The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.
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You're not doing anything wrong; the problem is that you don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.
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There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Annette Marie Holt for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Marie profile appears to be fairly knowledgeable, therefore I must say that I value the advice. After locating her online, I thoroughly read through her resume, educational background, and qualifications, and I must say that they were quite impressive. We have set up a meeting after she replied to my message.
I am an agent in Utah and I agree with everything you have said. I have lost listings because the seller wanted me to blow smoke and tell them their house was worth more than it was. Told a seller we could get 600-625k for their home. Another agent told them 700k. They said we are going with the other agent because they could get us more money. The house sold for 600k and took 8 months to sell. They said they wished they had listened to me.
Our great old farmhouse with ten acres sat empty for three years before we found it. The seller had started with a price of $500,000 (this was 30 years ago). We ended up getting it for $245,000. You can imagine after that long all of the exterior work that needed to be done.
I agree with what you are saying but here in Ann Arbor, Michigan you can sell a junk hole for $500,000 and have 4 people bid $30,000 over the price. It's crazy!
I completely agree with you BUT if you do make your home look its best before listing it no matter what other excuses it will sell for more. It is not just major improvements; make sure it is clean and has less stuff in it, which makes it so the clients can see themselves there. Thank you so much for the great information!
These videos make me realize how much money we lost when my parents sold our house when I was a teen. It wasn't cleaned, it wasn't staged, and my dad refused to leave the house when they were showing it.
The market & buyers set the price in competitive areas. I think the $1price concept is genius! Honestly, a bit lower, say 5%? is a good margin. I sold a home last year & by paying attention knew the approx value. between 2 agents I didn't use, the listing price difference was $200K(hi &low). I chose to used an independent entity who KNEW the area & we sold quickly at the appropriate value.
Yeah. I don’t agree with this at all. She works with sellers that are over a million dollars. So if you are demanding no lockbox on your home you are going to miss showings.
I had a house sell in one day. I think it was priced too low. On the other hand, I had a house for sale for 15 months. The market was so over saturated with houses in my price range. I would go for weeks without a showing. The only way I could get a buyer was to lower the price by $60K. I bought the house new, and after 9 years of living there lost a lot of money. 😢
It took my parents over a year to sell their 6000 ft home on Lake Washington because they wanted more than it was worth. They got around 4 million but always thought it was a 6 million dollar house .
This is simply demand and supply. If people have less money (aka loans are too expensive) -> we have less demand. At this stage, you can either sell for a lower price or wait for a better time (that might take some time though)
i have to disagree on the accompanied showings. there’s another realtor on YT that makes it clear- a listing agent NOT going to showings is pure laziness. That’s part of the job. As a buyer, there are as a listing agent there at every one of the houses I looked at- I found it normal and I expected it. We are strangers in this persons house, of course I expected a representative there. And I expect the same when I sell my house.
lf you choose a bad real estate agent it can also cost you 10s of thousands of dollars. An agent that gives horrible recommendations on credits and rate buy downs in a hot market that wasn't necessary. A selling agent that colludes with the buyers agent. Speaking from experience, a shady agent will cost you alot of money. And yes, don't over price your home too high out the gate. But definitely look for an honest agent. Which is like finding a golden needle in a haystack...
Under priced is also bad. My daughters house was under priced for the location and square feet. Nobody came to look. New realtor price the house higher and it sold right away.
Accompanied showing are annoying, I went with my agent to an OH with that, and the agent legit followed us around the house like we were going to steal it!! I didn't buy that one because I felt rushed to look at it!
As soon as I saw the title, I knew- "It's overpriced." It's just the way it is. I can now look at a listing, see the photos, features, price, time on market and put those things together. Yep!
I don’t agree with “price is everything” The reason I have not bought houses are conditions of property (work needed), location (main road, next to gas station or utilities substation), easements and other encumbrances, heritage listing. I find it really comes down to do you know who you are going to sell your house to and are you justifying why your asking what you think it is worth.
yeah, when there's not much on the market that's appealing to someone. And if it's not imperative that one has to move. Who wants to move farther away from the job and commute? Who wants to give up a 1/2 acre lot with some privacy and live next to the highway or have the gas station in their back yard? Lately there's not been an abundance of inventory.
