this effort. More to come on these efforts.

We have many other activities happening at CBR, not to mention, OAR, and NAR. The people volunteering their time for your benefit need to be thanked and supported by our entire membership. Whether it is area association leadership, our Board of Directors and Officers, or those involved in committees, please take time to show your appreciation for their hard work.

Whew, well the market may be a bit slow in the late summer, but there is never a slow time at CBR. Remember, now is the time to prepare for the up coming fall marketplace. Your leadership, staff, and committees never stop in assisting you.

This is also a good time to determine how you want to be involved in your industry. Resumes will soon be due for election of the Board of Directors, and for the office of Secretary of CBR.

Golfers always need to keep your eye on the ball, keep your head down, but above all, enjoy the game.

As always, you have my best wishes for happiness, health, and prosperity.