March 1, 2025 • 53 mins
One of the biggest headlines this week concerns Zillow's unexpected slash of its home price forecasts for 2025. This episode provides essential insights into how these changes might affect you as a homeowner or investor in the real estate market. With over 200 cities facing predicted declines, it’s crucial to know how to navigate these challenging waters effectively. Rowena Patton discusses the implications for Asheville and other regions, breaking down complex market dynamics in language that is easy to understand.
Listeners will gain a deeper understanding of the leading indicators at play—particularly price drops—as we explore whether now is the right time to sell or if holding off is the best strategy. We talk about how selling in this current climate can position homeowners favorably before prices potentially slide even further. With an emphasis on localized markets, Rowena encourages listeners to connect with knowledgeable agents who can craft tailored pricing strategies and marketing approaches.
Moreover, the episode touches on significant factors influencing buyers' decisions and how psychological behaviors impact real estate transactions. If you've ever felt uncertainty about how to proceed with your property journey or are simply curious about the future of the housing market, this episode is a must-listen!
Don’t forget to subscribe to stay updated on the latest trends. Share this episode with someone who’s thinking about real estate or leave a review if you found this information valuable!
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Episode Transcript
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Speaker 1 (00:00):
This is the Plain English Real Estate Show with
your host, rowena Patton, a showthat focuses on the real estate
market in terms you can easilyunderstand.
Call Rowena now.
The number is 240-9962 or1-800-570-9962.
Now here's the English girl inthe mountains, the agent that I
would trust, rowena Patton.
Speaker 2 (00:35):
Hi there and welcome to the Real Estate News Radio
Show.
I would trust Rowena Patton.
Remember that you and yourfriends, whether you're here in
Asheville, across the country oreven tuning in from Mars, can
listen live on your phone ordesktop at
realestatenewsradiocom.
That's realestatenewsradiocom.
Just click on the listen livebutton and, while you're there,
(00:58):
you can check out the last 12years of episodes.
Yes, really, it's 12 years.
That's over a decade of markettrends, expert interviews and
everything you need to stayahead in real estate.
So today we've got a big one.
Zillow just slashed their homeprice forecast for 2025,
predicting price drops.
In wait for it, over 200 cities.
(01:21):
But what does this mean for you?
Should you sell now?
Wait it out?
And how does Asheville andWestern North Carolina stack up
against the rest of the country,especially given everything
that's happened in the last 12months?
Before we dive in today's RealEstate News Radio show, I wanted
to give you a sneak peek atnext week's episode, one that's
(01:44):
a little different butincredibly important.
Hopefully, you'll find themalways a little different.
So did you know that?
Your attachment style?
You probably know this is thebig thing in relationships now
attachment styles and, yes, theway you connect with people can
actually affect and impact howyou buy, sell and invest in real
(02:08):
estate.
For example, are you an anxiousbuyer who second guesses every
decision, or a secure seller whoconfidently prices their home,
or an avoidant investor whohesitates to pull the trigger?
It's going to be a good one.
Next week, we're diving intothe psychology behind real
estate decisions and how yourattachment style shapes your
(02:31):
confidence, risk tolerance andeven how you negotiate a deal.
And, of course, if you'refeeling like you need
relationship therapy.
Or maybe you're dating it'ssurprising how many people, past
what we used to call a midlifecrisis, are actually single and
dating now.
So all kinds of things to lookout for there.
(02:53):
And, of course, how it looks atfor you whether you're buying a
house or selling a house orinvesting a house, what that
means, and what it means if youhave a partner that's doing it
with you as well Reallyimportant one, obviously.
It's a fascinating conversation.
You won't want to miss it, somark your calendar for next
week's show and, of course,you'll also be able to get it on
(03:15):
the podcast later on, as it'suploaded there as well.
So for today, let's focus onZillow's latest market forecast
what's happening in Ashevilleand all around the country and
why now might be the last greatwindow to sell before the market
shifts, because it's alreadyshifting.
So grab a coffee, let's getcomfortable and let's dive in.
(03:38):
So let's talk about somethingmost real estate agents and
others love to hate Zillow.
Many in the industry feel thatZillow has this huge influence
on the market, especially withtheir Zestimates.
These are the estimates thatthey give of your house price,
which sometimes can be wildlyoff mark.
They are getting more accurate,it's true.
(04:00):
So while we may not think thoseestimates are always realistic
or accurate, the reality is andthis is the important piece many
buyers not necessarily rely onthem, but you'd be surprised
Buyers are at least looking atthem and even sellers are
looking at them too to look atthe price of their homes.
That's why you need a greatagent guys, because it's an
(04:25):
automated computer estimate.
So whether we like it or not,perception can really shape that
reality in real estate.
So if you find that your home'sestimate doesn't reflect the
true market value, our listingroyalty network agents across
the country and me here, ofcourse can help you correct it
(04:46):
and adjust it to more accuratelyreflect your home's worth.
There are ways of doing thatbehind the scenes and we can
help you with that.
Go to ListingRoyaltycomListingRoyaltycom.
Or if you're using the websitefor the link to listen live at
RealEstateNewsRadiocom, you cando it there as well, to reach
out and contact us.
We'll find you the right agentthere and help you correct that
(05:10):
value.
It's a really important one.
If you're thinking of sellingthis year, next year, in five
years, or even if you're notthinking of selling, that should
be corrected because it'sgetting all your deets out on
the worldwide web and puttingthem out there for everybody to
see.
So let's make sure that it'sright.
So welcome back to the RealEstate News Radio Show, guys.
(05:32):
It's your trusted source forall things real estate, right
here on the Real Estate NewsShow.
So we're tackling one of today.
We're tackling one of thebiggest real estate headlines of
the year.
Today we're tackling one of thebiggest real estate headlines
of the year.
Zillow just slashed its homeprice forecast for 2025,
(05:55):
predicting price declines inover 200 markets across the US.
I've got a download on this atrealestatenewsradiocom.
That's realestatenewsradiocom.
I'm going to write it downright now so I make sure I do it
for you.
So it's there right after theshow showing you all of the
cities on there, not going tomake you pay for it or anything.
It's all free, because I liketo give out that information, so
don't panic just yet.
(06:17):
Why?
Because real estate moves kindof slowly actually.
It's slowly, slowly and thenfast when people, especially in
certain areas, get very nervous.
And I'll show you some of thoseareas today.
So only about 5% of homes sellevery year, meaning that even in
a downturn, 95% of homeownersaren't selling.
(06:39):
That's a big reason why priceshifts take a long time to play
out.
And I can tell you anotherreason as well.
You know, if you've listenedregularly and I know a lot of
you do thank you, it's sowonderful to have you as regular
listeners.
A lot of you reach out to meand I'm very appreciative of
that.
It makes doing this everySaturday morning for 12 years
(07:00):
worthwhile.
So thank you.
Another reason why is I sharefigures with you showing price
drops.
Now why do I look at pricedrops?
That's a leading indicator.
What do I mean by that Ifsomebody's dropping their price
today?
So let's say we list somethingin Broward, broward and
Miami-Dade County.
(07:21):
Broward is Fort Lauderdale, abig county.
In Fort Lauderdale, many of youknow it in Asheville, because
the most used flight path in thecountry of Allegiant is between
Fort Lauderdale and Asheville.
It's a direct flight, verycheap flight, and historically
there's always been a lot ofpeople come from the Miami area
(07:42):
to the mountains, maybe for thesummer or maybe to a visit, and
then in the winter a lot ofpeople go from Asheville to have
a weekend or a week in thesunshine.
It says it's Miami on theAllegiant site.
By the way, it's really FortLauderdale.
Fort Lauderdale's 30 to 60minutes away from Miami,
depending on what time of theday you're traveling.
(08:03):
So that's why I'm looking atthose counties because they are
too in the country that lookkind of interesting,
particularly Broward, miami.
The condo market's reallystruggling.
I'm going to dig into that a bitmore as well.
And also in Broward you'reseeing a lot more months of
inventory out there and we'lltalk about what that means as
well.
Buyers' and and sellers marketthat one's an important one.
(08:31):
We'll put some stats aroundthat and guardrails to show you
what that means.
What does it mean when we'vegot five and a half months of
inventory?
That's just jargon.
So six months of inventory iehouses in the big bucket of
houses for sale that if we justkept them at that and sold them,
we've got about six months ofinventory.
That's considered a balancedmarket.
So not a seller's market, not abuyer's market a balanced
(08:54):
market.
So we're moving towards thatbalance and in many cases we've
already gone across it.
I'm going to show you thosecities as well whereby there's
so much inventory.
It's just supply and demand,guys.
Don't overthink this.
It's very simple Supply anddemand and honestly, that's
what's made this the longestcycle, clermont-jouglar.
It will probably go down as oneof the longest cycles in
(09:16):
history.
In many markets we crestedeither a year ago or two years
ago, which means the houses areflat.
Or the house prices are flat,or going up a very minimal
amount, too much to take agamble on, in other words or
they're coming down.
So let's go back to price cutsagain, because I mentioned,
those are a leading indicator.
(09:38):
I can do it for any zip code inthe county.
By the way, give us a call828-333-4483.
If you prefer to call us828-333-4483, anywhere in the
country.
Guys, I've got amazing.
I've got an amazing network ofagents who are very highly
trained conventional listings,certified pre-owned listings,
(09:59):
cash CPO purchases or cash CPOlistings.
That's where they get certifiedbut you're not paying for any
of the repairs or the remodelsat friends.
So yeah, listen up.
If you're doing a remodel orprep in your house, you might
want to take a look at that one.
828-333-4483.
This is Rowena Patton on theReal Estate News Radio Show.
(10:21):
If you have just tuned, tunedin, we're talking about price
drops being a leading indicatorand people listening going.
Go on, get on with it already.
So let's say you are in miamiright now and you have a condo.
You could live anywhere in thecountry.
Now it's a big second homemarket and lots of people have
condos.
All kinds of things have beengoing on there, like there was a
(10:42):
collapse in surfside in Miamiand Fort Lauderdale and that has
meant major overhauls and majorrule changes all the way down
the coastline, particularly inMiami, which has meant some
massive special assessments.
I know of one in FortLauderdale, for example.
(11:03):
That was wait for it, over$100,000.
Can you imagine $100,000 in aspecial assessment?
That means on your HOA feesthat you suddenly get a letter
going.
Oh, by the way, and this was ina newer building, by the way.
Guys, we, you know, because ofthe rule, government, local law
changes, legislation changes tomake it safer in here.
(11:23):
We now have to do all thesemodifications and it's going to
cost you $100,000 each Ouch.
And some of them aren't veryclever and they don't allow
people to sell until they'vepaid the modification which, in
my humble opinion I've seen thisbefore is going to cause some
bankruptcies and foreclosures.
(11:44):
Why?
Because it's an easy way tomodify that.
You allow people to sell, toput it on the market, and you
say the only way it can sell isif that $100,000 comes off the
proceeds.
At least it gives that personthe opportunity to sell it.
We actually had this play out inthe last recession in Asheville
(12:06):
.
We had some condo buildings Iwon't mention them A lot of
foreclosures.
And what do the foreclosuresmean?
The foreclosures mean that thatdrives prices down.
All the short sales drivesprices down in the whole condo
unit.
You do not want that to happenand that happened this time
around in the Asheville market.
And why did it happen?
(12:27):
In my humble opinion, ithappened because the condo
buildings are slow to move andchange their rules.
So in a recession you want toallow people to rent out the
condos.
Most of us who live full timein any kind of neighborhood,
whether it's condos or not,don't necessarily want a big
percentage rented out.
It's usually capped.
If you allow rentals at all,then it's usually capped at 15%.
(12:51):
However, if you're in adeclining market and people are
starting to lose their jobs andthey can't afford the condo
anymore, you want to allow themto rent it out.
Why?
Because in a declining marketit's going to take them longer
to sell it, much higherprobability of a short sale or a
foreclosure which is going tohurt your home price.
(13:12):
So if you're on the board of anHOA or you know the board of
your HOA whether it's a condo ora housing, you know a normal
HOA in a housing complex.
