Real Estate Rollercoaster: Navigating Zillow’s Price Predictions

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!

Chapters

• 0:00 Introduction to the Real Estate News Radio Show
• 9:30 Contact Information for Listing
• 35:00 Today's Major Topic: Zillow's Forecast for 2025
• 59:00 Understanding Local Market Dynamics
• 1:11:00 Exploring the Asheville Market's Status
• 3:19:00 The Importance of Accurate Home Pricing
• 3:26:00 Conclusion and Teaser for Next Week’s Episode
• 7:40:00 The Leading Indicator: Price Drops and Their Impact
• 16:40:00 Navigating Selling Timelines in a Shifting Market

Transcript

Speaker 1: 0:00

This is the Plain English Real Estate Show with your host, rowena Patton, a show that focuses on the real estate market in terms you can easily understand. Call Rowena now. The number is 240-9962 or 1-800-570-9962. Now here's the English girl in the mountains, the agent that I would trust, rowena Patton.

Speaker 2: 0:35

Hi there and welcome to the Real Estate News Radio Show. I would trust Rowena Patton. Remember that you and your friends, whether you're here in Asheville, across the country or even tuning in from Mars, can listen live on your phone or desktop at realestatenewsradiocom. That's realestatenewsradiocom. Just click on the listen live button and, while you're there, you can check out the last 12 years of episodes. Yes, really, it's 12 years. That's over a decade of market trends, expert interviews and everything you need to stay ahead in real estate. So today we've got a big one. Zillow just slashed their home price forecast for 2025, predicting price drops. In wait for it, over 200 cities. But what does this mean for you? Should you sell now? Wait it out? And how does Asheville and Western North Carolina stack up against the rest of the country, especially given everything that's happened in the last 12 months?

Speaker 2: 1:36

Before we dive in today's Real Estate News Radio show, I wanted to give you a sneak peek at next week's episode, one that's a little different but incredibly important. Hopefully, you'll find them always a little different. So did you know that? Your attachment style? You probably know this is the big thing in relationships now attachment styles and, yes, the way you connect with people can actually affect and impact how you buy, sell and invest in real estate. For example, are you an anxious buyer who second guesses every decision, or a secure seller who confidently prices their home, or an avoidant investor who hesitates to pull the trigger? It's going to be a good one. Next week, we're diving into the psychology behind real estate decisions and how your attachment style shapes your confidence, risk tolerance and even how you negotiate a deal. And, of course, if you're feeling like you need relationship therapy. Or maybe you're dating it's surprising how many people, past what we used to call a midlife crisis, are actually single and dating now. So all kinds of things to look out for there. And, of course, how it looks at for you whether you're buying a house or selling a house or investing a house, what that means, and what it means if you have a partner that's doing it with you as well Really important one, obviously. It's a fascinating conversation. You won't want to miss it, so mark your calendar for next week's show and, of course, you'll also be able to get it on the podcast later on, as it's uploaded there as well.

Speaker 2: 3:19

So for today, let's focus on Zillow's latest market forecast what's happening in Asheville and all around the country and why now might be the last great window to sell before the market shifts, because it's already shifting. So grab a coffee, let's get comfortable and let's dive in. So let's talk about something most real estate agents and others love to hate Zillow. Many in the industry feel that Zillow has this huge influence on the market, especially with their Zestimates. These are the estimates that they give of your house price, which sometimes can be wildly off mark. They are getting more accurate, it's true. So while we may not think those estimates are always realistic or accurate, the reality is and this is the important piece many buyers not necessarily rely on them, but you'd be surprised Buyers are at least looking at them and even sellers are looking at them too to look at the price of their homes. That's why you need a great agent guys, because it's an 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's estimate doesn't reflect the true market value, our listing royalty network agents across the country and me here, of course can help you correct it and adjust it to more accurately reflect your home's worth. There are ways of doing that behind the scenes and we can help you with that. Go to ListingRoyaltycom ListingRoyaltycom. Or if you're using the website for the link to listen live at RealEstateNewsRadiocom, you can do it there as well, to reach out and contact us. We'll find you the right agent there and help you correct that value. It's a really important one. If you're thinking of selling this year, next year, in five years, or even if you're not thinking of selling, that should be corrected because it's getting all your deets out on the worldwide web and putting them out there for everybody to see. So let's make sure that it's right.

Speaker 2: 5:29

So welcome back to the Real Estate News Radio Show, guys. It's your trusted source for all things real estate, right here on the Real Estate News Show. So we're tackling one of today. We're tackling one of the biggest real estate headlines of the year. Today we're tackling one of the biggest real estate headlines of the year. Zillow just slashed its home price forecast for 2025, predicting price declines in over 200 markets across the US.

Speaker 2: 5:57

I've got a download on this at realestatenewsradiocom. That's realestatenewsradiocom. I'm going to write it down right now so I make sure I do it for you. So it's there right after the show showing you all of the cities on there, not going to make you pay for it or anything. It's all free, because I like to give out that information, so don't panic just yet.

