Market Pulse (Mid June 2022 Update)

Real Estate News TV

Well, let’s get you a market update. So this would kind of be the market pulse kind of what’s going on mid mid-June of 2022. So let’s just kind of take a moment and discuss what’s going on and see what’s happening here. So the stock markets down considerably. Yeah, oil prices are up. Yep, inflation continuing to go up. And even if that basket of goods they’re using is outdated and is underreporting inflation, it’s still reporting a super, super high rate. Yeah, but unemployment’s down and interest rates are now going up. And this weekend you said you had a listing and you had an agent there for the open house. And tell me about that. So we had an open house this weekend. Price point is I think a demanding price point is a 6 to 800000. So this one’s, 625 and we received offers significantly above the list price. And that list price was what you would consider the new market price. I consider that the new market this is and I explain to the seller, this is our starting point, right? But you have to be comfortable if this is our selling point and our end point. And they were totally good with it. They understand. And now, you know, we’ve got offers above. So roughly what percentage above? So we’ve got 60, 70,000 above. 50, 60, 70 above. And it’s a $600,000. House, another offering. So it’s a 600,000 house. So like eight, ten or 12% above. Yeah. And list price. And that same. You consider that to be the market, the new market price. New established. Oh my word. So two months ago our price point was was five, 55, 50 to 575. And then it got bumped up because. We had two closings in the community that they started low and that’s what they closed at. So that’s our new market price. So like before, like a couple of years ago, this was a $300,000 house. So see, prices continue to go up, but you have this super hot market at that price point, right? Yeah. And you have a lot of people you had how many people at the open house. So Kaylee said like 40 groups of people came through, 40 groups of people. That’s one person. So going back to that, we probably should have had another agent there to help her. Yeah. Or it’s like a bouncer checking ID to take care of. You know, we were kind of doing this before when we were doing open houses, but maybe it’s good to bring a buddy along. So sorry about that, Kayla. I kind of threw it to the wolves. Yeah, you should kind of have. Like, she handled it and did a great job. So when did open houses become like nightclubs? Like where you need to have a bouncer outside and somebody checking IDs? And you do need to be careful because there were people showing up 15, 20 minutes prior to the open house, knocking on the door asking if they can come in. No, that is not okay. That is not okay. Right. So, you know, same thing. We had agents showing up an hour earlier than their appointment. They were just trying to get in there and the seller happens to be home and it’s not okay. The seller was put on the spot. So maybe in our showing instructions we reiterate, do not come early or please adhere to your scheduled time. Well, all right. And then a bunch of listings are starting to come. Online and tons of listings come on the market we’re still at we were looking earlier like a 1.3 months of inventory right now. So we’re still in a in a in a pretty hot seller’s market. But we are seeing I mean, just us alone, we’re seeing a lot of listings. And I was looking at the price point right now. I was just thinking about this yesterday. I was talking with my sister Amy, and we were looking at some of the price points of the listings that, you know, that you have that you have coming online that like she just got one handed, just sold one. Amy has one coming up of all that are well over $1,000,000 like way, way over. And looking back, that’s not common. No, it wasn’t common here years ago. And now all of a sudden we’re looking at it and we’ll have like, I don’t know, at least five concurrent --- Send in a voice message: https://podcasters.spotify.com/pod/show/realestatenewstv/message