Talk to them about that,because we are going in most
places in the country.
We're going into thisflattening and you don't want
that to hit you and it's a verysad thing that happens in a
(13:34):
recession that hits everybody,because a lot of HOAs don't
necessarily know about this.
But here's what I want to focuson today why Zillow downward
revision is a warning sign youshould pay attention to.
And coming back to those pricedrops, and also our next point
on here why, if you don't have 7to 11 years to wait for the
(13:54):
next peak.
This might be your next chanceto maximize your return.
And how Asheville compares aswell Is our market as vulnerable
as others, whatever that means.
So the price drops and theleading indicator it's like the
Zillow downward vision when youhave price drops in a market.
Let's go back to Miami.
Let's go back to Broward wherein some cases, for some of the
(14:16):
properties, you've got a sixmonth wait, a three to six month
wait on selling your home.
Let's make it worst casescenario.
It's a bit further out.
It's not in perfect condition.
Maybe, you know, might need abit of a remodel here and there.
I'm probably describing 90% ofthe houses nationwide that
aren't new, right, you know?
Maybe the kitchen was remodeledin the 2000s and we go oh,
(14:36):
that's not very old.
Yeah, that's 25 years ago.
So when we're doing price dropstoday, let's take somewhere that
where it's taking three months.
In Asheville, you're easilywaiting two months to three
months Again if it's somethingthat's slightly less desirable
than a brand new house, which ismost of our houses so you could
easily be waiting three months.
So here we are, at the end ofFebruary or the end of one month
(15:00):
.
You know, if you're listeningto this afterwards, don't let
the months put you off.
Just think of it as month one.
We're in the current monthwe're in.
What I want you to do is addthree months to wherever we're
at.
So right now, obviously thatwould be March, april, may.
So we're looking at June 1 tohave a contract Everybody with
me so far.
(15:20):
So I want you to add threemonths.
You might be listening to thisin August of this year.
It just works, you know.
Add in how long it's going totake you, you think, to sell
your house, and in most cases itisn't a day right, it may have
been two or three years ago.
Multiple offers.
We're not there now guys, we'rejust not.
So you know, 30 to 60, 60 daysif your market's still moving
(15:41):
fast would be perfect,reasonable.
I'm adding three months here.
So we're at June 1st, and nowI'm going to add six weeks so
you can get it closed as quicklyas two weeks with cash right.
However, most people aren'tpaying cash and they want to
have inspections, they want tohave appraisals, they want to do
this, that and the other.
So, and you know, when we havethe inspection, there are things
(16:03):
that happen whereby you knowthey find things on the
inspection and you'll know it'slike 50 items on average, 40, 50
items on average.
Doesn't matter if it's a newhome, guys, it's still going to
be the same thing.
So we're adding six weeks tothat.
So these figures always shockpeople when I go through them,
right?
So this is the timeline.
So these figures always shockpeople when I go through them,
(16:24):
right?
So this is the timeline.
So we're at June 1, we'readding six weeks.
So in your head, add threemonths to where we're at now,
right, and then go to the firstof the next month just to round
off, and then add six weeks.
So a month and a half.
We are at July 14th.
Anybody shocked?
Yet we're through the middle ofthe year, guys, before it
(16:45):
closes.
And I'm going to tell yousomething else shocking One
third of them, over one third ofthem, don't close unless you
what Can I hear you saying itCPO it.
Don't just sell it, cpo itDon't just list it, cpo it,
certify, pre-own it.
When you don't have thatinspection up front, when you
and it's also good to get theappraisal as well it costs more
(17:06):
money, but it's good to get theappraisal.
Why, especially in a flat ordeclining market, that is like
evidential proof that's not somereal estate agent saying it's
worth this, because we all knowthat there are lots of real
estate agents out there.
Did you know that 74% of realestate agents last year didn't
sell one home?
That means that if you sold onehome yeah, aren't these figures
(17:28):
shocking as well If you soldone home last year, you're in
the top 26% of agents.
Isn't that shocking?
So I could say, yeah, I soldone home last year.
I'm in the top 26% of agents.
I'm in the top quartile ofagents in this market.
That would sound pretty good,well, wouldn't it?
Until you look, pull thatcurtain back and look at what
that means.
(17:48):
You could be working with oneof the agents the 74% of agents
who didn't have one sale lastyear or who is a brand new agent
, right?
So just be careful with that,because many of those especially
if you're a buyer, because manyof those agents go in and they
say Because many of those,especially if you're a buyer,
because many of those agents goin and they say your house, I
think your house is worth$650,000.
And they say, no, no, I want tolist it at 700.
(18:10):
And the agent goes I'm reallynot sure.
No, no, I want 700.
Okay, I'll list it at 700.
Right?
A good agent would say no,because that's not a realistic
price, and they'd explain to youhow that's going to have you
chasing the market down.
Or a good agent would say toyou you know, okay, we'll list
at 700, but here's how I wantyou to commit to me.
(18:32):
First off, I'm going to give youfive-star service.
I want you to commit to givingme a five-star review and I'm
going to keep reminding you ofthat as we go along.
And also, I want you to remindme if, for any reason, me or any
of my team are not giving youfive-star service.
That's how we keep our serviceso high, at such a high level.
And secondly, I'm going to sayI will do this for 14 days.
(18:56):
If we haven't had X showingsdepending on which part of the
market it's in I want you toagree to drop the price to where
I said it should be, at 650.
Is that a deal?
I'll also say to you if youhaven't had a showing, I want
you to agree to X drop everyweek.
Yes, every week, really,because we're in a flat or
declining market.
I don't want you chasing themarket down.
(19:17):
That is not a good thing to do.
Now that price drop might be$200.
Crazy.
You say yes, we call it a SERP.
It puts it out there again,gets new eyeballs on it.
All kinds of reasons behindthat that I've covered on other
shows.
There are very specific ways tostrategically price a home.
Just remember that.
So let's get into the details.
(19:38):
Let's look at Zillow's 2025housing forecast and look at
what changed.
So what changed in all of this?
Obviously very important tolook at?
Zillow has been bullish on themarket for years, bullish right.
So now they've made a hugeshift and that's what's
(20:02):
important.
That's what's important in theoutlook.
So they've cut their home pricegrowth forecast from 2.9% to
just 0.9%.
Now, remember, this isnationwide, so I never want you
to look at nationwide prices,apart from maybe looking at it
as the canary in the coal mine,because it depends on whether it
affects your city.
(20:22):
Get yourself a great agent.
Obviously, I can help you here,or nationwide, I can find that
agent for you.
How do I know they're greatagents?
Because they're in a trainingprogram.
I've got over 1100 agents thatare very highly trained in how
to do this, and that is unusual,guys.
It's very unusual.
So you can go torealestatenewsradiocom.
(20:45):
Realestatenewsradiocom to findyour agent.
There's a button on there goingfind agent.
Or you can look at our app,which is listingroyaltycom
listingroyaltycom big button ontop.
Or, if you prefer, to use thephone, nothing wrong with that,
guys.
828-333-4483.
(21:05):
828-333-4483.
Leave your address.
We've got people picking up24-7.
By the way, that's kind ofimportant.
If you're thinking aboutlisting, you want somebody who
picks up 24-7 where all thedetails are taken.
Yes, really, three o'clock inthe morning we do it, so you can
call right now while I'm liveon the radio.
828-333-4483.
(21:29):
So Zillow.
Zillow's cut their growthforecast and it's in more than
wait for this.
200 cities.
Zillow's now predicting homeprice declines.
And if you didn't hear mydisclaimer at the top of the
show Zillow, you know a lot ofpeople think that the prices
aren't accurate.
Yada, yada, yada.
But the important thing to knowhere is that it's a perception
(21:49):
piece.
Many buyers look at Zillow forthe price of the home they're
buying.
They also do cash offers andI'm thinking I'm seeing the
prices changing as they're doingcash offers, which is also kind
of interesting.
I cannot tell you guys and Iknow you're thinking I would say
this, wouldn't I?
But honestly, if I just weremoney-minded and I was telling
(22:10):
you this stuff just to makemoney, I'd be a billionaire by
now.
I've had a radio show for 12years.
I've got a best-selling book onselling homes.
I've got another book on cashGPO.
I run national programs foragents.
Like, really, if I were moneyminded, in fact, I need a coach.
So if you've got a money coachout there, send them to me,
(22:30):
because I'm really focused oneducation.
That's what I love to do.
I love to train and educate.
I do that through the radioshow.
I do that through all kinds ofprograms that we offer on
listing royalty.
So these places are coming from,these prices are coming from
and stats are coming from aplace of authenticity.
It's just where I'm at, it'sjust who I am.
(22:51):
Take it or leave it.
So here's where the home valuesare expected to take the
biggest hit in 2025.
Lake Charles and again.
You can get the download forthis at realestatenewsradiocom.
Charles.
And again, you can get thedownload for this at
realestatenewsradiocomrealestatenewsradiocom.
Or give us a call even better,because I will do it for your
zip code 828-333-4483.
(23:13):
Lake Charles 7.3 decline.
That's a lot.
So think about what that means.
If you've got a million dollarhouse, that's a lot.
Even a $500,000 house, even a$300, dollar house, that's a lot
.
Even a $500,000 house, even a$300,000 house, that's a lot.
New Orleans over 5% declinethat's where home values are
expected to take the biggest hit.
(23:34):
They're wrong sometimes, butthey're also careful about
predictions, because predictionscan really bite you in the butt
right.
So they're very careful aboutpredictions as well.
I can tell you that SanFrancisco comes in next, and
then Austin comes in next, losAngeles, next Phoenix, and then
(23:54):
Orlando, and the list goes onand on.
We've got the whole list foryou.
So what do these cities have incommon, or most of these cities
at least?
They saw the fastest pricesurges during the pandemic.
Now remember too, in Asheville,we are sadly there as well.
Now they're correcting ashigher mortgage rates price out
(24:16):
buyers.
We know a lot of it is to dowith Asheville rate, with uh,
with, yeah, asheville rates, butalso the, the uh interest rates
.
So let's look at Asheville.
Is our market different?
Uh, western North Carolina,really the whole western
Carolina market.
It's not crashing, but thereare clear signs of a shift.
(24:37):
Now here's the problem.
What does crashing mean?
Crashing means when it's flator declining.
That's's where we're at, we maysee a very small increase.
We're already up 25% in termsof months of supply.
Right, we're up 25%.
So think about that.
Remember it's supply and demand.
Now, that's still below thebalanced market, although when
(25:02):
you look at days on market, Iwould say something's not quite
jiving there.
But when you see anythingtriggering to go in the decline,
you want to look at that why?
Because you've got this perfectwindow right now.
If you are thinking of selling,don't hold off is the point.
I've been telling you that fora year, right, and you may have
made another percent or two.
(25:22):
But is it worth holding on andtaking that risk?
Because we're almost certainwe're going to have that decline
.
We just don't know when it is.
I do know that when thatdecline hits, it tends to go
fast, right, because peoplestart to panic and there's
always people that need to sell.
Remember that there's alwayspeople that need to sell.
(25:43):
Let's look at new listings,because that's an interesting
one as well.
It's also a leading indicator.
New listings are up 13% yearover year.
That's a lot, guys.
Now what does that mean?
The new homes for sale are,yeah, the new listings, and then
total homes for sale are up 18%, 18%.
(26:06):
Now let's play that timelineforward that we were talking
about before.
Perfectly normal for it to takethree months if you list
tomorrow.
Now remember, if you're justthinking about listing, you
haven't called us in yet.
So 8 to 8, get it on theschedule.
Guys, please get it on theschedule because I'm giving you
the timelines here.
It's getting busier and busieras we get into that season and
(26:30):
I'm not bragging here.
I'm at 1.3 billion in sales.
Therefore, we're very popularto list homes.
You know, working with mypartners here in the Western
North Carolina market, becausewe list so many homes.
This is not a time to wait itout.
Get us in now.
We're not going to push youinto listing.
We're not going to keep callingyou every day.
We don't need to do that.
