The last several months, real estate in the United States has been red hot. Low supply of homes, mortgage rates that continue to remain low and a large number of Americans making post-pandemic decisions to move to bigger homes or homes in different geographic areas have all held pave the way for a hot sellers’ market. However, many know that this is not the first time the real estate market exploded into situations of multiple offers, above asking price, with real estate professionals just trying to keep up. So, it should be no surprise to many seasoned real estate professionals, that there will be a change in the market at some point.
In an article published by Forbes, a theory about the real estate market phases is detailed. Real Estate expert Glenn R. Mueller, PhD believes the four phases of the real estate market are Recovery, Expansion, Hyper Supply and Recession. And, according to Sam Mehrbod PhD, author of the Forbes article, U.S. real estate markets are currently in phase two. This phase is still a sellers’ market, but heading toward the peak. On the horizon, potentially, is the third phase. This phase is a buyers’ market defined as Hyper Supply and buyers become a little more scarce and panic selling can begin.
Mehrbod has suggestions for real estate professionals to help them prepare for the next phase, building a net work to ensure success in any phase of the real estate market. Its imperative for real estate professionals to continue to build and stay relevant within their networks. He makes suggestions such as regularly posting relevant and educational content on social media, beginning to build buyer lead lists for future markets, and utilizing marketing funds consistently to allow long term marketing plans. By staying on top of networking and marketing and anticipating what might be coming up next, real estate professionals can be prepared to ride the next wave.
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Low housing inventory coupled with low interest rates has helped encourage home owners to finally consider putting their home on the market. There are many considerations to take into account before listing a home. Being able to determine what home selling advice is based on fact versus myth is vital for a successful and profitable transaction. An article published in U.S. News and World Report, written by Teresa Mears, helps homeowners navigate the process by debunking some of the rumors and myths.
One home selling myth is that home owners should list the home at a price above what they actually expect to get for the home. According to Mears, “That’s because shoppers and their real estate agents often don’t even look at homes that are priced above market value.” Even if a homeowner lowers the price after a few weeks, the fact that it sat on the market for 3 weeks or more makes prospective buyers suspicious about issues with the home.
Sellers might often be tempted to sell a house on their own, without the use of a real estate professional, in order to save money. The value real estate professionals add to the process comes in the form of marketing to buyers and their agents, negotiating the sales price and sales contract and helping navigate any issues that come up after the inspection. When you hire and pay a real estate professional, you are able to take advantage of their experience and expertise from previous sales transactions.
Additional myths touched on include which home renovations home owners can expect to see a return on investment, and which renovations should not be done just to sell a home, whether open houses benefit the home owner and what your expectation for future market prices should be. Read the entire article.
Many realtors make the choice to include a portrait of themselves on their business card. Is it a good idea? What are some words of advice for professionals who choose to put their photo on their business card?
According to an article published in The Wall Street Journal by Lettie Teague, California-based real-estate coach Tom Ferry tells his clients, “If you choose to use your headshot on your business card and marketing, make sure it is up-to-date and resembles what you actually look like in real life.”
Other agents advise fellow real estate agents to be sure the photo on the card reflects their personality and the town they work in. Whether that means keeping their portrait natural and casual in tone, having a photo taken outdoors in the town they represent, or utilizing a more formal but friendly theme. The most important aspect of the photo is that it is a true representation of the agent.
An interesting note to consider with regards to portraits on business cards, based on results of a 2013 study of photography in real estate materials, Professor Sean Salter found, “everything else being equal, attractive agents are going to have an edge.”
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Photo Credit: Edwin Stemp