Agent to Agent: Seller's Market

Elizabeth: So hey everyone! I'm here with Megan and we just wanted to get together and just talk a little bit about the real estate world and how insane it is, so I'm Elizabeth Head with Southside Realtors.

Megan: I'm Megan Cox with CENTURY 21.

Elizabeth: So, yay! I think we're going to start by talking about the seller's market and how just nutty it is, so, I'm going to let you go first. Tell us some stories!

Megan: Well, I guess the biggest thing is, of course the sellers are getting absolutely amazing value, and I mean people are giving everything, their first-born kid, they’re paying their kids’ college graduation - not really, but, it probably will happen - but the biggest thing is, I think that if you don't have a very good buyer's agent representing you, you could really get hurt in this because they're going in to tell you, “Waive your appraisal”, “Waive your inspection”, do all these things and just trying to rush you to buy and you can get hurt.

Elizabeth: You can and especially you know waiving inspections. I just don't agree with that, I’m sorry. That's just wrong, because you just never know what could be hidden that, you know, nobody can see and so, totally agree with you there. I’ve never advised anybody to do that.

Megan: Just do the inspection for your peace of mind.  No, you shouldn't ask for the GFCI that’s tripped to be fixed, if it's your dream house okay that’s a $15 fix, you handle it on the backside. But if there's foundation issues, it can still be your dream home, you need to know the financial cost of what to expect when you move in.

Elizabeth: Because once those documents are signed, it’s a done deal. So, as far as, you know being on the listing agent side, I know you are as well, you know, it's a difficult time because you know we are representing the seller and we're, a lot of the time seeing, you know, multiple offers come in and it's, basically you know, people are giving away, like you said, their first born and how, you know, how do we navigate through those offers and yes, cash offers tend to take precedence and you know, we hate that for people who are making just fabulous offers with loans, but, unfortunately, if, you know, when they say, no appraisal how do you combat that? And so it's just, it is such a difficult market, it's not an impossible market for normal buyers, but it is definitely a challenging one and I do see that, and I think you would agree that that is going to change as things, you know correct- correction, it's not a crash because I know how many times it has been said.

Megan: Not gonna crash, I’m so sick of “It’s gonna crash! I’m gonna wait!”. Alright, you’re gonna be waiting for a long time.

Elizabeth: The doorman who came in yesterday, he said, “When is the market gonna crash because that’s when I wanna buy” and I said, it’s not because we have such a true need for inventory right now instead of, you know, 2006, ‘07 and ‘08, where you know, people who had a pulse got a mortgage and sometimes they didn’t have a pulse.

Megan: Right, that’s right. Very true!

Elizabeth: And lending standards are still very tight. I haven't gone through it myself last year and I know you-

Megan: And I’m going through it right now!

Elizabeth: You know, how many letters I had to write about why I didn't, yeah whatever.

Megan: "Why live somewhere back in like 2008?

Elizabeth: Yes, "Why you went to the bathroom last week?"

Megan: Yes!

Elizabeth: Anyway so, it is going to be a correction, it is not going to be a crash. So, interest rates, you know, they are rising, yes. Historically, they’re still low, but I guess my biggest thing on that would be rent, the interest rate is a 100% always. So, you know, I wouldn’t focus as much on that, but interest rates are rising, so it's time to, you know, get prepared, so that's all I’ve got to say about the seller's market right now.

Megan: Yeah, that’s true and I did mention the appraisal waiver so I’m going to say I do sometimes if they have the cash, I’m not saying that's a bad thing to do, but don't- just make sure you have your finances in mind, like, especially for sellers, I verify that. If they're like, “We're going to win the appraisal”, show me how you're going to win the appraisal and all that, because appraisal waiver is a great thing if you can get it, but don't just go in if you don't have it, if you're having to borrow from every single person and it's not going to work out. That's not a true waiver.

Elizabeth: Alright, I’m going to add a caveat that. Be prepared to pay what you offer. We really don’t know this market so just wanted to put that out there. Alright, well, thanks for listening to us!

Megan: Bye!

If you are looking to buy or sell homes, or you have any questions about Real Estate investing, please don't hesitate to reach out via my contact details below! 

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