We've got 1.3 billion in salesright.
(26:51):
So we want to do what's rightfor you when it's right for you
the value of us having us in now.
Let's say if we can fit you innext week, get that call in
828-333-4483.
This goes for around thecountry.
Guys, get that call in.
Get us out so we can take alook.
Because you're going to get usin next week, let's say that you
(27:13):
decide to go ahead and listright away, which you know a lot
of people decide to do.
I get it.
That means that let's say ittakes us another week, depending
on what you've got to get readyor your delays.
You don't want to list for aweek or something else.
So we're going to follow thattimeline and if you're listening
to this, later on, I just wantyou to add three months to where
(27:34):
we're at now.
So the everything that I wentthrough in the timeline that
takes us to June 1, we add sixweeks for the closing easily
could be delays and a third ofthem drop out.
Remember, that's taking us toJuly 14th, guys, that's crazy.
That's through the middle ofthe year and don't you feel like
(27:54):
we've just started the year?
That's crazy.
Not only that, we don't knowwhat will be happening to prices
at that point.
I believe, when 2008, when wehad our biggest months of
decline were 0.8, 0.9%.
Just round that up and make it1% doesn't sound like a lot.
But you take that out over thefour months or five months that
(28:17):
we're waiting to get your homesold, which is perfectly normal,
guys.
That's not a delay by any sense, right?
So now you can do the cash CPOoffer that gets your money out
in 14 days.
You know there are those of youout there that want to get it
out fast.
Two thirds of our home sellersdo make more than with a
traditional listing, so that'sworth looking at too.
But I'm going to repeat thatagain, right?
(28:39):
So July 14th, what are weadding there?
So February, march, april, may,june, july about five and a
half months, and that is becauseit's going to take us a week or
two to get it on.
It's going to take six weeks toget it sold.
And then we're adding six weeksand in my quick add up on my,
(29:01):
on my fingers here, that's goingto be five and a half months.
So if you're listening to this,you know, in August or
something, just add five and ahalf months.
It's always shocking when youlook at the timeline, guys,
because should the market shifteven more than it has anywhere
in the country, you could beseeing declines in your price.
That's why it's so important toget it priced right now.
That's why it's so important toget the pre-inspection.
(29:25):
Listen, if you want to use usfor the CPO process certified
pre-owned process you want to doit yourself.
You want to pay for your owninspection, get your own
appraisal.
You want to go for sale byowner?
We'll help you with that firststage.
Even if you're going to useanother agent, that's okay too.
We'll help you with that firststage because most agents aren't
trained in certified pre-owned.
(29:46):
How do I know that?
Because I came up with it in2007 and I've been running CPO
Experts since 2007 and trainingagents to do it around the
country and also wrote abestselling book on it.
So I know what I'm talkingabout in terms of certified
pre-owned, best-selling book onit.
So I know what I'm talkingabout in terms of certified
pre-owned, we, or any of thelisting royalty network agents,
(30:09):
can do that for you at highlevel.
If you still want to use yourown agent, that's fine.
Or if you want to for sale byowner, that's fine.
If you are looking at what youneed to improve right now, maybe
you're thinking, oh, I need apaint job, I need this, that the
other, that's fine too.
But get us in, because we knowthe market.
I don't work with any agentsthat don't do transactions or
don't list homes or, you know,don't.
I can't do that.
(30:29):
I'm 1.3 billion in sales yes,billion in sales, and I'm not
going to now.
Most of the agents aren't goingto be at that in billions in
sales.
Some are, because that's a lot,obviously.
However, they are going to befull-time agents and they're
going to be highly trained andcertified, pre-owned.
They know the right inspectorfor you.
(30:51):
Now, why is that important whenyou're prepping for listing?
Because, even if you're notinterested in the CPO process,
before you start spending moneyon painting the kitchen or I
don't know, changing out thecarpets or something like that,
have the inspection because theboogeyman will come and get you.
Remember, I told you over athird of them drop out.
(31:11):
Most agents don't tell you that.
That's because of theinspection.
So if you get the inspection upfront, that is going to take a
lot of that out of the process.
Right, it's going to take thatout of the.
Our dropouts drop to around 7%.
We go from 33% when it's notCPO ie you haven't paid for the
inspection up front or theappraisal up front to 7% when
(31:33):
your house drops out, when it'sa pain in the butt, right?
You've had all those showings,you've had all the texts saying
can we show your house at 10o'clock?
And you go back and go and Idon't know.
I'm at the gym at that point,or the dogs are in the house, or
I can't get home from work,whatever.
It is Not fun.
So when your house drops out,everybody I always say everybody
and their dog calls us from allaround the country going what's
(31:56):
wrong with that house?
I was really interested in it.
It drives the price down, guys,not to mention it is a pain in
the butt.
Listing your house.
We take as much of the stressout as possible.
I always suggest certifiedpre-owned.
Very few of my sellers, whenthey hear how it works, decide
not to do it that way.
Very, very few and very fewsellers in the listing royalty
network around the country.
(32:17):
We've got over a thousandagents we can refer you to
around the country.
We've got you covered, Ipromise, with agents that are
fully covered.
You can call us 24-7.
The reason I put it all throughone number for the agents
around the country whereveryou're listening maybe you've
got friends listening fromsomewhere else just tell them
they need to certify, pre-own it, cpo it.
Don't just list it, cpo it,because it's a much better way
(32:40):
to sell your house.
It really de-stresses and, ohmy gosh, if you're in South
Florida.
You definitely need to CPO it.
You cannot afford for it todrop out a third of the time and
you definitely can't afford thelag in the market at this point
.
Remember, if you're listeninglive, then you're going to get
your closing check the middle ofJuly.
(33:01):
That's the second half of thisyear.
We'll be going towards the fallat this point.
Isn't that crazy?
It's always a shocker when youlook at it that way.
Get us in now, guys.
If you're thinking, oh, I don'tneed to actually sell my house
and move until July or August,so we've got plenty of time, no,
you don't.
If you want to get it closed inJuly or August and we can
control that, remember.
If you want to get it closed inJuly or August and we can
(33:22):
control that, remember, we cancontrol that.
There's all kinds of ways youcan control that.
And, if nothing else, get us into talk about.
You know what you need toimprove and what you don't need
to improve.
Don't waste money.
So again we're back talkingabout Western North Carolina and
the rest of the country andwhat's going on with the markets
today.
Months of supply in WesternNorth Carolina In most of it
(33:43):
again, it depends on what countyyou're in is around 3.5.
It's up a little bit.
So the months of supply aregoing up a little bit.
Most people would tell youthat's not a balanced market.
It's still a seller's market,depending on where you're at and
which pocket you're at.
The problem in the mountains isif you are a little bit further
(34:04):
out and you've got anythingthat's slightly unusual about
your house, how do I know that?
I'm at 1.3 billion in sales andI'm usually the person somebody
calls when they've expired orthey've got an unusual listing
and they say, hey, I hear you'rethe girl for unusual listings,
the English girl in themountains.
Okay, let's go.
So if you've got anythingthat's unusual, that means do
(34:27):
you need an update If it hasn'tbeen remodeled in the last 10
years?
That's a good way to look at it.
A buyer's going to come in andfeel like it's new.
So if it hasn't been, there'san X in your box, right?
It doesn't mean to say it's notsaleable.
It just means it'll take a bitlonger because of what you're
competing against.
I sell homes that are completeremodel all the time.
(34:47):
They absolutely sell.
Then it's about pricing themright.
It affects the price If you'rea little bit further out from a
main city, if you have lots ofwindy roads to get to you.
If you're over 15 minutes outfrom a main city or town, you
know.
If you're 15 minutes out fromBlack Mountain, you're fine.
However, if you go past that,that is like the commute
(35:09):
distance that most buyers want.
Or I used to call it, before Igot in trouble, the martini test
.
So if you've had one glass ofmartini, if you had one martini,
do you feel comfortable drivinghome on the mountain roads?
I now call it a gallon of milk.
If you're home on a Sundaymorning and you forgot your milk
yesterday, are you comfortabledriving back to the grocery
(35:31):
store?
Think about it 15 minutes isabout the limit.
If it's 25 minutes, you mightthink, oh, I'll just wait for
the week when I go back to thegrocery store.
So whether you're commuting oryou're retired and you're
commuting to the grocery store,then that still matters.
So those are some factors thataffect your price.
So again, the remodel how farare you out?
(35:51):
Do you have windy roads on theway to get to you?
It might take a bit longer.
So adjust your price in thereto control all of that.
In other words, price in thereto control all of that, in other
words, adjust it so that you dosell faster.
You need to come in at a lowerprice if you want to sell by
July.
When I say sell by, I mean getyour check right or we can get
(36:12):
you cash in 14 days, up to 70%.
We go in, we do that remodel orthe paint job or anything else.
We've got all the crews now,because we've done so many, a
lot of people in Western NorthCarolina and around the country
are choosing this.
Now.
Two-thirds of our sellers makemore than with a conventional
listing but there's no showings,there's no sign outside,
there's no lockbox on the door.
(36:32):
You don't have to go throughany of that.
The reason two-thirds make moreis because we take care of the
remodel for you Our fundingpartners up front the money to
purchase it.
That's how you get the majorityof your money within 14 days.
Up to 70%.
You're not getting just 70%.
It's really important, guys.
We go in, we do the HGTV magicthat causes us to be able to
(36:55):
sell it for a little bit more.
That pays the funding partnersfees and you get a second check,
depending on what we sell itfor Right.
So in the second check.
Usually two thirds of the timeis more than what you would have
sold it for conventionally.
The difference is you have yourmoney up front.
We can sell it more easilybecause you're not there or your
furniture isn't there.
You can make a non-contingentoffer somewhere else without
(37:19):
worrying about it.
Non-contingent offers are wewant to buy a house in Arizona
or Florida or down the street orwherever you're going,
hendersonville and we don't havea home to sell.
We're not going to make itcontingent on our home selling.
Those offers are not verypopular and you can't generally
get a good deal as a buyer whenyou've got a contingent offer.
This takes the contingency outas long as you've got the.
(37:41):
You know you do need about 30%of equity in your house.
That's the only proviso onthere.
Again, give us a call.
828-333-4483.
We've got agents standing byall over the country.
That is a 24-7.
We have our receptionistwaiting for you.
828-333-4483.
Maybe you're bored andlistening to the podcast or you
(38:02):
can't sleep at two o'clock inthe morning.
So go ahead, call the number.
I'll take down all your detailsand I'm sorry I won't be
calling you back to them thefollowing day, as anywhere in
the country.
Whether you want the cash offer.
Conventional listing guys, youneed to get us in now to take a
look.
We're not going to pressure youor anything else.
We would boot anybody out ofthe.
(38:27):
I want to hear from you if youfeel any pressure from anybody
in the listing royalty network.
Why?
Because we don't want them inthe network.
We will boot them out.
So what else is different?
Median home value I'm notreally sure what that means.
I know what it means but I'mnot sure it's that useful for
you is at 2%.
Days on market is about a monthand a half.
So that's steady-ish.
So it's about a month and ahalf.
(38:48):
But remember, real estate islocal.
All those factors I gave youbefore.
If you need a little bit ofremodel, if you have windy roads
, if you're over 15 minutes fromthe main town, it will be more
than a month and a half.
I want you to remember that.
So, unlike Austin or Phoenix,where inventories skyrocketed,
(39:09):
or Fort Lauderdale in Florida,inventories skyrocketed and
caused or condos in Miami, soinventories, that means a lot
more homes have come on themarket and caused major price
declines.
Asheville has remained morestable for now.
Remember, guys, that's for now.
We are expecting much more of ashift.
(39:31):
We're in that sort of flatbumping across the top time and
you can't afford to wait.
Yes, you might make 1% thisyear, but you may not.
And is it worth the gamble?
Because once it starts goingdown, there's always people that
need to sell.
Yes, you can hold out, butyou'll be holding out for seven
to eleven years.
Is that what you want?
If you're going into a seniorliving community and you're on a
(39:52):
list, you do not want to waitthat long.
If you are 50 plus, do you wantto wait that long?
