Byron Lazine and Nicole White are two Connecticut agents who share their thoughts on the week’s news every Friday in The Real Word, a weekly video column about Inman.
With real estate getting numerous offers, people wonder when the market is going to slow down. A recent CNN article reported that a fixer-upper in Washington, DC, received a whopping 88 offers, 76 of which were purely cash and 15 were invisible.
The price at which it was finally sold? $ 460,000, up nearly 70 percent from the offering price of $ 275,000. “I don’t think I’ve heard such an extreme story,” said Byron. While it may be an extreme and rare example of the state of the market, it still reflects today’s high level of competition.
“I would say that,” said Byron. “If you’re a frustrated buyer or if you’re a buyer who educates your buyers, now is the time to preach some patience. You don’t want to be overtaken [in] the moment. “The duo discussed some ways agents can help their buyers throughout the buying process, which is an even more emotional endeavor this year.
More this week: A cat was spotted in the UK listing photos and lying on the bed. “This is our damn cat,” the cat’s owner wrote in a tweet that earned over 327,000 likes. Here’s more about the story. (Rest assured, the cat made it home safely).
Marketer of the Week
With the eviction ban extended, landlords are selling properties “to make up for losses,” a CNBC article reported. But how’s that marketer of the week? “Realtors, you need to use this as an opportunity to educate landlords in your market of their property value,” said Byron.
Would you like to nominate a “Marketer of the Week”? Write your thoughts in the comments below or email us.