All the buzz words and lines I hear now whenever I bring up real estate to friends and family. "Im gonna wait till the rates come down." "I am gonna wait till the market a little more"
When I watch any market analysis or "Expert" you-tuber talk about rates and real estate it is in a state of doom and gloom. Something I think about when I read and watch these is "Where do these guys live?" "What are they selling?"
Reminds me of a few great lines from Ben Affleck in Boiler Room.
"Motion creates emotion"
" You have to be closing all the time."
" There is no such thing as a no sales call. A sale is made on every call you make, either you sale the client some stock or he sells you on a reason he cant. Either way a sales is made, who's gonna close, you or him."
I know I am bias as it's one of my favorite movies but it is so true in the day to day world. Even the YouTuber is trying to "create emotion". Of course he's not a realtor. He's saying stuff that gets you emotional, it can be mad, sad, happy, or whatever the point is you watch it for a few seconds more then normal and boom he gets another subscriber and money. Sold!
Ok, now my sales pitch haha. Yes the market is heading down. Yes the rates are heading up. These things are facts. No point is disputing this or arguing about it. Something comes to mind however, you do need to live somewhere, just like you most likely need a car, or a cell phone or whatever other items we find ourselves needing now and days. Now is the BEST time to buy! What? How can that be? Well it's simple, while everyone else is worrying and clicking the doom and gloom they are not buying. They are not driving up the multiple offers we just saw a few months ago. They are not getting approved for loans, looking at remodels or upgrades. Less competition is a great thing for a home buyer right now.
Notice I didn't say its a great time to sell? It's not, there I said it. Yes this would hurt my business model as I am in the market of selling and buying, however I have sold 2 different properties in the last 2 months and both properties were sold for over asking with multiple offers. Those are facts with money in my clients pockets to prove it. However it still isn't a great time to sell, if you can hold off then I'd say do it but if you can't, make sure you have a great team and plan to get that property at the top of everyones search criteria.
Ok back to buying. Buying your forever home, your first time home, your income property. Cash is king as the old saying goes and if you're approved you can get some awesome deals. My most recent purchase came with some absolutely fabulous clients who admittedly were not looking to buy a home. They were content in their rental and had their busy schedules getting both of their little girls to and from preschool, gymnastics and playdates. Their story was a simple one.
We aren't looking, We will wait for this, that or whatever reason they had come up with to sit out of the market the last 3 years. We started to crunch the numbers and realized that with prices dropping they may actually be back in the market and not in a condo or a bad neighborhood but actually in a place they would never had imagined. Well a few months later and we got the keys yesterday! It was a wild rollercoaster of throwing out offers that just 4 months ago would never had even been responded to. We ended up closing at nearly 20% below the list price. Not only that but we negotiated with the sellers to purchase the rate down on their loan so that they were at a pre-covid rate on their 30 year fixed loan. Yeah but what street? What neighborhood? Well funny enough it is on one of the nicest streets in the one of the oldest and most desirable neighborhoods in the city. They went from a great rental to a phenomenal house in a terrific neighborhood. Yes the house needs work, yes they had to have some heart felt conversations about what was best for their family but I loved being a part of it. I felt so blessed that they trusted me and let me guide them for their families life long decision.
Not every story will have the cinderella ending and not every house or property is worth buying, but they are out there and they require some patience, some faith and a great realtor with the experience to help you navigate the journey! I may not be for everyone but if you're buying I think I am!
Feel free to reach out if you have any questions about the above or even if you disagree and want to have some coffee to talk it over. I got time :).
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