50 years old, what if it's 11years?
Before the prices come back,you'll be be 61.
Do you really want to be movingat 61?
And you know it depends whatthe trigger is.
That's having you move, becauseit's not the box, it's the
reason you're moving, right.
Do you really want to wait?
So why is that?
(40:13):
We've still got that strong.
Amazingly, after Helene tourismand retirement market tourism
and retirement market We've gotlimited new home construction.
That means it's keeping all theother inventory high.
But, as you can see, especiallyin the Hensonville market,
where there's a lot of flatterland and land used to be, you
used to get a bit more land foryour dollar.
We've got more new homesconstruction going on and, like
(40:37):
always, there's a steady influxof out-of-state buyers.
And remember, or if you've justtuned in, I train agents all
over the country, so I see thisall the time.
Most markets have somewherebetween 40 and 70% of
out-of-state buyers.
Yeah, really, that's why doingthings like our program of the
(40:57):
if you're an agent listening, ormaybe you're a for sale by
owner, go to listingroyaltycom.
Listingroyaltycom as soon asyou've logged in, it's free.
My entire book on that wentbestseller, by the way, on
selling homes is on there freelistingroyaltycom just log in
with your email, look for, findyour unique value proposition.
(41:17):
It's got all kinds of programsthese are written for for agents
, but guess what?
You can steal them as well ifyou're a home seller.
There's one called the live itor leave exposition.
It's got all kinds of programs.
These are written for agents,but guess what?
You can steal them as well ifyou're a home seller.
There's one called the live itor leave it guarantee.
Have a look at that, especiallyif you're a for sale by owner.
The reason I do that is becausewe have a steady influx of
out-of-state buyers and it meansthat if, for any reason they
(41:38):
are uncomfortable with the homethey've bought, we will sell it
for them free for six months.
Yes, really, go take a look atit.
Listingroyaltycom.
Log in with your email and lookfor the book on there which is
free.
It's the best-selling book.
You can find it on AmazonUnique Value Proposition.
Don't buy it on Amazon.
Go get it free on the app andlook for Love it or Leave it.
(41:58):
Guar guarantee in the book.
So if rates stay high and buyerdemands soften, we could see
Asheville start to flatten evenmore this year, especially in
the luxury home segment.
If you wait till it flattens,you'll have a much harder job
getting the top dollar you wantand it could likely take longer
and you're likely to see adecrease.
That's why, if we think it'sonly going to increase one or 2%
(42:21):
in my books, that's too much ofa risk, because when it starts
coming down, that is eroded veryquickly and you're doing what's
called chasing down the market,because there are always people
that need to sell, sadly, youknow.
So it could be an estate salewhere dad passed 10 years ago
and now mom's passed and thekids have held on to the house
for four years because they'restill suffering with that and
(42:43):
now they need to sell it andthey can't wait right.
So they in some cases give itaway.
Don't do that, definitely dothe.
We've got an estate cpo programfor that, cash cpocom.
If you want to find out thevalue of your house now cash
cpocom, throw it in there.
We'll send you back the valuevery quickly, plus a full market
value cash offer, ie, a fullmarket cash offer for the value
(43:06):
we say it's going to be.
Nobody else will tell you that,guys.
So why does real estate moveslowly?
And can you believe we're inour last 10 minutes here?
It's amazing.
So, as we know, housing marketsdon't crash overnight because
only about 5% of homes sellevery year and they don't really
crash.
Sometimes they bumble downslowly, sometimes it is like a
roller coaster and they do godown pretty fast.
(43:29):
We've covered Clermont-Jouglasso many times.
19th century economist.
He set the cycle seven to 11years.
Nothing has changed.
Nothing much has changed.
So guess what?
We peaked last year and thatmeans we're already entering the
declining phase, bumping acrossthe top.
So if history holds true, wewon't see another peak for 7 to
(43:51):
11 years.
Just think about what thathappens, what that means to you
another stat if you list thiswith us now, unless you're in
one of the markets in thecountry that's selling, you know
, you put it on and it's sellingwithin 15 or 15 days to 30 days
, you're fine.
That's, by the way, that's veryfew markets in the country
right now.
(44:11):
So in a normal market aroundthe country, apart from the ones
that are struggling more, andthat's 200 of them, by the way,
200 cities in the country thenyou're pretty safe thinking
you're going to get your closingcheck the middle of July,
towards August, that's.
If you list it now, I'm tellingyou guys, get on the phone,
828-333-4483.
Let us set you up with anappointment.
(44:32):
It can be a 15 minuteappointment so the agent can
come in and you can tell themwhat you're doing.
Oh yeah, we think we need topaint this.
We think we need to do thatGreat.
Okay, let's look at it with ouragent eyes and I'm telling you,
all the agents in this networkknow what they're doing.
They'll be able to say to youdon't waste your money on the
paint.
It looks great.
Let's just get a magic eraserand I've got a person that can
(44:53):
do that for you for $99 if youlike, or you can do it yourself,
that's not worth spending moneyon.
It will cost you two or threethousand dollars even more than
that in some cases.
If you've got another floor toget it painted on the interior
that if you're going to paintthe whole house on the inside,
that could cost you fivethousand dollars.
If you've got for micah, don'tdo that.
(45:14):
Change the fun up micahcountertops out.
That'll cost you three to fivethousand depending on how big
your countertops out.
The quartz is worth way morethan the paint, unless the
paint's I don't know.
I'm not going to say a colorbecause you might have it and
then you'll hate me.
But just remember that's why wecome in as an agent.
I know you think you know.
Here's the thing.
(45:34):
It's our business.
So unless you're an agent andyou sold 50 homes last year
no-transcript that means theyhave got their eye on the prize,
the eye on the market.
They know what needs doing toget your home sold.
(45:55):
828-333-4483.
There is why are you holdingback?
We don't care if your home'smessy.
We don't need you to clean upthe home or get I don't know,
remodel the bathroom.
So we, you know you can ship.
We can tell you what it's worth.
We know what it's worth beforeand after the bathroom's
remodeled.
It might not be worth it, guys,because you're up against the
(46:17):
clicking time bomb right now.
Unless you can dip your toe inand you don't care about selling
in the next 7 to 11 years, thenit's fine because you can wait
out the market, you know, andnot take any of those decreases.
Or in some cases I'm not beingsarcastic here in some cases you
don't care about the decreasesand that's fine too, because
maybe you're an investor and aslong as you get between 20% and
(46:39):
50% or 100% to whatever it is,you're fine.
So if you don't want to wait adecade, now is the time to sell
before prices flatten further.
This is especially true I wantyou to listen to this to the
more high-end luxury homes.
It's definitely true for secondhomes or investment properties,
and it's definitely true formarkets where inventory is
(47:03):
surging fast.
So let's look at South Floridafor a minute.
And again, if you just tuned in, that's because there's a
natural tie between, especially,miami and Fort Lauderdale,
because there's a flight onAllegiant between.
I always sound like I'm sellingAllegiant here.
They should start paying me forthis between Asheville and Fort
(47:24):
Lauderdale.
They call it Miami, but it'sFort Lauderdale Airport.
You can drive easily to Miamiif you want to be in Miami, but
Fort Lauderdale has lots ofgreat beaches so we have a lot
of people traveling between bothand a lot of people that own
homes in both.
So the condo market is introuble in South Florida.
The Broward County condoinventory wait for this is 10.8
(47:46):
months supply.
Remember I said ours is betweenthree and four months supply in
Western North Carolina.
So double that, times that bytwo and a half and that's the
Broward County condo inventory.
That means it's very much abuyer's market.
What else does it mean?
If maybe you are in Ashevilleand you're looking at getting it
(48:06):
, you could be anywhere in thecountry and want a condo in
South Florida, because guesswhat?
It's in the 70s in SouthFlorida today and it is most of
the winter.
It's beautiful weather.
It's like a beautiful summer inAsheville.
Actually it's more likemid-spring in Asheville or
winter long.
So that's why a lot of peoplehave those condos.
(48:28):
It means that you can buy acondo, wait for it, and I know
one there right now.
If you want to buy a condo inFlorida, I've got one for you
$150,000, 828-333-4483.
It has a pool, it sits, it's onthe golf course and it's only
about a mile from the beach.
That's cheap Ubers to happyhour.
So you know the fact that theinventory is high.
(48:51):
That means it's great forbuyers, right?
That's why prices are dropping.
Don't overthink this, guys.
It is supply and demand right.
Way too much supply.
Prices are dropping and yetstill many aren't selling.
So that could be HOA feesAlways watch the HOA fees and
people aren't getting realisticyet and dropping their prices.
And I want you to hear that inWestern North Carolina and
(49:18):
everywhere else in the countrywhere you're seeing that decline
happening.
Get realistic early.
You do not want to be chasingthe price down.
That is not good guys.
You do not want that right.
So get realistic early.
It's already happening in SouthFlorida and you know many
aren't selling.
They're sitting there.
There's all that inventory.
Why not?
Because people need to reducetheir price.
You control it by price.
(49:39):
It's the same as inflation.
Think about how we controlinflation with interest rates.
There's always those levers,right.
So you control it by condition.
You control it by certifiedpre-owning it.
Make sure you do that.
828-333-4483 we can help youanywhere in the country.
We have a whole team ofreceptionists all over the
(49:59):
country standing by for you 24,7 guys to help you with this
right.
So, please, please, please,listen to what's happening in
200 cities where they're sayingthat prices are going to come
down this year.
That's going to affecteverywhere, because guess what
In those 200 cities?
Do you remember that buyerscome in from other markets?
Well, guess what?
(50:20):
If their prices are going down,they're going to be more
demanding in our area, in everyarea, because their prices are
going down.
This affects nationwide.
And guys, again, I heard thislast time around oh, I'm just
going to wait it out for acouple of years and see what
happens.
Clément Juglar 1860, 7 to 11years.
That means that, if historyholds true, three and a half to
(50:43):
five and a half years down right, the 7 to 11 year cycle 7 to 11
years is when we're going tosee the peak again.
I believe we've been in it fora year already.
Three and a half to five and ahalf years to the bottom.
That means you are likely tosee prices declining.
So please, please, please, getout there now if you need the
money of your house and if youcan't just hold out for 10 years
(51:03):
, if you can hold out for 10years, great, we'll make more
money.
And if the house works for you,more importantly, who cares
about the money?
If the house doesn't work foryou, does it work for you and
your family?
You know the way to do that,guys.
We've got Easter coming up.
We've got July 4th coming up.
You're going to have yourfamily and friends around.
Think about your family andfriends this year and what will
(51:24):
it look like in 10 years time,right?
So if you feel like yourgrandparents are still going to
be there, your parents are stillgoing to be there.
Your animals are still going tobe there.
Your kids are still going to bethere.
Your parents are still going tobe there.
Your animals are still going tobe there.
Your kids are still going to bethere in 10 years, the house
still works for you.
If you don't feel that, it canbe a good way of setting the
stage, to think about having aconversation about whether
(51:45):
you're ready or not, don'tforget, we've got next week's
show.
Can you believe how quicklythis goes?
We've got next week's show.
That is going to be all aboutattachment styles.
Yes, really.
So if you look on any socialmedia at all, you can't get away
from attachment styles.
The book's been out for a longtime now, so it's talking about
(52:06):
anxious avoidance and avoidanceand secure people who attract
different kind of people.
So we're looking at it from ananxious buyer or a secure seller
and avoidant investor point ofview.
But also you can use it fordating.
Don't tell anybody.
I told you we're diving intothe psychology behind real
estate decisions, but also howyour attachment style shapes
(52:26):
your confidence, risk toleranceand even how you negotiate a
deal, whether it's with a houseor anything else.
Guys, again, thank you so much.
It's always a pleasure beingwith you on a Saturday morning.
Sellers, be realistic.
Pricing too high will leave yousitting.
Buyers if you've got the time,patience will pay off and watch
(52:47):
the markets.
Get with a great agent and askthem what's happening.
I can show you every zip codein the country and what's
happening with 30 different datapoints.
828-333-4483.
