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Here’s Another Reason For Real Estate Photographers in US to Focus On Upper-End Agents

September 28th, 2011

This morning in my local small town paper ran an AP syndicated story on front page pointing out how the in the US the upper-end real estate  market was recovering while everything else wasn’t:

In America, it’s starting to feel as if there are two housing markets. One for the rich and one for everyone else.
Consider foreclosure-ravaged Detroit, Mich. In the historic Green Acres district, a haven for hipsters, a pristine, three-bedroom brick Tudor recently sold for $6,000 — about what a buyer would have paid during the Great Depression.
Yet 15 miles away, in the posh suburban enclave of Birmingham, Mich., bidding wars are back. Multimillion-dollar mansions are selling quickly. Sales in August were up 21 percent from the previous year. And Main Street’s retail storefronts are full. Read more

After some research, it appears that this split market phenomena is being reported in other locations too. Like San Antonio, TX:

John Flournoy, managing broker for the Phyllis Browning Co., which specializes in the higher end of the market, considers the San Antonio market to be a “tale of two cities,” with the top slice of the market outperforming other segments. “You can feel the positive vibes,” he said. “Our corporate business is up. We’re seeing people come out of the rental pool because they’ve been able to sell their homes elsewhere.” In one recent 10-day period, the firm had four sales over $1.5 million, and all of its top agents are having better years than in 2010.  Read more

What this means for real estate photographers is that upper-end listing agents are making money and starting to feel more like the US economy is getting back to normal whereas everyone else is still feeling the economic pressure that goes with not having your listings sell. Thing is, “upper-end” is not the same everywhere. Here in small town Oregon they consider $499,000 and above whereas in Seattle you have to get to $600 to $700,000 before anyone starts to think “upper-end”. You can checkout what is happening in your area buy checking the sold listings in your area on realtor.com or zillow.com. When you look at home Sold data, have to also understand that if a home is closed (is sold) today the deal was done and signed 1 to 3 months ago.

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2 Responses to “Here’s Another Reason For Real Estate Photographers in US to Focus On Upper-End Agents”

  • Its true. The upper end market is coming back. Here in Bend we’re seeing properties in the $500K-$1mil get multiple offers on them if they’re good deals. When I was doing photography for other agents, I marketed offices in general… If I was to do it again, I’d just target the high end agents.

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