Low ball the price!!! Put the word out that the house will be going on the market. Market the house to all local agents that it’s going to be listed soon . Put the house on the market for only two weeks!!! Hopefully a bidding war happens. If you don’t get what you want you don’t have to sell! It’s your choice . Take it off the market after two weeks and wait a month or two and try again. Your agent will not like it- but they work for you.
So true!! People think they have to get x dollars out of their house. That's not how it works, you only get what someone is willing to pay, period. Your only other option is to not list now and wait, hoping the market will change in your favor. No way to guarantee that will happen though.
If the Fed makes an interest rate cut in the Fall, which looks like it might happen then, there could be an across-the-board return to bidding wars, waived contingencies, and quick sales with few homes sitting for long. With lowered interest rates many buyers that have been waiting on the sidelines to buy will be jumping in, causing home prices to rise further.
There are always people who must move...for job, to care for an aging family member, maybe due to some situation, they can no longer afford to make mortgage on an existing home and have to find one more affordable. Now for those who don't have to move, they are better off just staying put in this market. Who wants to exchange a lower interest rate for a higher one? Especially if there's a danger of a future crash. But I agree...a home...whether older and dated, or newer...sells itself when the price is right.
I like your videos and don't disagree with the notion. It's what the market will bear, of course. However, why aren't agents discounting their services when homes don't attract the same amount of money due to the market. You took handsome profits in good times with far less effort. There should be a sliding scale that considers the market, effort, and outcome.
Yes. I look at the average price point they sell. If it’s a lower price point teams are a great option because they have their systems and processes set and they can churn lower priced homes with great service
Just seems that a home will not sell because buyers don’t have enough to buy. So overpriced is not always the reason. Sellers will need to hang on until interest rates are down. Don’t give away your equity, especially if the property appraised at the value it is listed on the market for.
the reason behind the reason is failure to clean, maintain, and update the home; too many sellers falsely believe they can go cheap with their time (and not clean properly, or hire it done), or go cheap with their attempted DIY projects (which look like DIY and must be deducted from the price). So, yes, the home is overpriced if it's not in great condition!
What if we've done all that, and we're still not getting showings! One pending backed out because of the easement walkway, another one they had three big dogs and didn't think the backyard the walkway next to the backyard would get the dogs yapping! Built home 2 years ago new build for 530 and now we're at 499,500 under market value. We are in a rural small town where they've expanded the urban boundaries they were competing also with new builds. So frustrating as we have a new build waiting for us as soon as our home sells. We are switching to a different lot with a three-car garage! Builder has extended our contract due to the market,!
How much is the builder asking for the house like yours now? It probably needs to be priced around the same price as the new build because of the interest rates. Also, selling a new build two years after building looks like there is something wrong with the house and you couldn't wait to sell.
@@allalala9916 we are actually building the same model the three-car garage and a bigger lot more private. With upgrades is 574 . If you minus the third car garage then the price would have been with the upgrades 549.
So painful. I know. You have to make your home REALLY attractive in price. It’s very hard to compete with new construction. So the price has to be attractive. I’m sorry 😞
Ever watch those Multi Million Dollar Listing shows on Cable TV, the cute young hot shots as stars with egos and bravado. They says they can sell the home, then its always the same solution; they paint the walls white along with light staging colors and soft goods and oh yeah, they lower the price by 20+%... sure they are geniuses.
Right. Which is why you need to balance the market and the price. The condition and the price. The goal is to maximize what you’re going to get for the home. And making sure it’s priced correctly will maximize it.
Then why do builders expect to get top dollar on new homes? Some do not come down in price. There is a realtor who is trying to sell her home for 480.000 where other homes in the same neighborhood are listing their home for 350.000 and they are going under contract or sold around that price. Her home has been on the market for over two years. She must be a dumb person: Her house is empty and has no upgrades and is not stage. All of these homes are the same square footage.
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Evelyn Infurna. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.