Visit cashcpocom if you want afull market value cash.
Offer RealestatenewsradiocomRealestatenewsradiocom For the
(53:09):
link to listen to the podcastafter the show or to share the
podcast with other people or seeall the other episodes from 12
years.
We're standing by 24-7 all overthe country.
828-333-4483.
That's all for today.
Stay informed, stay smart.
We'll see you on the radio nextweek at the Real Estate News
(53:31):
Radio Show.
Speaker 1 (53:33):
This has been the Plain English Real Estate Show
with Rowena Patton.
Visit Rowena and post yourquestions at radioashvillecom or
call her at 828-210-1648.
This is the Plain English Real Estate Show with
your host, rowena Patton, a showthat focuses on the real estate
market in terms you can easilyunderstand.
Call Rowena now.
The number is 240-9962 or1-800-570-9962.
Now here's the English girl inthe mountains, the agent that I
would trust, rowena Patton.
Speaker 2 (00:35):
Hi there and welcome to the Real Estate News Radio
Show.
I would trust Rowena Patton.
Remember that you and yourfriends, whether you're here in
Asheville, across the country oreven tuning in from Mars, can
listen live on your phone ordesktop at
realestatenewsradiocom.
That's realestatenewsradiocom.
Just click on the listen livebutton and, while you're there,
(00:58):
you can check out the last 12years of episodes.
Yes, really, it's 12 years.
That's over a decade of markettrends, expert interviews and
everything you need to stayahead in real estate.
So today we've got a big one.
Zillow just slashed their homeprice forecast for 2025,
predicting price drops.
In wait for it, over 200 cities.
(01:21):
But what does this mean for you?
Should you sell now?
Wait it out?
And how does Asheville andWestern North Carolina stack up
against the rest of the country,especially given everything
that's happened in the last 12months?
Before we dive in today's RealEstate News Radio show, I wanted
to give you a sneak peek atnext week's episode, one that's
(01:44):
a little different butincredibly important.
Hopefully, you'll find themalways a little different.
So did you know that?
Your attachment style?
You probably know this is thebig thing in relationships now
attachment styles and, yes, theway you connect with people can
actually affect and impact howyou buy, sell and invest in real
(02:08):
estate.
For example, are you an anxiousbuyer who second guesses every
decision, or a secure seller whoconfidently prices their home,
or an avoidant investor whohesitates to pull the trigger?
It's going to be a good one.
Next week, we're diving intothe psychology behind real
estate decisions and how yourattachment style shapes your
(02:31):
confidence, risk tolerance andeven how you negotiate a deal.
And, of course, if you'refeeling like you need
relationship therapy.
Or maybe you're dating it'ssurprising how many people, past
what we used to call a midlifecrisis, are actually single and
dating now.
So all kinds of things to lookout for there.
(02:53):
And, of course, how it looks atfor you whether you're buying a
house or selling a house orinvesting a house, what that
means, and what it means if youhave a partner that's doing it
with you as well Reallyimportant one, obviously.
It's a fascinating conversation.
You won't want to miss it, somark your calendar for next
week's show and, of course,you'll also be able to get it on
(03:15):
the podcast later on, as it'suploaded there as well.
So for today, let's focus onZillow's latest market forecast
what's happening in Ashevilleand all around the country and
why now might be the last greatwindow to sell before the market
shifts, because it's alreadyshifting.
So grab a coffee, let's getcomfortable and let's dive in.
(03:38):
So let's talk about somethingmost real estate agents and
others love to hate Zillow.
Many in the industry feel thatZillow has this huge influence
on the market, especially withtheir Zestimates.
These are the estimates thatthey give of your house price,
which sometimes can be wildlyoff mark.
They are getting more accurate,it's true.
(04:00):
So while we may not think thoseestimates are always realistic
or accurate, the reality is andthis is the important piece many
buyers not necessarily rely onthem, but you'd be surprised
Buyers are at least looking atthem and even sellers are
looking at them too to look atthe price of their homes.
That's why you need a greatagent guys, because it's an
(04:25):
automated computer estimate.
So whether we like it or not,perception can really shape that
reality in real estate.
So if you find that your home'sestimate doesn't reflect the
true market value, our listingroyalty network agents across
the country and me here, ofcourse can help you correct it
(04:46):
and adjust it to more accuratelyreflect your home's worth.
There are ways of doing thatbehind the scenes and we can
help you with that.
Go to ListingRoyaltycomListingRoyaltycom.
Or if you're using the websitefor the link to listen live at
RealEstateNewsRadiocom, you cando it there as well, to reach
out and contact us.
We'll find you the right agentthere and help you correct that
(05:10):
value.
It's a really important one.
If you're thinking of sellingthis year, next year, in five
years, or even if you're notthinking of selling, that should
be corrected because it'sgetting all your deets out on
the worldwide web and puttingthem out there for everybody to
see.
So let's make sure that it'sright.
So welcome back to the RealEstate News Radio Show, guys.
(05:32):
It's your trusted source forall things real estate, right
here on the Real Estate NewsShow.
So we're tackling one of today.
We're tackling one of thebiggest real estate headlines of
the year.
Today we're tackling one of thebiggest real estate headlines
of the year.
Zillow just slashed its homeprice forecast for 2025,
(05:55):
predicting price declines inover 200 markets across the US.
I've got a download on this atrealestatenewsradiocom.
That's realestatenewsradiocom.
I'm going to write it downright now so I make sure I do it
for you.
So it's there right after theshow showing you all of the
cities on there, not going tomake you pay for it or anything.
It's all free, because I liketo give out that information, so
don't panic just yet.
(06:17):
Why?
Because real estate moves kindof slowly actually.
It's slowly, slowly and thenfast when people, especially in
certain areas, get very nervous.
And I'll show you some of thoseareas today.
So only about 5% of homes sellevery year, meaning that even in
a downturn, 95% of homeownersaren't selling.
(06:39):
That's a big reason why priceshifts take a long time to play
out.
And I can tell you anotherreason as well.
You know, if you've listenedregularly and I know a lot of
you do thank you, it's sowonderful to have you as regular
listeners.
A lot of you reach out to meand I'm very appreciative of
that.
It makes doing this everySaturday morning for 12 years
(07:00):
worthwhile.
So thank you.
Another reason why is I sharefigures with you showing price
drops.
Now why do I look at pricedrops?
That's a leading indicator.
What do I mean by that Ifsomebody's dropping their price
today?
So let's say we list somethingin Broward, broward and
Miami-Dade County.
(07:21):
Broward is Fort Lauderdale, abig county.
In Fort Lauderdale, many of youknow it in Asheville, because
the most used flight path in thecountry of Allegiant is between
Fort Lauderdale and Asheville.
It's a direct flight, verycheap flight, and historically
there's always been a lot ofpeople come from the Miami area
(07:42):
to the mountains, maybe for thesummer or maybe to a visit, and
then in the winter a lot ofpeople go from Asheville to have
a weekend or a week in thesunshine.
It says it's Miami on theAllegiant site.
By the way, it's really FortLauderdale.
Fort Lauderdale's 30 to 60minutes away from Miami,
depending on what time of theday you're traveling.
(08:03):
So that's why I'm looking atthose counties because they are
too in the country that lookkind of interesting,
particularly Broward, miami.
The condo market's reallystruggling.
I'm going to dig into that a bitmore as well.
And also in Broward you'reseeing a lot more months of
inventory out there and we'lltalk about what that means as
well.
Buyers' and and sellers marketthat one's an important one.
(08:31):
We'll put some stats aroundthat and guardrails to show you
what that means.
What does it mean when we'vegot five and a half months of
inventory?
That's just jargon.
So six months of inventory iehouses in the big bucket of
houses for sale that if we justkept them at that and sold them,
we've got about six months ofinventory.
That's considered a balancedmarket.
So not a seller's market, not abuyer's market a balanced
(08:54):
market.
So we're moving towards thatbalance and in many cases we've
already gone across it.
I'm going to show you thosecities as well whereby there's
so much inventory.
It's just supply and demand,guys.
Don't overthink this.
It's very simple Supply anddemand and honestly, that's
what's made this the longestcycle, clermont-jouglar.
It will probably go down as oneof the longest cycles in
(09:16):
history.
In many markets we crestedeither a year ago or two years
ago, which means the houses areflat.
Or the house prices are flat,or going up a very minimal
amount, too much to take agamble on, in other words or
they're coming down.
So let's go back to price cutsagain, because I mentioned,
those are a leading indicator.
(09:38):
I can do it for any zip code inthe county.
By the way, give us a call828-333-4483.
If you prefer to call us828-333-4483, anywhere in the
country.
Guys, I've got amazing.
I've got an amazing network ofagents who are very highly
trained conventional listings,certified pre-owned listings,
(09:59):
cash CPO purchases or cash CPOlistings.
That's where they get certifiedbut you're not paying for any
of the repairs or the remodelsat friends.
So yeah, listen up.
If you're doing a remodel orprep in your house, you might
want to take a look at that one.
828-333-4483.
This is Rowena Patton on theReal Estate News Radio Show.
(10:21):
If you have just tuned, tunedin, we're talking about price
drops being a leading indicatorand people listening going.
Go on, get on with it already.
So let's say you are in miamiright now and you have a condo.
You could live anywhere in thecountry.
Now it's a big second homemarket and lots of people have
condos.
All kinds of things have beengoing on there, like there was a
(10:42):
collapse in surfside in Miamiand Fort Lauderdale and that has
meant major overhauls and majorrule changes all the way down
the coastline, particularly inMiami, which has meant some
massive special assessments.
I know of one in FortLauderdale, for example.
(11:03):
That was wait for it, over$100,000.
Can you imagine $100,000 in aspecial assessment?
That means on your HOA feesthat you suddenly get a letter
going.
Oh, by the way, and this was ina newer building, by the way.
Guys, we, you know, because ofthe rule, government, local law
changes, legislation changes tomake it safer in here.
(11:23):
We now have to do all thesemodifications and it's going to
cost you $100,000 each Ouch.
And some of them aren't veryclever and they don't allow
people to sell until they'vepaid the modification which, in
my humble opinion I've seen thisbefore is going to cause some
bankruptcies and foreclosures.
(11:44):
Why?
Because it's an easy way tomodify that.
You allow people to sell, toput it on the market, and you
say the only way it can sell isif that $100,000 comes off the
proceeds.
At least it gives that personthe opportunity to sell it.
We actually had this play out inthe last recession in Asheville
(12:06):
.
We had some condo buildings Iwon't mention them A lot of
foreclosures.
And what do the foreclosuresmean?
The foreclosures mean that thatdrives prices down.
All the short sales drivesprices down in the whole condo
unit.
You do not want that to happenand that happened this time
around in the Asheville market.
And why did it happen?
(12:27):
In my humble opinion, ithappened because the condo
buildings are slow to move andchange their rules.
So in a recession you want toallow people to rent out the
condos.
Most of us who live full timein any kind of neighborhood,
whether it's condos or not,don't necessarily want a big
percentage rented out.
It's usually capped.
If you allow rentals at all,then it's usually capped at 15%.
(12:51):
However, if you're in adeclining market and people are
starting to lose their jobs andthey can't afford the condo
anymore, you want to allow themto rent it out.
Why?
Because in a declining marketit's going to take them longer
to sell it, much higherprobability of a short sale or a
foreclosure which is going tohurt your home price.
(13:12):
So if you're on the board of anHOA or you know the board of
your HOA whether it's a condo ora housing, you know a normal
HOA in a housing complex.
Talk to them about that,because we are going in most
places in the country.
We're going into thisflattening and you don't want
that to hit you and it's a verysad thing that happens in a
(13:34):
recession that hits everybody,because a lot of HOAs don't
necessarily know about this.
But here's what I want to focuson today why Zillow downward
revision is a warning sign youshould pay attention to.
And coming back to those pricedrops, and also our next point
on here why, if you don't have 7to 11 years to wait for the
(13:54):
next peak.
This might be your next chanceto maximize your return.
And how Asheville compares aswell Is our market as vulnerable
as others, whatever that means.
