Where Do You Want to be in 5 Years?
My office sent me the news that I am ranked in the Top 1% of Realtors in the state of California for 2023. It’s fun! And also funny because as I always say, I don’t care about the numbers, I care about the people.
How highly do I rank with you? I gauge my success on how well I help others navigate this high stakes, ever-changing market. I’m proud of my ability to shepherd my clients through this process, educating, coaching, advising, advocating, and holding space for the giant feelings that inevitably come up when you’re making the biggest financial decision of your life.
So when you are thinking of moving, or how much your home is worth, or where the market is headed, or what to do with your parents’ home in NY now that they are downsizing, am I the first person you think of? Am I your No.1?
Because that’s the ranking that makes me happy.
I learned a long time ago that I give the same service to the $700K condo as I do to the $17M sale in Beverly Hills PO. Don’t get me wrong, I am very proud and honored to be ranked in the Top 1% (.67% to be exact) of the 213,806 Realtors in the state of California. 6 years ago, I set out with a goal and at Year 5, I achieved it. This Year 6 ranking just proves I’m growing every day. Where do you want to be in 5 years? What steps are you taking (or are afraid to take) to get there?
Do tell!
Real Estate Roundup
Cash is back, rates are stagnant, and buyers are becoming very picky.
Every seller asks the question, Where do I go from here? and with rising rates, the question becomes a big stumbling block for many. However, most home owners also (if you have owned for more than 5 years) have historically high equity in their homes. One easy solution to high interest rates? Pay cash. You can pay cash and sometimes cover the entire cost of the home, or a high percentage of a new mortgage, which in turn lowers your monthly payment. You can then do a cash out refinance when rates lower and free up some of that equity for things like travel, college, retirement, etc.
In Los Angeles, inventory is up, but prices continue to defy the trends. Many thought the market would go off a cliff, only to be sadly surprised by the 2.2% increase year over year in the first quarter. The market has definitely softened from it’s historic highs, but well priced homes continue to get multiple bids and close for at or above their list prices.
Why the softening? My personal belief is that buyers are no longer desperate. When the rates were 3%, buyers were throwing money at anything with a door. Now, when they need to pay $16,000- $20,000/mo for something, and need to earn $400,000 in order to qualify, their current rental seems a whole lot more attractive. Buyers are expecting move-in ready conditions for the prices they are expected to pay. Parking and yard space can be dealbreakers on an otherwise perfect home. And if it’s a fixer, expect a deep discount on the sale price. The latter is of course a dream come true for me because I love a good fixer (but then, so do the all-cash flippers).
Until next month,
Emily