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Zoom Call 1.10.23 Quorum Call What's Happening in Your Area

By
Real Estate Agent with Mapleridge Realty, CT 203-206-0754 REB.0759001

Quorum Call What's Happening in Your Area

The Zoom call this week was a state of the country regarding real estate. Rocky Dickerson moderated the call and started out the session and sought out someone from the call to offer their local market status.

Nick Vandekar, who's market is split between the Greater Philadelphia and northern Delaware areas started out with the observations that there is a significant decrease in new listings coming on in his area. Most MLS systems offer up a daily dashboard of activity and throughout the day it self-updates. 

This is based on the criteria established by the individual agent. Where he would see a daily board with 12-15 coming soon as well as 25+ new listings, it has dropped off to 1-2 coming soon and maybe 6 actives.  He is hoping it is just a holiday slowdown that will see a resurgence of activity over the next few weeks. There is also the issue as people trying to sell are not seeing opportunities for their purchases.

Nick also offered that like himself, many are moving further out of urban areas as homes are less costly and if in an HOA, the monthly costs are much less costly, most of his is due to the home are new are require less maintenance.

Hannah Williams, who works nearby also interjected that she has seen people taking their homes off market as they are not getting attention. 

Rocky Dickerson who works in Las Vegas noted that his MLS system showed a one-day total of 1,200 expired listings on Jan 1. While not uncommon to see a month end bunch of expired listings, there are usually a comparable number of new listings, many the same, but with new agents.

 

William Piotrowski, a loan officer from Ill, offered that he has had potential clients offer up that they may stay renting as the cost of a monthly mortgage.

He also suggested that we not become owls. As owls are known to hoot who, we shouldn't become run recognized as who's to our sphere: Agent who? when we make a call.

He also offered up that within the new 2-3 years, 2/3's of all millennials are looking to buy a home within the next 2-3 years. This segment is all highly involved with their phone activities, and he suggested we start to make ourselves better known to them.

He discussed an agent that started a year ago with 52 followers on TikTok and started to make and post small videos and within a year of posting about the daily life of an agent increased her followers to over 860,000.

The people that are looking for agent want substance and want to see a real person and not someone that is structured and scripted. He has been reaching out to agents he knows to get their views on the market. As he stated, bottom producers love top markets and top producers love bottom markets.

He was asked to offer up what he is using to get business in this market. He identified himself as a mortgage banker/loan officer as his firm services many loans, so they have a lot of reserve funds

He believes that interest rates won't stabilize until second quarter of 2024 yet would like to see the Federal Reserve just step up and make a stand where interest rates will remain at 5 1/4 for the next 3 years.

He feels investors will control the market as long as people feel they can't buy so they will be paying someone else's mortgage in the way of higher rents.

As Rocky Dickerson interjected that he has seen loan officers offering up loan product that within the term of 6 months to 60 months, that if interest rates are 1/2% lower or more will refinance at no cost to that buyer.

George Souto interjected that his experiences with these programs have been suspect, especially with buyers that look to buy now and will opt for a loan program that allows them to do that, but after a year with a re-set of the loan they find themselves scrambling to pay the mortgage and it carries forward to where after 2-3 years they are in foreclosure mode as incomes have not kept up with inflation.

He is more likely to ask a buyer what they can afford today and use that as the criteria as to what they should be looking to buy, even if it is not a 'dream home'.  Reality needs to take a priority over desire, especially if it is their first time buying.  He feels this is better as all that is typically available to him is a credit report and not a person's particular lifestyle with regards to comfort spending such as movies, coffee stops, etc.

Both George and William felt that the biggest issue facing buyers today is the debt ratios created by the high costs of goods and services created over the last few years.

This was repeated by several in attendance regarding high energy cost for gas and electric over the nation and even in some states energy options are being denied due to the increase in demands that would be created. These escalating costs would impact abilities to pay mortgages as well as rents.

