The housing market is ever-changing, and we constantly hear about it through friends, family, and the media. In January, Midlothian Lifestyle and Short Pump City Lifestyle publisher Aaron Swart with The Brand Artisan podcast and LCR Media’s Naylor Taliafierro sat down with four local experts in real estate and mortgage lending. Melissa Oefelein, Realtor and Associate Broker with Keller Williams Richmond West; Navona Hart, Broker and Owner of Century 21 Realty at Home; Kyle Yeatman, President of the Yeatman Group with Long and Foster, and Katie Zacherle, Mortgage Advisor and Strategist with Katie Zacherle and Company and Integrity Home Mortgage collaborated to offer tips and tricks while buying and selling real estate.
ARE WE IN A COOLING MARKET?
A cooling market is when home prices begin to rise more slowly. Because of the rising mortgage rates, buyers withdraw, and sellers accept lower offers. Melissa says, "Many folks believe we are heading towards a 2008-2009 market, and it is absolutely not the case. We are low in inventory. It is still a seller's market, but buyers are finding opportunity also." Navona agrees, “An opportunity exists for both sellers and buyers. The good news for sellers is people are buying homes. The good news for buyers is a lot of sellers are a lot more realistic now than they were nine months ago."
WHAT ARE SOME ENCOURAGING TRENDS YOU ARE SEEING?
“Richmond is on the map in a way it never was before,” says Kyle. He further explains, "We've got land here still which a lot of cities or metropolitan areas don't have, and so I think a lot of folks, especially from up North and from out West, have relocated here because of the ability to spread out a little bit." Kyle’s company specializes in residential home building and, like many prospective homeowners, also finds it exciting that new construction is making a comeback.
DO YOU EXPECT TO SEE CHANGES THIS SPRING AND SUMMER?
Navona explains, "If interest rates go back down, we're going to reenter more competition in the buyer realm, and sellers are going to maintain control." She continues, "I think there's a lot of buyers on the sidelines waiting for it to happen. As much as we talk them through it and have this conversation about your paying somebody else's mortgage rate, it's still getting them to get into the game, and so I think there's pent-up demand, and I think we're going to see it."
DESCRIBE YOUR TOP CHALLENGES.
In addition to negative media attention, Melissa believes one of her biggest challenges as a realtor is showing her value. She says, " My biggest challenge at times can be ‘why do I need a realtor, I can sell it myself?’ Most times, hiring a realtor is the best decision to be made, most folks make more money with hiring a realtor."
WHAT ARE THE RISKS OF CHOOSING TO DO FOR SALE BY OWNER?
As a lender with an unbiased view, Katie explains, "If you don't hire a real estate agent, the real estate agent work is being put on someone else. Is that you, the buyer, or the seller? Is that your lender who is not qualified to be a real estate agent?" Katie thinks it may be beneficial to sell your home yourself if you have a family member selling to another family member. "They're not trying to make a profit. They're really just trying to have a property change hands," says Katie. Her advice to those considering selling without an agent is to think of it that way.
TOP TIPS TO HELP YOUR HOME SELL FAST
· Paint the walls, ceilings, and trim for a cleaner look. Stick with neutral paint colors. Dress up the room with colorful accents using throw pillows, area rugs, and simple decor.
· Repair ceiling and wall cracks and replace damaged flooring, especially if you have pets.
· Get rid of 20% of everything you own when it comes to decluttering. If you are not taking it when you move, then there is no sense in keeping it!
· Have your agent do a walk-through of your home. They can best tell you which projects will add value to your home and which won't.
· Do your research and hire reputable contractors recommended by your agent.
Midlothian Lifestyle and Short Pump City Lifestyle magazines thank The Brand Artisan Group for producing this podcast episode. To listen to this episode, please visit:
open.spotify.com/episode/4d64YMBEbD8SPYjgWXQnsE?si=kQ6K-Wr3SXySJwXKMDNatQ
“The team you have on your side working for you matters, so be choosy with your realtor and your lender. Work with people you like and trust and that provide the intangibles. Your success rate getting the home you want or selling for the best price will increase with the right people in place.” -Katie Zacherle