So the price drops and theleading indicator it's like the
Zillow downward vision when youhave price drops in a market.
Let's go back to Miami.
Let's go back to Broward wherein some cases, for some of the
(14:16):
properties, you've got a sixmonth wait, a three to six month
wait on selling your home.
Let's make it worst casescenario.
It's a bit further out.
It's not in perfect condition.
Maybe, you know, might need abit of a remodel here and there.
I'm probably describing 90% ofthe houses nationwide that
aren't new, right, you know?
Maybe the kitchen was remodeledin the 2000s and we go oh,
(14:36):
that's not very old.
Yeah, that's 25 years ago.
So when we're doing price dropstoday, let's take somewhere that
where it's taking three months.
In Asheville, you're easilywaiting two months to three
months Again if it's somethingthat's slightly less desirable
than a brand new house, which ismost of our houses so you could
easily be waiting three months.
So here we are, at the end ofFebruary or the end of one month
(15:00):
.
You know, if you're listeningto this afterwards, don't let
the months put you off.
Just think of it as month one.
We're in the current monthwe're in.
What I want you to do is addthree months to wherever we're
at.
So right now, obviously thatwould be March, april, may.
So we're looking at June 1 tohave a contract Everybody with
me so far.
(15:20):
So I want you to add threemonths.
You might be listening to thisin August of this year.
It just works, you know.
Add in how long it's going totake you, you think, to sell
your house, and in most cases itisn't a day right, it may have
been two or three years ago.
Multiple offers.
We're not there now guys, we'rejust not.
So you know, 30 to 60, 60 daysif your market's still moving
(15:41):
fast would be perfect,reasonable.
I'm adding three months here.
So we're at June 1st, and nowI'm going to add six weeks so
you can get it closed as quicklyas two weeks with cash right.
However, most people aren'tpaying cash and they want to
have inspections, they want tohave appraisals, they want to do
this, that and the other.
So, and you know, when we havethe inspection, there are things
(16:03):
that happen whereby you knowthey find things on the
inspection and you'll know it'slike 50 items on average, 40, 50
items on average.
Doesn't matter if it's a newhome, guys, it's still going to
be the same thing.
So we're adding six weeks tothat.
So these figures always shockpeople when I go through them,
right?
So this is the timeline.
So these figures always shockpeople when I go through them,
(16:24):
right?
So this is the timeline.
So we're at June 1, we'readding six weeks.
So in your head, add threemonths to where we're at now,
right, and then go to the firstof the next month just to round
off, and then add six weeks.
So a month and a half.
We are at July 14th.
Anybody shocked?
Yet we're through the middle ofthe year, guys, before it
(16:45):
closes.
And I'm going to tell yousomething else shocking One
third of them, over one third ofthem, don't close unless you
what Can I hear you saying itCPO it.
Don't just sell it, cpo itDon't just list it, cpo it,
certify, pre-own it.
When you don't have thatinspection up front, when you
and it's also good to get theappraisal as well it costs more
(17:06):
money, but it's good to get theappraisal.
Why, especially in a flat ordeclining market, that is like
evidential proof that's not somereal estate agent saying it's
worth this, because we all knowthat there are lots of real
estate agents out there.
Did you know that 74% of realestate agents last year didn't
sell one home?
That means that if you sold onehome yeah, aren't these figures
(17:28):
shocking as well If you soldone home last year, you're in
the top 26% of agents.
Isn't that shocking?
So I could say, yeah, I soldone home last year.
I'm in the top 26% of agents.
I'm in the top quartile ofagents in this market.
That would sound pretty good,well, wouldn't it?
Until you look, pull thatcurtain back and look at what
that means.
(17:48):
You could be working with oneof the agents the 74% of agents
who didn't have one sale lastyear or who is a brand new agent
, right?
So just be careful with that,because many of those especially
if you're a buyer, because manyof those agents go in and they
say Because many of those,especially if you're a buyer,
because many of those agents goin and they say your house, I
think your house is worth$650,000.
And they say, no, no, I want tolist it at 700.
(18:10):
And the agent goes I'm reallynot sure.
No, no, I want 700.
Okay, I'll list it at 700.
Right?
A good agent would say no,because that's not a realistic
price, and they'd explain to youhow that's going to have you
chasing the market down.
Or a good agent would say toyou you know, okay, we'll list
at 700, but here's how I wantyou to commit to me.
(18:32):
First off, I'm going to give youfive-star service.
I want you to commit to givingme a five-star review and I'm
going to keep reminding you ofthat as we go along.
And also, I want you to remindme if, for any reason, me or any
of my team are not giving youfive-star service.
That's how we keep our serviceso high, at such a high level.
And secondly, I'm going to sayI will do this for 14 days.
(18:56):
If we haven't had X showingsdepending on which part of the
market it's in I want you toagree to drop the price to where
I said it should be, at 650.
Is that a deal?
I'll also say to you if youhaven't had a showing, I want
you to agree to X drop everyweek.
Yes, every week, really,because we're in a flat or
declining market.
I don't want you chasing themarket down.
(19:17):
That is not a good thing to do.
Now that price drop might be$200.
Crazy.
You say yes, we call it a SERP.
It puts it out there again,gets new eyeballs on it.
All kinds of reasons behindthat that I've covered on other
shows.
There are very specific ways tostrategically price a home.
Just remember that.
So let's get into the details.
(19:38):
Let's look at Zillow's 2025housing forecast and look at
what changed.
So what changed in all of this?
Obviously very important tolook at?
Zillow has been bullish on themarket for years, bullish right.
So now they've made a hugeshift and that's what's
(20:02):
important.
That's what's important in theoutlook.
So they've cut their home pricegrowth forecast from 2.9% to
just 0.9%.
Now, remember, this isnationwide, so I never want you
to look at nationwide prices,apart from maybe looking at it
as the canary in the coal mine,because it depends on whether it
affects your city.
(20:22):
Get yourself a great agent.
Obviously, I can help you here,or nationwide, I can find that
agent for you.
How do I know they're greatagents?
Because they're in a trainingprogram.
I've got over 1100 agents thatare very highly trained in how
to do this, and that is unusual,guys.
It's very unusual.
So you can go torealestatenewsradiocom.
(20:45):
Realestatenewsradiocom to findyour agent.
There's a button on there goingfind agent.
Or you can look at our app,which is listingroyaltycom
listingroyaltycom big button ontop.
Or, if you prefer, to use thephone, nothing wrong with that,
guys.
828-333-4483.
(21:05):
828-333-4483.
Leave your address.
We've got people picking up24-7.
By the way, that's kind ofimportant.
If you're thinking aboutlisting, you want somebody who
picks up 24-7 where all thedetails are taken.
Yes, really, three o'clock inthe morning we do it, so you can
call right now while I'm liveon the radio.
828-333-4483.
(21:29):
So Zillow.
Zillow's cut their growthforecast and it's in more than
wait for this.
200 cities.
Zillow's now predicting homeprice declines.
And if you didn't hear mydisclaimer at the top of the
show Zillow, you know a lot ofpeople think that the prices
aren't accurate.
Yada, yada, yada.
But the important thing to knowhere is that it's a perception
(21:49):
piece.
Many buyers look at Zillow forthe price of the home they're
buying.
They also do cash offers andI'm thinking I'm seeing the
prices changing as they're doingcash offers, which is also kind
of interesting.
I cannot tell you guys and Iknow you're thinking I would say
this, wouldn't I?
But honestly, if I just weremoney-minded and I was telling
(22:10):
you this stuff just to makemoney, I'd be a billionaire by
now.
I've had a radio show for 12years.
I've got a best-selling book onselling homes.
I've got another book on cashGPO.
I run national programs foragents.
Like, really, if I were moneyminded, in fact, I need a coach.
So if you've got a money coachout there, send them to me,
(22:30):
because I'm really focused oneducation.
That's what I love to do.
I love to train and educate.
I do that through the radioshow.
I do that through all kinds ofprograms that we offer on
listing royalty.
So these places are coming from,these prices are coming from
and stats are coming from aplace of authenticity.
It's just where I'm at, it'sjust who I am.
(22:51):
Take it or leave it.
So here's where the home valuesare expected to take the
biggest hit in 2025.
Lake Charles and again.
You can get the download forthis at realestatenewsradiocom.
Charles.
And again, you can get thedownload for this at
realestatenewsradiocomrealestatenewsradiocom.
Or give us a call even better,because I will do it for your
zip code 828-333-4483.
(23:13):
Lake Charles 7.3 decline.
That's a lot.
So think about what that means.
If you've got a million dollarhouse, that's a lot.
Even a $500,000 house, even a$300, dollar house, that's a lot
.
Even a $500,000 house, even a$300,000 house, that's a lot.
New Orleans over 5% declinethat's where home values are
expected to take the biggest hit.
(23:34):
They're wrong sometimes, butthey're also careful about
predictions, because predictionscan really bite you in the butt
right.
So they're very careful aboutpredictions as well.
I can tell you that SanFrancisco comes in next, and
then Austin comes in next, losAngeles, next Phoenix, and then
(23:54):
Orlando, and the list goes onand on.
We've got the whole list foryou.
So what do these cities have incommon, or most of these cities
at least?
They saw the fastest pricesurges during the pandemic.
Now remember too, in Asheville,we are sadly there as well.
Now they're correcting ashigher mortgage rates price out
(24:16):
buyers.
We know a lot of it is to dowith Asheville rate, with uh,
with, yeah, asheville rates, butalso the, the uh interest rates
.
So let's look at Asheville.
Is our market different?
Uh, western North Carolina,really the whole western
Carolina market.
It's not crashing, but thereare clear signs of a shift.
(24:37):
Now here's the problem.
What does crashing mean?
Crashing means when it's flator declining.
That's's where we're at, we maysee a very small increase.
We're already up 25% in termsof months of supply.
Right, we're up 25%.
So think about that.
Remember it's supply and demand.
Now, that's still below thebalanced market, although when
(25:02):
you look at days on market, Iwould say something's not quite
jiving there.
But when you see anythingtriggering to go in the decline,
you want to look at that why?
Because you've got this perfectwindow right now.
If you are thinking of selling,don't hold off is the point.
I've been telling you that fora year, right, and you may have
made another percent or two.
(25:22):
But is it worth holding on andtaking that risk?
Because we're almost certainwe're going to have that decline
.
We just don't know when it is.
I do know that when thatdecline hits, it tends to go
fast, right, because peoplestart to panic and there's
always people that need to sell.
Remember that there's alwayspeople that need to sell.
(25:43):
Let's look at new listings,because that's an interesting
one as well.
It's also a leading indicator.
New listings are up 13% yearover year.
That's a lot, guys.
Now what does that mean?
The new homes for sale are,yeah, the new listings, and then
total homes for sale are up 18%, 18%.
(26:06):
Now let's play that timelineforward that we were talking
about before.
Perfectly normal for it to takethree months if you list
tomorrow.
Now remember, if you're justthinking about listing, you
haven't called us in yet.
So 8 to 8, get it on theschedule.
Guys, please get it on theschedule because I'm giving you
the timelines here.
It's getting busier and busieras we get into that season and
(26:30):
I'm not bragging here.
I'm at 1.3 billion in sales.
Therefore, we're very popularto list homes.
You know, working with mypartners here in the Western
North Carolina market, becausewe list so many homes.
This is not a time to wait itout.
Get us in now.
We're not going to push youinto listing.
We're not going to keep callingyou every day.
We don't need to do that.
We've got 1.3 billion in salesright.
(26:51):
So we want to do what's rightfor you when it's right for you
the value of us having us in now.
Let's say if we can fit you innext week, get that call in
828-333-4483.
This goes for around thecountry.
Guys, get that call in.
Get us out so we can take alook.
Because you're going to get usin next week, let's say that you
(27:13):
decide to go ahead and listright away, which you know a lot
of people decide to do.
I get it.
That means that let's say ittakes us another week, depending
on what you've got to get readyor your delays.
You don't want to list for aweek or something else.
So we're going to follow thattimeline and if you're listening
to this, later on, I just wantyou to add three months to where
(27:34):
we're at now.
