Andrew Nelson
President and CEO
Willis Allen Real Estate
Andrew E. Nelson, president, owner and CEO of the La Jolla-based Willis Allen Co., was named the R.K. Smith/Broker of the Year in 2001 by the La Jolla Real Estate Brokers' Association.
Nelson joined Willis Allen in 1977 and became president in 1981. He purchased the company in 1994. The company has 125 employees.
"Andy is a pillar of the community whose achievements are far-reaching and include contributions to our real estate association and to the community as a whole," said J.J. Nichting, president of REBA.
A quick look at today’s real estate market
By Andrew E. Nelson
President and CEO
Willis Allen Real Estate
If you are concerned about the state of the real estate market, you are not
alone. Many people — including those of us in the real estate profession —
are deeply worried about the value of their home investments. I believe
that honesty is the best policy, and want to share some of my thoughts about
the current conditions that are based on my 35 years of experience in real
estate.
The bottom line is that this is not 2005! We would all like to think that
our homes are still worth what they were a few years ago, but they are not.
We can no longer believe that a home acquired for $2 million that was fairly
quickly worth $2.75-$3 million is still at these lofty numbers. Statistics
and sales simply do not support this. This reality might be painful, but denial could be financially catastrophic. A realistic view of your home’s truevalue in the current market is important, whether it is for estate or family
planning, liquidity planning, budgeting or reporting of your financial
condition.
Should you need or wish to sell, refinance to obtain equity, or want to
understand today’s numbers, it is important to realistically assess the
value of your home. Waiting to sell for yesterday’s high price point might
only cause more loss and less liquidity. Overpriced properties will likely
be ignored by brokers and buyers, appearing “shopworn” over time and will
probably see lower and lower offers. Realistic pricing will speed the sale
process and can lead to higher pricing in negotiations with buyers.
I have been through many economic downturns, and I believe we are gaining
momentum and attitudes are positive. We have sold some quality properties
in the last 30 days, indicating there are ready, willing and capable buyers
on the sidelines waiting for well-priced opportunities. There are some
tremendous values available to all of us today. If you decide to purchase
one of today’s great opportunities, I think you will look back and thank
yourself for making a sound economic decision by investigating the real
estate market.
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