For market statistics, Dorie Dillard spoke of the trend of the market for her in Austin, TX. Their market saw an up and down in inventory. From the first half of the year, the market bottomed out some through the summer. 

In September, their inventories started to shift with high number of homes on market from less inventory:

September   11,000
October         11,000
November     10,238
December      8,730
January           2,609

The state of Texas is large and a multiple MLS state so what is representative of her area may not be similar for other large metropolitan areas.

Dorie sees a good potential for the new year and feels that the agents that will see business will be those that demonstrate their knowledge of the area and let it show though as the experts in the area.

Real estate is cyclic and with the trend in business, professionals and knowledge have an advantage.

It was brought out in the call, that 70% of all agents currently licensed have never worked in a tight market. Also, 80% of all lenders in the business have never worked in a non-refi market.

Quorum Call What's Happening in Your Area

 

Posted by

 

Edward (Ed) Silva
Broker Associate

Serving Central Connecticut Sellers and Buyers

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George Souto
George Souto NMLS #65149 - Middletown, CT
Your Connecticut Mortgage Expert

ED this was a lively ZOOM Meeting with lots of good discussion and input.

Jan 11, 2023 01:10 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ed, thank you for sharing what was said at the Zoom meeting yesterday, sounds like it was interesting.

Jan 11, 2023 01:44 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Thanks for the recap, Ed. I would have liked to have been there but life interfered. Your summary was a big help and interesting to read.

Jeff

Jan 11, 2023 02:06 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Ed- a great recap of Tuesday's Zoom!!!  I'm not an agent but I learned quite a bit from listening to everyone. 

Jan 11, 2023 04:51 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Great recap, Ed. Sorry to have missed this meeting, but I haven't come up for air all week.

Jan 12, 2023 04:19 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Hi Ed,
It sounds like a very interesting call. I'm sorry I missed it.

Jan 12, 2023 06:13 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

It sounds like I missed a very good call, so much knowledge in the Rain and people willing to share it.

Jan 12, 2023 07:59 AM
Lynn B. Friedman CRS Atlanta, GA 404-617-6375
Atlanta Homes ODAT Realty - Love our Great City - Love our Clients! Buckhead - Midtown - Westside - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers
*** We need to establish a special COMMUNITY CONTRIBUTOR AWARD and ED SILVA would be one of my choices to receive it! Thanks Ed for your continuous excellent recap posts about the Tuesday Zoom Meet-Ups. Lynn HMMMM... In past we had the ability add an image here. Let me see if I can find a "work-around" to enter the WINNER BADGE. NOPE!!!! Couldn't do it!
Jan 12, 2023 08:06 AM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

Excellent overview - sorry I missed the meeting!

Jan 12, 2023 11:21 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good afternoon Ed,

Great reap of the Zoom meeting..it was a good discussion with good points raised by many!

Jan 12, 2023 02:40 PM
Leanne Smith
Dirt Road Real Estate - Golden Valley, AZ
The Grit and Gratitude Agent

As always a great recap and especially found the statistics about agents and lenders not working in a tight market. My sense is this goes back to a lack of sales experience as tight markets happen in all industries. Thank you George Souto and good evening to you.

Jan 12, 2023 07:57 PM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Ed Silva - Another great recap.  Some of us just can't be on the call and I so appreciate your recap.  Since our office started going back to in-person meetings on Tuesdays, it has been impossible to attend a live meeting on Zoom. Thank you again for all you do to keep the rest of us informed.  I so enjoyed these calls when I could attend. 

Jan 14, 2023 09:54 AM
Emily Medvec
eXp Realty LLC - Santa Fe, NM
Broker | Realtor | Serving Santa Fe & Northern NM

Hello Ed and a GIGANTIC THANK YOU for the details and recap of the zoom meeting I missed. Tuesday is a challenging day for me to attend in person. I VERY MUCH appreciate your kindness is passing the word!

Jan 16, 2023 03:40 PM