A Seller’s Guide to This Shifting Market

The market may have shifted, but savvy sellers can still get top dollar.

What could this shifting market really mean for you as a seller? While real estate and many other financial markets are changing, the sky has not fallen. It’s really not that bad. It certainly might feel like the end of the world, but keep in mind that this really is just a normalization and not a crash. What it does mean, however, is that you will have to deal differently with buyers.

For example, you might have to make some concessions to the buyer, like paying some of their closing costs. It might also mean that you don’t get multiple offers on your home or find yourself buying down the interest rate. Remember, because the buyer is dealing with those high interest rates, you will have to negotiate differently.

We’ve seen a lot of success with sellers who, rather than come down on their price, are offering to buy down the interest rate for the buyer. It makes the payments a little easier for the buyer to swallow.

“You might have to make some concessions for the buyer."

You might also want to consider staging. You’ll want to have your house ready and in the best condition possible to make it attractive in this market. This is especially true for sellers who want to see top dollar for their house.

Some offers are coming in over the asking price, but this is definitely not the norm. It’s possible, but you need to be working with an agent who knows how to negotiate this kind of deal for you, and nobody does it better than the Charlotte Mabry Team.

If you’re thinking of selling in this shifting market, please call or email me. I’d be delighted to help you with any questions you may have.

Crucial Changes in Our Area’s Market

The national news may sound grim, but there are positives to this market.

Is the sky falling in real estate? With all of the bad news, you might be wondering if there is any good news at all. I have all the latest numbers for the Tennessee and North Georgia markets, and I’ll help you understand some of the positives and negatives we’re seeing in the current climate.

To begin with, pending home sales are down by 35%, which is a little scary. That’s the lowest level we’ve seen in seven years. It’s important to remember, however, that things are a trade-off in real estate. A year ago, we saw very few homes available for sale, and buyers had to pay well above asking price to get them. Yes, interest rates are hovering in the range of 7% to 8%, but there are homes available, and sellers are paying concessions. That means there is finally room in the market for negotiation, which is a blessing for homebuyers. Among those concessions, sellers are paying for buyers to buy down the interest rate, which can ease some of those concerns.

“With all of the bad news, you might be surprised to learn there are bright spots in our market."

Mortgage applications are down to the lowest levels since 2014, which is

another blessing in disguise. Remember that this allows buyers to competeon their interest rate and negotiate with lenders.

On the other hand, listings have been on the rise, with roughly a three-month

supply nationally and in our local market. That means buyers have more

options and more room to negotiate with sellers. Homes that were selling

in one week are down about 30% from last year but are still selling quickly,

so sellers need to be prepared for their homes to spend 30 days on the

market rather than 30 minutes.

Speaking of sellers, it’s also important to note that homes are closing for

98% of their list price recently. The days of selling for 104% of list price are

gone, so sellers should be prepared for that as well.

If you are a buyer or a seller looking to make a move in this market,

you need to have someone in your corner from the Charlotte

Mabry team. We have the expertise to help you navigate the current market.Reach out to us by phone or email, and we’ll be delighted to help you out.

How To Change Your Business for the Better

Five questions to ask yourself when creating your business plan.

I’ve got some great information for agents that I am excited to share today. Have you ever thought about business planning? For many people, it’s not a fun topic to consider. However, I believe it’s essential. Just like you wouldn’t go on a road trip with no map or sense of direction, you shouldn’t continue your business without an idea of where you want to go. 

Having a plan for how to get from where you are to where you want to be is

extremely formative, so I have created a list of five questions to ask yourself

in order to make that plan:

1. How much money do you want to make? In the next year, how much money do you need to make to cover your bills and live the life you want to live? It’s important to quantify these things.

2. How are you going to get real estate business? Are you going to focus on buyers, sellers, or have a blend of both? Have a specific goal to target.

“Having a plan will completely change your business for the better."

3. What is your cost of sales? For example, know specifically what it costs for the overhead of your real estate company.

4. What are your expenses? You can’t know everything that will happen, but there is a lot you can predict. What do you plan to spend on marketing? Do you want to hire an assistant? Be prepared for how much money that will cost, and know if it’s in line with what it should be.

5. What is your plan for taxes? Many people forget about this expense, but you should be setting money aside to prepare.

All this to say, are you an agent living off of cash flow, or are you running a business that has a profit? To be the latter, you have to create a plan, and you can do that with those five questions. I admit that I used to be the former, but becoming the latter has completely changed my business for the better. 

If you have any questions about this, or if you need help creating your business plan, I would be honored to help you! Email me anytime; I look forward to talking with you.