The Real Word: When Will The Market Cool Down?
Byron Lazine and Nicole White are two agents in Connecticut who give us their thoughts on the week’s news every Friday in “The Real Word,” a weekly video column on Inman.
With properties receiving numerous offers, people are wondering when the market will slow down. A recent CNN article reported that a fixer-upper in Washington, D.C., received a whopping 88 offers, 76 of which were all-cash and 15 of them sight-unseen.
The price it finally sold at? $460,000, a close-to 70 percent increase from its asking price of $275,000. “I don’t think I’ve heard a story that extreme,” Byron said. Although it might be an extreme and rare example of the state of the market, it’s still a reflection of today’s high levels of competition.
“I’d say this,” Byron said. “If you’re a buyer right now getting frustrated or you’re a buyer’s agent educating your buyers, you’ve got to preach some patience right now. You do not want to get caught up [in] the moment.” The duo discussed a few ways agents can help their buyers throughout the homebuying process, which is an even more emotional endeavor this year.
More this week: A cat was spotted in a neighbor’s U.K. listing photos, lounging on the bed. “That’s our bloody cat,” the cat’s owner wrote in a tweet that garnered over 327,000 likes. Here’s more on the story. (Rest assured, the cat made it home safely).
Marketeer of the week
With the extension of the eviction ban, landlords are selling properties “to recoup losses,” a CNBC article reported. But how is this the marketeer of the week? “Agents, you got to use this as an opportunity to educate landlords in your market on what their property value is,” Byron said.
Want to nominate a “marketeer of the week”? Drop your thoughts in the comments section below, or shoot us an email.