Speaker 2: 6:17

Why? Because real estate moves kind of slowly actually. It's slowly, slowly and then fast when people, especially in certain areas, get very nervous. And I'll show you some of those areas today. So only about 5% of homes sell every year, meaning that even in a downturn, 95% of homeowners aren't selling. That's a big reason why price shifts take a long time to play out. And I can tell you another reason as well. You know, if you've listened regularly and I know a lot of you do thank you, it's so wonderful to have you as regular listeners. A lot of you reach out to me and I'm very appreciative of that. It makes doing this every Saturday morning for 12 years worthwhile. So thank you. Another reason why is I share figures with you showing price drops. Now why do I look at price drops? That's a leading indicator. What do I mean by that If somebody's dropping their price today?

Speaker 2: 7:14

So let's say we list something in Broward, broward and Miami-Dade County. Broward is Fort Lauderdale, a big county. In Fort Lauderdale, many of you know it in Asheville, because the most used flight path in the country of Allegiant is between Fort Lauderdale and Asheville. It's a direct flight, very cheap flight, and historically there's always been a lot of people come from the Miami area to the mountains, maybe for the summer or maybe to a visit, and then in the winter a lot of people go from Asheville to have a weekend or a week in the sunshine. It says it's Miami on the Allegiant site. By the way, it's really Fort Lauderdale. Fort Lauderdale's 30 to 60 minutes away from Miami, depending on what time of the day you're traveling. So that's why I'm looking at those counties because they are too in the country that look kind of interesting, particularly Broward, miami. The condo market's really struggling.

Speaker 2: 8:12

I'm going to dig into that a bit more as well. And also in Broward you're seeing a lot more months of inventory out there and we'll talk about what that means as well. Buyers' and and sellers market that one's an important one. We'll put some stats around that and guardrails to show you what that means. What does it mean when we've got five and a half months of inventory? That's just jargon. So six months of inventory ie houses in the big bucket of houses for sale that if we just kept them at that and sold them, we've got about six months of inventory. That's considered a balanced market. So not a seller's market, not a buyer's market a balanced market. So we're moving towards that balance and in many cases we've already gone across it. I'm going to show you those cities as well whereby there's so much inventory.

Speaker 2: 9:04

It's just supply and demand, guys. Don't overthink this. It's very simple Supply and demand and honestly, that's what's made this the longest cycle, clermont-jouglar. It will probably go down as one of the longest cycles in history. In many markets we crested either a year ago or two years ago, which means the houses are flat. Or the house prices are flat, or going up a very minimal amount, too much to take a gamble on, in other words or they're coming down. So let's go back to price cuts again, because I mentioned, those are a leading indicator.

Speaker 2: 9:38

I can do it for any zip code in the county. By the way, give us a call 828-333-4483. If you prefer to call us 828-333-4483, anywhere in the country. Guys, I've got amazing. I've got an amazing network of agents who are very highly trained conventional listings, certified pre-owned listings, cash CPO purchases or cash CPO listings. That's where they get certified but you're not paying for any of the repairs or the remodels at friends. So yeah, listen up. If you're doing a remodel or prep in your house, you might want to take a look at that one. 828-333-4483. This is Rowena Patton on the Real Estate News Radio Show. If you have just tuned, tuned in, we're talking about price drops being a leading indicator and people listening going. Go on, get on with it already.

Speaker 2: 10:29

So let's say you are in miami right now and you have a condo. You could live anywhere in the country. Now it's a big second home market and lots of people have condos. All kinds of things have been going on there, like there was a collapse in surfside in Miami and Fort Lauderdale and that has meant major overhauls and major rule changes all the way down the coastline, particularly in Miami, which has meant some massive special assessments. I know of one in Fort Lauderdale, for example. That was wait for it, over $100,000. Can you imagine $100,000 in a special assessment? That means on your HOA fees that you suddenly get a letter going. Oh, by the way, and this was in a newer building, by the way. Guys, we, you know, because of the rule, government, local law changes, legislation changes to make it safer in here. We now have to do all these modifications and it's going to cost you $100,000 each Ouch.

Speaker 2: 11:32

And some of them aren't very clever and they don't allow people to sell until they've paid the modification which, in my humble opinion I've seen this before is going to cause some bankruptcies and foreclosures. Why? Because it's an easy way to modify that. You allow people to sell, to put it on the market, and you say the only way it can sell is if that $100,000 comes off the proceeds. At least it gives that person the opportunity to sell it.

Speaker 2: 12:01

We actually had this play out in the last recession in Asheville. We had some condo buildings I won't mention them A lot of foreclosures. And what do the foreclosures mean? The foreclosures mean that that drives prices down. All the short sales drives prices down in the whole condo unit. You do not want that to happen and that happened this time around in the Asheville market. And why did it happen? In my humble opinion, it happened because the condo buildings are slow to move and change their rules.

