🎉😀Late last week, we had listed this gorgeous home in Redmond Ridge East. We went under contract in 4 days even before the offer review date!
While we are happy for our sellers and the buyers, I wanted to share a few insights.
The market has shifted rapidly. What worked till last month or even a couple of weeks ago, doesn’t work anymore!
Gone are the days when you could receive multiple crazy offers within a couple of days even for an outdated/ugly home. Therefore you need a team that’s ahead of the curve and is not reacting to events but anticipating them and incorporating those insights in the BricksFolios 4Ps (our selling framework):
𝟏. 𝐏𝐫𝐨𝐝𝐮𝐜𝐭 – the home, get it prime time ready.
𝟐. 𝐏𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐢𝐧𝐠 – to the serious IBP – Ideal Buyer Profile. You need to know the IBP for the product.
𝟑. 𝐏𝐫𝐨𝐦𝐨𝐭𝐢𝐨𝐧 – Reach the buyer via the channels they trust. The channels include the people they are influenced by positively, and
𝟒. 𝐏𝐫𝐢𝐜𝐢𝐧𝐠 – This is the most important P. If you don’t get it right from the get-go, you are inviting heartache. Your original list price plays a huge role in getting the right offers and in the subsequent negotiations.
🙋𝙃𝙤𝙬 𝙩𝙤 𝙖𝙙𝙟𝙪𝙨𝙩 𝙩𝙤 𝙩𝙝𝙚 𝙘𝙝𝙖𝙣𝙜𝙞𝙣𝙜 𝙝𝙤𝙪𝙨𝙞𝙣𝙜 𝙢𝙖𝙧𝙠𝙚𝙩?
𝙎𝙚𝙡𝙡𝙚𝙧𝙨: If you are looking to sell your home, ask the listing agents whom you are interviewing about the 4Ps, and save yourself from having your property sitting on the market despite price reductions like happening with many listings these days. Work with experts, they know the game. They are not cheap but will get you top dollars quickly.
𝘽𝙪𝙮𝙚𝙧/𝙄𝙣𝙫𝙚𝙨𝙩𝙤𝙧𝙨: If you are a buyer/investor, remember you can find great deals in any market conditions as long as you do solid research and make data-driven decisions.
✔️Domestic and international investment capital is pouring into US real estate. Low-interest rates (yes the rates are still low compared to the typical historical rates) and attractive risk-adjusted returns are among the factors fueling this demand.
✔️When stock, bonds, and crypto prices are tumbling, throwing portfolio concentrations out of sync, institutional investors typically resort to real estate to keep their portfolios of stocks and other assets in balance.
✅Individual investors can learn from this playbook of institutional investors on how to balance their portfolios, stabilize them, and capitalize on the inherent inflation hedge, as well as the tax benefits that residential real estate offers.
💪The housing market is still very strong and there continues to be a severe imbalance between supply and demand.
𝘼𝙜𝙚𝙣𝙩𝙨/𝘽𝙧𝙤𝙠𝙚𝙧𝙨: If you are a Real Estate Agent, know that competition for buyers/sellers is going to be far more fierce going forward. In the last two years, there has been a high influx of new real estate licensees, with over 156,000 people becoming realtors, which is a 60% surge as compared to 2018 and 2019, The New York Times reports.
#Elevate #Differentiate #ChangeTheGame
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Hope this blog has been helpful. I would love your thoughts on what think of the present market and the opportunities that it offers.