So the everything that I wentthrough in the timeline that
takes us to June 1, we add sixweeks for the closing easily
could be delays and a third ofthem drop out.
Remember, that's taking us toJuly 14th, guys, that's crazy.
That's through the middle ofthe year and don't you feel like
(27:54):
we've just started the year?
That's crazy.
Not only that, we don't knowwhat will be happening to prices
at that point.
I believe, when 2008, when wehad our biggest months of
decline were 0.8, 0.9%.
Just round that up and make it1% doesn't sound like a lot.
But you take that out over thefour months or five months that
(28:17):
we're waiting to get your homesold, which is perfectly normal,
guys.
That's not a delay by any sense, right?
So now you can do the cash CPOoffer that gets your money out
in 14 days.
You know there are those of youout there that want to get it
out fast.
Two thirds of our home sellersdo make more than with a
traditional listing, so that'sworth looking at too.
But I'm going to repeat thatagain, right?
(28:39):
So July 14th, what are weadding there?
So February, march, april, may,june, july about five and a
half months, and that is becauseit's going to take us a week or
two to get it on.
It's going to take six weeks toget it sold.
And then we're adding six weeksand in my quick add up on my,
(29:01):
on my fingers here, that's goingto be five and a half months.
So if you're listening to this,you know, in August or
something, just add five and ahalf months.
It's always shocking when youlook at the timeline, guys,
because should the market shifteven more than it has anywhere
in the country, you could beseeing declines in your price.
That's why it's so important toget it priced right now.
That's why it's so important toget the pre-inspection.
(29:25):
Listen, if you want to use usfor the CPO process certified
pre-owned process you want to doit yourself.
You want to pay for your owninspection, get your own
appraisal.
You want to go for sale byowner?
We'll help you with that firststage.
Even if you're going to useanother agent, that's okay too.
We'll help you with that firststage because most agents aren't
trained in certified pre-owned.
(29:46):
How do I know that?
Because I came up with it in2007 and I've been running CPO
Experts since 2007 and trainingagents to do it around the
country and also wrote abestselling book on it.
So I know what I'm talkingabout in terms of certified
pre-owned, best-selling book onit.
So I know what I'm talkingabout in terms of certified
pre-owned, we, or any of thelisting royalty network agents,
(30:09):
can do that for you at highlevel.
If you still want to use yourown agent, that's fine.
Or if you want to for sale byowner, that's fine.
If you are looking at what youneed to improve right now, maybe
you're thinking, oh, I need apaint job, I need this, that the
other, that's fine too.
But get us in, because we knowthe market.
I don't work with any agentsthat don't do transactions or
don't list homes or, you know,don't.
I can't do that.
(30:29):
I'm 1.3 billion in sales yes,billion in sales, and I'm not
going to now.
Most of the agents aren't goingto be at that in billions in
sales.
Some are, because that's a lot,obviously.
However, they are going to befull-time agents and they're
going to be highly trained andcertified, pre-owned.
They know the right inspectorfor you.
(30:51):
Now, why is that important whenyou're prepping for listing?
Because, even if you're notinterested in the CPO process,
before you start spending moneyon painting the kitchen or I
don't know, changing out thecarpets or something like that,
have the inspection because theboogeyman will come and get you.
Remember, I told you over athird of them drop out.
(31:11):
Most agents don't tell you that.
That's because of theinspection.
So if you get the inspection upfront, that is going to take a
lot of that out of the process.
Right, it's going to take thatout of the.
Our dropouts drop to around 7%.
We go from 33% when it's notCPO ie you haven't paid for the
inspection up front or theappraisal up front to 7% when
(31:33):
your house drops out, when it'sa pain in the butt, right?
You've had all those showings,you've had all the texts saying
can we show your house at 10o'clock?
And you go back and go and Idon't know.
I'm at the gym at that point,or the dogs are in the house, or
I can't get home from work,whatever.
It is Not fun.
So when your house drops out,everybody I always say everybody
and their dog calls us from allaround the country going what's
(31:56):
wrong with that house?
I was really interested in it.
It drives the price down, guys,not to mention it is a pain in
the butt.
Listing your house.
We take as much of the stressout as possible.
I always suggest certifiedpre-owned.
Very few of my sellers, whenthey hear how it works, decide
not to do it that way.
Very, very few and very fewsellers in the listing royalty
network around the country.
(32:17):
We've got over a thousandagents we can refer you to
around the country.
We've got you covered, Ipromise, with agents that are
fully covered.
You can call us 24-7.
The reason I put it all throughone number for the agents
around the country whereveryou're listening maybe you've
got friends listening fromsomewhere else just tell them
they need to certify, pre-own it, cpo it.
Don't just list it, cpo it,because it's a much better way
(32:40):
to sell your house.
It really de-stresses and, ohmy gosh, if you're in South
Florida.
You definitely need to CPO it.
You cannot afford for it todrop out a third of the time and
you definitely can't afford thelag in the market at this point
.
Remember, if you're listeninglive, then you're going to get
your closing check the middle ofJuly.
(33:01):
That's the second half of thisyear.
We'll be going towards the fallat this point.
Isn't that crazy?
It's always a shocker when youlook at it that way.
Get us in now, guys.
If you're thinking, oh, I don'tneed to actually sell my house
and move until July or August,so we've got plenty of time, no,
you don't.
If you want to get it closed inJuly or August and we can
control that, remember.
If you want to get it closed inJuly or August and we can
(33:22):
control that, remember, we cancontrol that.
There's all kinds of ways youcan control that.
And, if nothing else, get us into talk about.
You know what you need toimprove and what you don't need
to improve.
Don't waste money.
So again we're back talkingabout Western North Carolina and
the rest of the country andwhat's going on with the markets
today.
Months of supply in WesternNorth Carolina In most of it
(33:43):
again, it depends on what countyyou're in is around 3.5.
It's up a little bit.
So the months of supply aregoing up a little bit.
Most people would tell youthat's not a balanced market.
It's still a seller's market,depending on where you're at and
which pocket you're at.
The problem in the mountains isif you are a little bit further
(34:04):
out and you've got anythingthat's slightly unusual about
your house, how do I know that?
I'm at 1.3 billion in sales andI'm usually the person somebody
calls when they've expired orthey've got an unusual listing
and they say, hey, I hear you'rethe girl for unusual listings,
the English girl in themountains.
Okay, let's go.
So if you've got anythingthat's unusual, that means do
(34:27):
you need an update If it hasn'tbeen remodeled in the last 10
years?
That's a good way to look at it.
A buyer's going to come in andfeel like it's new.
So if it hasn't been, there'san X in your box, right?
It doesn't mean to say it's notsaleable.
It just means it'll take a bitlonger because of what you're
competing against.
I sell homes that are completeremodel all the time.
(34:47):
They absolutely sell.
Then it's about pricing themright.
It affects the price If you'rea little bit further out from a
main city, if you have lots ofwindy roads to get to you.
If you're over 15 minutes outfrom a main city or town, you
know.
If you're 15 minutes out fromBlack Mountain, you're fine.
However, if you go past that,that is like the commute
(35:09):
distance that most buyers want.
Or I used to call it, before Igot in trouble, the martini test
.
So if you've had one glass ofmartini, if you had one martini,
do you feel comfortable drivinghome on the mountain roads?
I now call it a gallon of milk.
If you're home on a Sundaymorning and you forgot your milk
yesterday, are you comfortabledriving back to the grocery
(35:31):
store?
Think about it 15 minutes isabout the limit.
If it's 25 minutes, you mightthink, oh, I'll just wait for
the week when I go back to thegrocery store.
So whether you're commuting oryou're retired and you're
commuting to the grocery store,then that still matters.
So those are some factors thataffect your price.
So again, the remodel how farare you out?
(35:51):
Do you have windy roads on theway to get to you?
It might take a bit longer.
So adjust your price in thereto control all of that.
In other words, price in thereto control all of that, in other
words, adjust it so that you dosell faster.
You need to come in at a lowerprice if you want to sell by
July.
When I say sell by, I mean getyour check right or we can get
(36:12):
you cash in 14 days, up to 70%.
We go in, we do that remodel orthe paint job or anything else.
We've got all the crews now,because we've done so many, a
lot of people in Western NorthCarolina and around the country
are choosing this.
Now.
Two-thirds of our sellers makemore than with a conventional
listing but there's no showings,there's no sign outside,
there's no lockbox on the door.
(36:32):
You don't have to go throughany of that.
The reason two-thirds make moreis because we take care of the
remodel for you Our fundingpartners up front the money to
purchase it.
That's how you get the majorityof your money within 14 days.
Up to 70%.
You're not getting just 70%.
It's really important, guys.
We go in, we do the HGTV magicthat causes us to be able to
(36:55):
sell it for a little bit more.
That pays the funding partnersfees and you get a second check,
depending on what we sell itfor Right.
So in the second check.
Usually two thirds of the timeis more than what you would have
sold it for conventionally.
The difference is you have yourmoney up front.
We can sell it more easilybecause you're not there or your
furniture isn't there.
You can make a non-contingentoffer somewhere else without
(37:19):
worrying about it.
Non-contingent offers are wewant to buy a house in Arizona
or Florida or down the street orwherever you're going,
hendersonville and we don't havea home to sell.
We're not going to make itcontingent on our home selling.
Those offers are not verypopular and you can't generally
get a good deal as a buyer whenyou've got a contingent offer.
This takes the contingency outas long as you've got the.
(37:41):
You know you do need about 30%of equity in your house.
That's the only proviso onthere.
Again, give us a call.
828-333-4483.
We've got agents standing byall over the country.
That is a 24-7.
We have our receptionistwaiting for you.
828-333-4483.
Maybe you're bored andlistening to the podcast or you
(38:02):
can't sleep at two o'clock inthe morning.
So go ahead, call the number.
I'll take down all your detailsand I'm sorry I won't be
calling you back to them thefollowing day, as anywhere in
the country.
Whether you want the cash offer.
Conventional listing guys, youneed to get us in now to take a
look.
We're not going to pressure youor anything else.
We would boot anybody out ofthe.
(38:27):
I want to hear from you if youfeel any pressure from anybody
in the listing royalty network.
Why?
Because we don't want them inthe network.
We will boot them out.
So what else is different?
Median home value I'm notreally sure what that means.
I know what it means but I'mnot sure it's that useful for
you is at 2%.
Days on market is about a monthand a half.
So that's steady-ish.
So it's about a month and ahalf.
(38:48):
But remember, real estate islocal.
All those factors I gave youbefore.
If you need a little bit ofremodel, if you have windy roads
, if you're over 15 minutes fromthe main town, it will be more
than a month and a half.
I want you to remember that.
So, unlike Austin or Phoenix,where inventories skyrocketed,
(39:09):
or Fort Lauderdale in Florida,inventories skyrocketed and
caused or condos in Miami, soinventories, that means a lot
more homes have come on themarket and caused major price
declines.
Asheville has remained morestable for now.
Remember, guys, that's for now.
We are expecting much more of ashift.
(39:31):
We're in that sort of flatbumping across the top time and
you can't afford to wait.
Yes, you might make 1% thisyear, but you may not.
And is it worth the gamble?
Because once it starts goingdown, there's always people that
need to sell.
Yes, you can hold out, butyou'll be holding out for seven
to eleven years.
Is that what you want?
If you're going into a seniorliving community and you're on a
(39:52):
list, you do not want to waitthat long.
If you are 50 plus, do you wantto wait that long?
50 years old, what if it's 11years?
Before the prices come back,you'll be be 61.
Do you really want to be movingat 61?
And you know it depends whatthe trigger is.
That's having you move, becauseit's not the box, it's the
reason you're moving, right.
Do you really want to wait?
So why is that?
(40:13):
We've still got that strong.
Amazingly, after Helene tourismand retirement market tourism
and retirement market We've gotlimited new home construction.
That means it's keeping all theother inventory high.
But, as you can see, especiallyin the Hensonville market,
where there's a lot of flatterland and land used to be, you
used to get a bit more land foryour dollar.
