The Real Estate Market is Shifting-What Does that Mean? Interest Rates?? Saturation of the Market?? Assumable Loans??
We are experiencing a shift in our market and it’s happening quickly. Are you ready? I am because I am prepared and I am preparing my clients with facts, experience and a deeper understanding than most licensed agents.
Change is hard for anyone in any circumstance. Real Estate markets are no different and when they shift, everyone wants that crystal ball to predict the future. There is no crystal ball and we aren’t really able to know for certain what the future brings. That being said, I am confident in my advice because I study, analyze and educate. I do not listen to the puff stories on the news being broadcasted to cause uncertainty and panic (that was going to be me if I stayed on my riginal career choice!!) If you have questions about what the market is doing, always call the professional, me!! It is my job to help you, let me do it.
Interest rates are about 3.5-5.5% higher than a year ago. That means my buyers are losing about $125,000 in buying power than they would have this time last year. I have clients that I have been working with for over 3 years and one just went from a $550,000 price point to a $425,000. Another example, a home has an assumable VA mortgage with an interest rate of 2.3%, at $350,000= $1,346 VS today's VA rate= $1,905.
Assumable loans?? What is that?! Don’t ask me, I am not 100% sure but it sounds good right? I am only kidding! Always ask me and I will educate you on the pros...
I really try my hardest not to be judgmental on my first impression with people I meet for the first time. So I try even harder not to judge homes from my first impression when pulling into the driveway, maybe if the exterior isn’t taken care of, the owner put all the care into the interior!!?? That being said, I am an incredible judge of character and know, no matter how hard I want to believe, the house is going to be way worse on the inside if the outside looks like
it was neglected. I promise, I tried to be open minded but have always been disappointed and my internal judgement always wins.
I literally am pulling into at least 20 strangers driveways a week, usually more. I always have an appointment and not creeping, so now, you don’t be judging me! I will share a couple, very simple, almost free in expense, tips on how to get your house ready for judgmental strangers, like myself.
1.Get the spider webs and pollen off the front porch/entry way!!!!
Take your hose, turn it on and spray off the entry way and walk way. It will cost you almost nothing and take about 5 minutes, at most. The impact is a game changer to someone walking up to your home who has horrible Spring allergies and hates bugs. It also looks like you care about the people who don’t have a garage door opener and can pull into safety from the outside world. I have a pressure washer you are welcome to borrow if you need it. Just don’t let me walk into a spider web while entering your home.
2. Take care of your mailbox and put the address numbers clear to see...
We all know the scene in the movies... The Realtor taking fresh baked chocolate chip cookies out of the oven and wearing a cute little apron and a big satisfactory smile on her face. You can almost imagine the sweet smell and taste of cold milk touching your lips. Hollywood has made this seem like the norm. Guess what? Movies are fake, I live in Hampton Roads and live a real life. In my LONG experience holding open houses, potential clients don’t want your food, especially the past 2 years with COVID. I have spent so much money and time, in my early real estate days creating the ‘Hollywood’ movie scene. I wanted everything to be perfect, the smell of the food, the perfect flowers and no one cared, ever. I only ended up gaining weight eating all the cookies while cleaning up.
I have found people feel really weird taking food from strangers, especially the ones actually interested in the property. That is how I could tell a ‘Nosy Neighbor’ or ‘Looking Lucy’ or ‘Sunday Driver Sam’ from the serious buyer. The serious buyer doesn’t want to feel like they have less power over negotiations because they accepted my baked goods and are now indebted to me. No problem, I have a better solution.
No one has an issue with winning prizes and taking useful products for them to use daily so I always will have my #iSell757 water bottles, hats, toys for the kids and gift cards to be raffled off at the end of the open house ready for anyone and everyone. Attendance is never required...
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