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Listen "How the real estate market shift is affecting buyers & sellers (with Ellen Steele, over $10M in sales in the last 12 months) - Real Estate Real Fast EP5"
Episode Synopsis
Episode overview
The real estate market is ever changing for buyers, sellers, and investors. With pullback from everyone, you need to make sure you have the right strategy when approaching the current market.
Should you be offering concessions if you are a seller? Should buyers still be staying in with current interest rates?
What can you be doing to sell your house faster? And what can we expect from the Texas real estate market in 2023.
We’ll dive into how the current real estate market is affecting buyers, sellers, and investors with Ellen Steele, a Realtor with ListingSpark that has had over $10M in sales in the last 12 months.
Episode highlights
How buyers, sellers, and investors are adjusting to the current real estate market
Why buyers should be careful about pulling back because of rising interest rates
What should first-time home buyers be doing first when looking to buy a house
What we can expect to see in the 2023 real estate market in Texas
What the process is like today for business owners buying a home in Texas
What's the craziest story Ellen has seen after being a real estate agent for five years
Where to look for the best first-time home buyer perks
How sellers can make their listing more attractive in the current market
Here's the strategy sellers should consider when coming up with the right list price
Episode links:
Follow ListingSpark on LinkedIn, Twitter, Instagram, Facebook, and YouTube
Connect with Aaron Jistel on LinkedIn
Connect with Ellen Steele on LinkedIn
Key takeaways
[00:02:26] How buyers, sellers, and investors are adjusting to the current real estate market
As the market shifts back to the buyers, sellers are having to make more concessions. Many buyers are adding up projects that need to be done and taking that off the list price. Sellers need to focus on taking care of any minus points to maximize their sale price. Even though there’s been pullback from buyers, sellers, and investors, first-time home buyers have found this market great to enter.
“What we've seen when buyers are coming in is that they are taking any projects that need to be done, anything that they see, and they're just subtracting that off of the list price. So pricing a house, if it's not perfect with amazing features, updated white kitchen, beautiful countertops, buyers have been offering less which is frustrating for sellers.
I'm recommending to my sellers to complete any projects that you have to do, painting, trim, kitchen, you know, light updates in the kitchen if you can. Bathrooms are also super important. Outdoor living is also a big area that people are looking at right now too.”
[00:08:11] Why buyers should be careful about pulling back because of rising interest rates
It’s important to remember that no one knows exactly what rates will look like in the future. Backing out of the market because you expect a lower rate in the future is also a gamble. Rates might not go down for a while so if you have a rate that you are comfortable paying, consider it because rates might go even higher and never come down to your current rate offer.
“I look today and we're at like 7.16 or something like that. I sold a lot of houses at 7% in 2005 through 2007 or six and a half percent
The real estate market is ever changing for buyers, sellers, and investors. With pullback from everyone, you need to make sure you have the right strategy when approaching the current market.
Should you be offering concessions if you are a seller? Should buyers still be staying in with current interest rates?
What can you be doing to sell your house faster? And what can we expect from the Texas real estate market in 2023.
We’ll dive into how the current real estate market is affecting buyers, sellers, and investors with Ellen Steele, a Realtor with ListingSpark that has had over $10M in sales in the last 12 months.
Episode highlights
How buyers, sellers, and investors are adjusting to the current real estate market
Why buyers should be careful about pulling back because of rising interest rates
What should first-time home buyers be doing first when looking to buy a house
What we can expect to see in the 2023 real estate market in Texas
What the process is like today for business owners buying a home in Texas
What's the craziest story Ellen has seen after being a real estate agent for five years
Where to look for the best first-time home buyer perks
How sellers can make their listing more attractive in the current market
Here's the strategy sellers should consider when coming up with the right list price
Episode links:
Follow ListingSpark on LinkedIn, Twitter, Instagram, Facebook, and YouTube
Connect with Aaron Jistel on LinkedIn
Connect with Ellen Steele on LinkedIn
Key takeaways
[00:02:26] How buyers, sellers, and investors are adjusting to the current real estate market
As the market shifts back to the buyers, sellers are having to make more concessions. Many buyers are adding up projects that need to be done and taking that off the list price. Sellers need to focus on taking care of any minus points to maximize their sale price. Even though there’s been pullback from buyers, sellers, and investors, first-time home buyers have found this market great to enter.
“What we've seen when buyers are coming in is that they are taking any projects that need to be done, anything that they see, and they're just subtracting that off of the list price. So pricing a house, if it's not perfect with amazing features, updated white kitchen, beautiful countertops, buyers have been offering less which is frustrating for sellers.
I'm recommending to my sellers to complete any projects that you have to do, painting, trim, kitchen, you know, light updates in the kitchen if you can. Bathrooms are also super important. Outdoor living is also a big area that people are looking at right now too.”
[00:08:11] Why buyers should be careful about pulling back because of rising interest rates
It’s important to remember that no one knows exactly what rates will look like in the future. Backing out of the market because you expect a lower rate in the future is also a gamble. Rates might not go down for a while so if you have a rate that you are comfortable paying, consider it because rates might go even higher and never come down to your current rate offer.
“I look today and we're at like 7.16 or something like that. I sold a lot of houses at 7% in 2005 through 2007 or six and a half percent
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