Most sellers are beginning to see the writing on the wall but are stubbornly ignoring the obvious, hoping the party that started in June of 2020 isn’t quite over. They’re wishing there’s time for one more drink or another lap around the dance floor before the lights come up and the bouncer shows them the door. But at this point, there’s clear evidence of a significant shift.
Other than the natural beauty, one of the most amazing things about living in our valley is the sense of community here and eventually the familiarity and trust that go along with it. When encountered, it feels like a warm hug. “That’s OK, sweetie. I know you’re good for it.” Or, “I know you’ll get me on the other side,” are not uncommon exchanges in these parts. It’s as if you’ve become part of a special club, even if you’ve never been asked to join one before.
We brokers have known for years what the public thinks of what we do for a living. We’ve always had to work a bit harder to prove our value despite our persistent “PR problem.” As one of the largest and wealthiest trade organizations in the US, we realtors trusted the NAR to defend our profession and livelihoods. They clearly failed. Again, “boo hoo,” says the peanut gallery. But regrettably, I fear this decision will create new problems and have lasting repercussions. If you’ll indulge me, I’ll take a stab in this limited forum to lay out the facts as I know and interpret them.
By now, you may have read about the about the $1.8 billion jury verdict against the National Association of Realtors (NAR) and national brokerage firms. Plaintiffs successfully argued the practice of sellers paying 5-6% of brokers commission with half of that typically going to the buyer’s broker was unfair. The court found sellers can no longer be compelled to provide so-called co-op commissions, in effect “decoupling” payment on the part of sellers to both the seller’s broker as well as the buyer’s. The NAR plans to appeal but I and other experts expect the decision will be upheld.
Last year was a big one for me. I committed to work with a personal coach, posted a personal best in sales, enjoyed quality time with Bridger and a “just us” getaway with McLean and even hired a personal assistant! So much to acknowledge and celebrate! So why the procrastination and overthink? What’s holding me back from jumping in and embracing the new Anum?
I had a call with a broker at my firm a couple weeks back that reminded me how contrary circumstances can be in just 30 miles of old rail corridor now known as Colorado Highway 82. It framed an issue that’s been a part of the local conversation for decades in our mountain towns. And one that’s increasingly problematic and prescient since a little bug from Wuhan propelled the cost of homes in places like ours beyond what even the experts could imagine.
Recent events got me thinking about all the drama and grandstanding we’ve seen over the past few years specific to local government. Similar to the absurdity of the sarape stand-off, we’ve watched Aspen leaders enact an “emergency” moratorium on new residential construction, prompting lawsuits and eventually a change in leadership after the last election.
Will there continue to be short-term losses in terms of equity and paper wealth? Financial experts say bet on it. But don’t forget most of us are running the long game. Real estate remains a reliable, tangible, tax-friendly asset. And it’s more than just an investment vehicle when it comes to the place we choose to call home.
Life is full of defining moments. But ironically, verity provides we can be ignorant of their existence in real time. Sometimes it takes years to absorb the true significance of events that change the course of our experience.
Conquering the bowl together reinforced the notion of predetermination. It required we look fear in the face, set aside any apprehension, and just start walking. Doubt would have derailed us. There was one way down, and that was up.
I can’t help but equate our challenge to the issues we face today. On the national front, inflation, higher interest rates, the stock market, and slower home sales are feeding fears of a recession. In our little bubble, it’s locals vs. tourists, development vs. preservation, bridge vs. preferred alternative, new ideas and progressive leadership vs. the old guard kicking the can down the road.
A poignant op-ed in Outside magazine this month provides a more thoughtful perspective that skillfully lays out the lament, chronicles Aspen’s golden “gonzo” years but concludes, sadly, the area’s unique character has indeed changed and likely for good….No matter how tough it is to see the landscape and, perhaps, the experience change, we can’t waste any more of our intellectual, political, and financial capital in an attempt to turn back time.
