Is the REAL ESTATE MARKET a TSUNAMI? We are in a market now where there are more People who NEED to buy or sell than those who WANT to buy or sell. Learn the 10 things Sellers can do to WIN !
Hi! I’m Lisa Marie Contaldi and my family has called Austin Texas home since the late 80’s. I’ve celebrated hundreds of success stories and memorable housing experiences helping buyers and sellers achieve their personal financial goals. We’ve all witnessed the astounding changes from a rapidly evolving housing market in Austin through many real estate cycles. Is it time for you and your family to cash out and make the change you’ve been planning for months; or dreaming about for years?
WE ARE knowledge brokers offering an authentic ongoing conversation that will develop your natural intelligence in real estate and other endeavors.
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Is the REAL ESTATE MARKET a TSUNAMI? What of it?
Ralph Waldo Emerson once said
Do not go where the path may lead you, go instead where there is no path and leave a trail.
How do You blaze a trail with interest rates hovering close to 7%?
We are in a market now where there are more People who NEED to buy or sell than those who WANT to buy or sell
“HOMEBUYERS”:
In a market like this what we can do is make offers with a better outcome than recent periods of multiple bidders and skyrocketing prices
There’s a Very Strong possibility - that Although you pay a little bit more on the interest rate you could pay a little bit less for the house. If you finance it now at a lower price, in a few years you will come out ahead on your Long Game
CONSIDER AFFORDABILITY with different types of interest rate products. Talk to your lender about both fixed rates and adjust rate mortgages (ARM’s) compare payments and perhaps plan to refinance in the next 24-36 months. Don’t waste your money on costly interest rate buy-downs. Make long term purchases. If you think longterm (say 5-7 years) changes in the next year or two are less monumental.
HOMESELLERS
Are you going to lose all of your equity? Not likely
A look at the past 30 years of our Real Estate Market shows home prices in Texas increased by 333%.
Do you think you are going to give it all back? Ask this question about your area. Is the labor market collapsing? Have folks stopped moving to the area?
Has the demand for homes changed? Yes
It’s going to get worse before it gets better.
Recent sharp increases in SUPPLY and decreased DEMAND due to interest rates is shocking the market. We are also entering a seasonally slower time of year. This will further interrupt demand. BUT. If you wait through the winter and the first quarter of next year there is a possibility that it will take some time before you recoup a period of lower interest rates and higher demand. HENCE it may make sense to sell now.
WHAT SHOULD SELLERS DO?
- Hire the right agent with a proven marketing plan
- Price your product in today’s market not with yesterday’s pricing - In January rates were at 3-4%. Pricing must be adjusted DOWNWARD
- Make sure your product is PRISTINE before going on the market since there are fewer showings
- Be prepared for every showing - every one counts
- No showings =a price too high
- Continue with consistent price reductions to expose your property to multiple rings on the bullseye of prospective purchasers
- Hold it open to keep it top of mind
- Offset closing costs for the buyer (a small perk of a free appraisal or survey). If time is limited, I believe that price reductions will more meaningful again because lowering price exposes you to a greater number of buyers. This depends upon the area and market.
- Perfect your product till it sells, from the inside out, vs making excuses
- Continue to market the home - beyond the first weeks