We've got more new homesconstruction going on and, like
(40:37):
always, there's a steady influxof out-of-state buyers.
And remember, or if you've justtuned in, I train agents all
over the country, so I see thisall the time.
Most markets have somewherebetween 40 and 70% of
out-of-state buyers.
Yeah, really, that's why doingthings like our program of the
(40:57):
if you're an agent listening, ormaybe you're a for sale by
owner, go to listingroyaltycom.
Listingroyaltycom as soon asyou've logged in, it's free.
My entire book on that wentbestseller, by the way, on
selling homes is on there freelistingroyaltycom just log in
with your email, look for, findyour unique value proposition.
(41:17):
It's got all kinds of programsthese are written for for agents
, but guess what?
You can steal them as well ifyou're a home seller.
There's one called the live itor leave exposition.
It's got all kinds of programs.
These are written for agents,but guess what?
You can steal them as well ifyou're a home seller.
There's one called the live itor leave it guarantee.
Have a look at that, especiallyif you're a for sale by owner.
The reason I do that is becausewe have a steady influx of
out-of-state buyers and it meansthat if, for any reason they
(41:38):
are uncomfortable with the homethey've bought, we will sell it
for them free for six months.
Yes, really, go take a look atit.
Listingroyaltycom.
Log in with your email and lookfor the book on there which is
free.
It's the best-selling book.
You can find it on AmazonUnique Value Proposition.
Don't buy it on Amazon.
Go get it free on the app andlook for Love it or Leave it.
(41:58):
Guar guarantee in the book.
So if rates stay high and buyerdemands soften, we could see
Asheville start to flatten evenmore this year, especially in
the luxury home segment.
If you wait till it flattens,you'll have a much harder job
getting the top dollar you wantand it could likely take longer
and you're likely to see adecrease.
That's why, if we think it'sonly going to increase one or 2%
(42:21):
in my books, that's too much ofa risk, because when it starts
coming down, that is eroded veryquickly and you're doing what's
called chasing down the market,because there are always people
that need to sell, sadly, youknow.
So it could be an estate salewhere dad passed 10 years ago
and now mom's passed and thekids have held on to the house
for four years because they'restill suffering with that and
(42:43):
now they need to sell it andthey can't wait right.
So they in some cases give itaway.
Don't do that, definitely dothe.
We've got an estate cpo programfor that, cash cpocom.
If you want to find out thevalue of your house now cash
cpocom, throw it in there.
We'll send you back the valuevery quickly, plus a full market
value cash offer, ie, a fullmarket cash offer for the value
(43:06):
we say it's going to be.
Nobody else will tell you that,guys.
So why does real estate moveslowly?
And can you believe we're inour last 10 minutes here?
It's amazing.
So, as we know, housing marketsdon't crash overnight because
only about 5% of homes sellevery year and they don't really
crash.
Sometimes they bumble downslowly, sometimes it is like a
roller coaster and they do godown pretty fast.
(43:29):
We've covered Clermont-Jouglasso many times.
19th century economist.
He set the cycle seven to 11years.
Nothing has changed.
Nothing much has changed.
So guess what?
We peaked last year and thatmeans we're already entering the
declining phase, bumping acrossthe top.
So if history holds true, wewon't see another peak for 7 to
(43:51):
11 years.
Just think about what thathappens, what that means to you
another stat if you list thiswith us now, unless you're in
one of the markets in thecountry that's selling, you know
, you put it on and it's sellingwithin 15 or 15 days to 30 days
, you're fine.
That's, by the way, that's veryfew markets in the country
right now.
(44:11):
So in a normal market aroundthe country, apart from the ones
that are struggling more, andthat's 200 of them, by the way,
200 cities in the country thenyou're pretty safe thinking
you're going to get your closingcheck the middle of July,
towards August, that's.
If you list it now, I'm tellingyou guys, get on the phone,
828-333-4483.
Let us set you up with anappointment.
(44:32):
It can be a 15 minuteappointment so the agent can
come in and you can tell themwhat you're doing.
Oh yeah, we think we need topaint this.
We think we need to do thatGreat.
Okay, let's look at it with ouragent eyes and I'm telling you,
all the agents in this networkknow what they're doing.
They'll be able to say to youdon't waste your money on the
paint.
It looks great.
Let's just get a magic eraserand I've got a person that can
(44:53):
do that for you for $99 if youlike, or you can do it yourself,
that's not worth spending moneyon.
It will cost you two or threethousand dollars even more than
that in some cases.
If you've got another floor toget it painted on the interior
that if you're going to paintthe whole house on the inside,
that could cost you fivethousand dollars.
If you've got for micah, don'tdo that.
(45:14):
Change the fun up micahcountertops out.
That'll cost you three to fivethousand depending on how big
your countertops out.
The quartz is worth way morethan the paint, unless the
paint's I don't know.
I'm not going to say a colorbecause you might have it and
then you'll hate me.
But just remember that's why wecome in as an agent.
I know you think you know.
Here's the thing.
(45:34):
It's our business.
So unless you're an agent andyou sold 50 homes last year
no-transcript that means theyhave got their eye on the prize,
the eye on the market.
They know what needs doing toget your home sold.
(45:55):
828-333-4483.
There is why are you holdingback?
We don't care if your home'smessy.
We don't need you to clean upthe home or get I don't know,
remodel the bathroom.
So we, you know you can ship.
We can tell you what it's worth.
We know what it's worth beforeand after the bathroom's
remodeled.
It might not be worth it, guys,because you're up against the
(46:17):
clicking time bomb right now.
Unless you can dip your toe inand you don't care about selling
in the next 7 to 11 years, thenit's fine because you can wait
out the market, you know, andnot take any of those decreases.
Or in some cases I'm not beingsarcastic here in some cases you
don't care about the decreasesand that's fine too, because
maybe you're an investor and aslong as you get between 20% and
(46:39):
50% or 100% to whatever it is,you're fine.
So if you don't want to wait adecade, now is the time to sell
before prices flatten further.
This is especially true I wantyou to listen to this to the
more high-end luxury homes.
It's definitely true for secondhomes or investment properties,
and it's definitely true formarkets where inventory is
(47:03):
surging fast.
So let's look at South Floridafor a minute.
And again, if you just tuned in, that's because there's a
natural tie between, especially,miami and Fort Lauderdale,
because there's a flight onAllegiant between.
I always sound like I'm sellingAllegiant here.
They should start paying me forthis between Asheville and Fort
(47:24):
Lauderdale.
They call it Miami, but it'sFort Lauderdale Airport.
You can drive easily to Miamiif you want to be in Miami, but
Fort Lauderdale has lots ofgreat beaches so we have a lot
of people traveling between bothand a lot of people that own
homes in both.
So the condo market is introuble in South Florida.
The Broward County condoinventory wait for this is 10.8
(47:46):
months supply.
Remember I said ours is betweenthree and four months supply in
Western North Carolina.
So double that, times that bytwo and a half and that's the
Broward County condo inventory.
That means it's very much abuyer's market.
What else does it mean?
If maybe you are in Ashevilleand you're looking at getting it
(48:06):
, you could be anywhere in thecountry and want a condo in
South Florida, because guesswhat?
It's in the 70s in SouthFlorida today and it is most of
the winter.
It's beautiful weather.
It's like a beautiful summer inAsheville.
Actually it's more likemid-spring in Asheville or
winter long.
So that's why a lot of peoplehave those condos.
(48:28):
It means that you can buy acondo, wait for it, and I know
one there right now.
If you want to buy a condo inFlorida, I've got one for you
$150,000, 828-333-4483.
It has a pool, it sits, it's onthe golf course and it's only
about a mile from the beach.
That's cheap Ubers to happyhour.
So you know the fact that theinventory is high.
(48:51):
That means it's great forbuyers, right?
That's why prices are dropping.
Don't overthink this, guys.
It is supply and demand right.
Way too much supply.
Prices are dropping and yetstill many aren't selling.
So that could be HOA feesAlways watch the HOA fees and
people aren't getting realisticyet and dropping their prices.
And I want you to hear that inWestern North Carolina and
(49:18):
everywhere else in the countrywhere you're seeing that decline
happening.
Get realistic early.
You do not want to be chasingthe price down.
That is not good guys.
You do not want that right.
So get realistic early.
It's already happening in SouthFlorida and you know many
aren't selling.
They're sitting there.
There's all that inventory.
Why not?
Because people need to reducetheir price.
You control it by price.
(49:39):
It's the same as inflation.
Think about how we controlinflation with interest rates.
There's always those levers,right.
So you control it by condition.
You control it by certifiedpre-owning it.
Make sure you do that.
828-333-4483 we can help youanywhere in the country.
We have a whole team ofreceptionists all over the
(49:59):
country standing by for you 24,7 guys to help you with this
right.
So, please, please, please,listen to what's happening in
200 cities where they're sayingthat prices are going to come
down this year.
That's going to affecteverywhere, because guess what
In those 200 cities?
Do you remember that buyerscome in from other markets?
Well, guess what?
(50:20):
If their prices are going down,they're going to be more
demanding in our area, in everyarea, because their prices are
going down.
This affects nationwide.
And guys, again, I heard thislast time around oh, I'm just
going to wait it out for acouple of years and see what
happens.
Clément Juglar 1860, 7 to 11years.
That means that, if historyholds true, three and a half to
(50:43):
five and a half years down right, the 7 to 11 year cycle 7 to 11
years is when we're going tosee the peak again.
I believe we've been in it fora year already.
Three and a half to five and ahalf years to the bottom.
That means you are likely tosee prices declining.
So please, please, please, getout there now if you need the
money of your house and if youcan't just hold out for 10 years
(51:03):
, if you can hold out for 10years, great, we'll make more
money.
And if the house works for you,more importantly, who cares
about the money?
If the house doesn't work foryou, does it work for you and
your family?
You know the way to do that,guys.
We've got Easter coming up.
We've got July 4th coming up.
You're going to have yourfamily and friends around.
Think about your family andfriends this year and what will
(51:24):
it look like in 10 years time,right?
So if you feel like yourgrandparents are still going to
be there, your parents are stillgoing to be there.
Your animals are still going tobe there.
Your kids are still going to bethere.
Your parents are still going tobe there.
Your animals are still going tobe there.
Your kids are still going to bethere in 10 years, the house
still works for you.
If you don't feel that, it canbe a good way of setting the
stage, to think about having aconversation about whether
(51:45):
you're ready or not, don'tforget, we've got next week's
show.
Can you believe how quicklythis goes?
We've got next week's show.
That is going to be all aboutattachment styles.
Yes, really.
So if you look on any socialmedia at all, you can't get away
from attachment styles.
The book's been out for a longtime now, so it's talking about
(52:06):
anxious avoidance and avoidanceand secure people who attract
different kind of people.
So we're looking at it from ananxious buyer or a secure seller
and avoidant investor point ofview.
But also you can use it fordating.
Don't tell anybody.
I told you we're diving intothe psychology behind real
estate decisions, but also howyour attachment style shapes
(52:26):
your confidence, risk toleranceand even how you negotiate a
deal, whether it's with a houseor anything else.
Guys, again, thank you so much.
It's always a pleasure beingwith you on a Saturday morning.
Sellers, be realistic.
Pricing too high will leave yousitting.
Buyers if you've got the time,patience will pay off and watch
(52:47):
the markets.
Get with a great agent and askthem what's happening.
I can show you every zip codein the country and what's
happening with 30 different datapoints.
828-333-4483.
Visit cashcpocom if you want afull market value cash.
Offer RealestatenewsradiocomRealestatenewsradiocom For the
(53:09):
link to listen to the podcastafter the show or to share the
podcast with other people or seeall the other episodes from 12
years.
We're standing by 24-7 all overthe country.
828-333-4483.
That's all for today.
Stay informed, stay smart.
We'll see you on the radio nextweek at the Real Estate News
(53:31):
Radio Show.
Speaker 1 (53:33):
This has been the Plain English Real Estate Show
with Rowena Patton.
Visit Rowena and post yourquestions at radioashvillecom or
call her at 828-210-1648.
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