HomeServices Chairman and CEO Ron Peltier gives opening remarks on the The State of the Real Estate Union at RISMedia’s 2017 CEO Exchange.
HomeServices Chairman Kicks Off RISMedia CEO Exchange With Candid Look at Industry
Set within the hallowed halls of the Harvard Club of New York City, RISMedia’s 2017 Real Estate CEO Exchange opened last week with a candid look at the state of the real estate union from HomeServices of America Chairman and CEO Ron Peltier.
Peltier’s address on Sept. 12 came after RISMedia President & CEO John Featherston welcomed the crowd of more than 230 real estate brokerage leaders and C-level executives, pausing to honor the victims of the 9/11 terrorist attacks as well as those suffering from Hurricanes Harvey and Irma.
Featherston then turned his attention to the state of the real estate industry. “We live in an era where the consumer has become more sophisticated than ever before,” he said. “Our value proposition as real estate professionals is under constant attack.”
To address this concern for the CEO Exchange audience, Featherston turned to old friend and industry icon—“someone who walks the walk”—Ron Peltier.
“One thing I can’t do is tell this group how to get another listing or sale,” said Peltier to the crowd. “But we’re all in the same business and at the end of the day, the ultimate achievement is superior customer experience in the homeownership space.”
When it comes to the state of the housing economy, Peltier said it’s a “tale of the good, the bad and the ugly.”
Giving his perspective on the national market, Peltier referred to the first 8.5 months of 2017 as a “Goldilocks” market. “It’s not too hot, it’s not too cold…it’s just right,” he explained. “Although it’s very hot in unit-driven markets or entry-level markets where there is no inventory.” In fact, keeping with his movie-title theme, Peltier referred to the entry-level homebuyer market as “gone in 30 seconds. Conversely, we’re seeing a very slow marketplace in the luxury market as it relates to units,” said Peltier.
HomeServices Chairman and CEO Ron Peltier and RISMedia President and CEO John Featherston during the CEO Exchange opening session.
Peltier believes we will end the year at 5.5 million home sales and experience a slight increase next year to 5.6 million. “It’s a goldilocks market—it’s ok, it’s normal. It’s not perfect and it’s not great, but it’s one we can navigate in. We can plan and predict and build a budget around. Pricing is continuing to move up, but affordability is still good, although it’s starting to get challenged on the lower end.”
Problems dot the economic landscape, however, including a very little wage growth and “not a lot of fire” in the marketplace. GDP is growing but is probably not going to be robust, said Peltier, but the good news is there is no recession on the horizon and inflation is low. “I think we’ve got a good run ahead of us.”
That said, there are several concerns that keep Peltier “up at night,” one of them …read more
From:: Real Estate News