Pivot: Real estate in flux

Pivot: Real estate in flux

Pivoting is a word we throw around a lot here in Silicon Valley. But what does it really mean to pivot?

Our local real estate market is in a state of transition and flux. Some properties are selling way over list price with multiple offers in just a few days. Others have a ton of activity – packed open houses, multiple disclosure packets downloaded – but come offer day: crickets….

Interest rates go up and up and up, dip for a bit, then climb back up. Will the Fed ever lower rates? By how much?

Real estate commissions paid are also all over the map. Some sellers and their agents are sticking to the 2.5% commission structure for each agent in an effort to attract buyers; other sellers’ agents are slashing their fees and offering a flat fee or low commission to buyers’ agents.

Clickbait news headlines further confound the issue by delivering blanket adamant statements about where we are—when the truth is that things are very disjointed and vary from community to community and even property by property.

It is unclear to realtors, consumers, and analysts what comes next though most are loathe to admit that.

In such an uncertain market, the Silicon Valley skill of pivoting is crucial.

Pivoting means operating like the humble dragonfly. The dragonfly can change direction in mere milliseconds and employ backward flight to escape predators. She lives in a state of flow--continually re-evaluating, reacting swiftly and adjusting her flightpath within a heartbeat.

We cannot be lulled into thinking a certain outcome is inevitable. We cannot hold on too tightly to our current way of thinking.

Let go. Learn new skills. Alter ingrained habits. In seconds.

Welcome to the world of Bay area real estate in April 2024.

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