Setting expectations. This is one of the most important jobs of a Realtor. When meeting with potential clients, it is imperative to begin to educate them about the current real estate market. As we all know, the Triangle has been a hot topic in the real estate world for awhile. More people are moving to Raleigh, Durham, and Chapel Hill than away from it. This fact flipped the switch of our market from one for buyers to one for sellers overnight in the Spring of 2016. Even though the sellers’ market has remained, the recipe for winning a home for a buyer has been very different from season to season and year to year. Real estate is hyper-local which means that variation between cities and neighborhoods and even streets is real. Only someone who is in and out of houses every day, talking to lenders, sharing stories with other Realtors, living and breathing our industry, will be on top of our ever-changing market and what it takes to help our buyers buy and sellers sell. One cannot keep her clients informed unless she is immersed!
What is going on today? Well, the local market is slower than it was during Covid (thank goodness). Great homes in great locations are still going under contract quickly and, most of the time, with multiple offers. However, more homes are sitting on the market for a week or two before getting scooped up (sometimes still, with multiple offers). Inventory remains painfully low so even though interest rates have left lots of buyers on the sideline, there is still competition for homes because fewer people are listing houses. Not only do homeowners not want to jump back into the market, because doing so means swapping out their SUPER low interest rate for one starting with a 6 or a 7, but many homeowners are trying to maximize their investment by hanging on to their current home in order to rent it out and make some money. What does all of this mean? It means you need a Realtor who knows what kind of offer will win you the house. It means you need a Realtor who knows how to prep your house for sale so that you can sell for the best price. In order for these things to happen, you have to know what to expect in all the different scenarios. Your Realtor is there to make sure you are prepared for what happens next.
The gist of this market is, if you see something that piques your interest, don’t wait. Make the offer, buy the house. More likely than not, houses will be even more expensive by this time next year and interest rates will still be elevated from where they’ve been the past decade. BUT, if rates do dip again, you can always refinance!
Setting expectations early and often is a great way to put the power back into your clients’ hands, especially when it feels like nothing is in their control. It is one of the most important things a Realtor can do for her clients and customers.