Speaker 2: 12:33

So in a recession you want to allow people to rent out the condos. Most of us who live full time in 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%. However, if you're in a declining market and people are starting to lose their jobs and they can't afford the condo anymore, you want to allow them to rent it out. Why? Because in a declining market it's going to take them longer to sell it, much higher probability of a short sale or a foreclosure which is going to hurt your home price. So if you're on the board of an HOA or you know the board of your HOA whether it's a condo or a 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 this flattening and you don't want that to hit you and it's a very sad thing that happens in a recession that hits everybody, because a lot of HOAs don't necessarily know about this.

Speaker 2: 13:40

But here's what I want to focus on today why Zillow downward revision is a warning sign you should pay attention to. And coming back to those price drops, and also our next point on here why, if you don't have 7 to 11 years to wait for the next peak. This might be your next chance to maximize your return. And how Asheville compares as well Is our market as vulnerable as others, whatever that means. So the price drops and the leading indicator it's like the Zillow downward vision when you have price drops in a market.

Speaker 2: 14:11

Let's go back to Miami. Let's go back to Broward where in some cases, for some of the properties, you've got a six month wait, a three to six month wait on selling your home. Let's make it worst case scenario. It's a bit further out. It's not in perfect condition. Maybe, you know, might need a bit of a remodel here and there. I'm probably describing 90% of the houses nationwide that aren't new, right, you know? Maybe the kitchen was remodeled in the 2000s and we go oh, that's not very old. Yeah, that's 25 years ago.

Speaker 2: 14:39

So when we're doing price drops today, let's take somewhere that where it's taking three months. In Asheville, you're easily waiting two months to three months Again if it's something that's slightly less desirable than a brand new house, which is most of our houses so you could easily be waiting three months. So here we are, at the end of February or the end of one month. You know, if you're listening to this afterwards, don't let the months put you off. Just think of it as month one. We're in the current month we're in.

Speaker 2: 15:07

What I want you to do is add three months to wherever we're at. So right now, obviously that would be March, april, may. So we're looking at June 1 to have a contract Everybody with me so far. So I want you to add three months. You might be listening to this in August of this year. It just works, you know. Add in how long it's going to take you, you think, to sell your house, and in most cases it isn't a day right, it may have been two or three years ago. Multiple offers. We're not there now guys, we're just not. So you know, 30 to 60, 60 days if your market's still moving fast would be perfect, reasonable. I'm adding three months here. So we're at June 1st, and now I'm going to add six weeks so you can get it closed as quickly as two weeks with cash right.

Speaker 2: 15:52

However, most people aren't paying cash and they want to have inspections, they want to have appraisals, they want to do this, that and the other. So, and you know, when we have the inspection, there are things that happen whereby you know they find things on the inspection and you'll know it's like 50 items on average, 40, 50 items on average. Doesn't matter if it's a new home, guys, it's still going to be the same thing. So we're adding six weeks to that. So these figures always shock people when I go through them, right? So this is the timeline. So these figures always shock people when I go through them, right? So this is the timeline. So we're at June 1, we're adding six weeks. So in your head, add three months to where we're at now, right, and then go to the first of 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 of the year, guys, before it closes.

Speaker 2: 16:46

And I'm going to tell you something else shocking One third of them, over one third of them, don't close unless you what Can I hear you saying it CPO it. Don't just sell it, cpo it Don't just list it, cpo it, certify, pre-own it. When you don't have that inspection up front, when you and it's also good to get the appraisal as well it costs more money, but it's good to get the appraisal. Why, especially in a flat or declining market, that is like evidential proof that's not some real estate agent saying it's worth this, because we all know that there are lots of real estate agents out there. Did you know that 74% of real estate agents last year didn't sell one home? That means that if you sold one home yeah, aren't these figures shocking as well If you sold one home last year, you're in the top 26% of agents. Isn't that shocking? So I could say, yeah, I sold one home last year. I'm in the top 26% of agents. I'm in the top quartile of agents in this market. That would sound pretty good, well, wouldn't it? Until you look, pull that curtain back and look at what that means. You could be working with one of the agents the 74% of agents who didn't have one sale last year 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 many of those agents go in and they say Because many of those, especially if you're a buyer, because many of those agents go in and they say your house, I think your house is worth $650,000.

Speaker 2: 18:08

And they say, no, no, I want to list it at 700. And the agent goes I'm really not 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 you how that's going to have you chasing the market down. Or a good agent would say to you you know, okay, we'll list at 700, but here's how I want you to commit to me.

Speaker 2: 18:32

First off, I'm going to give you five-star service. I want you to commit to giving me a five-star review and I'm going to keep reminding you of that as we go along. And also, I want you to remind me if, for any reason, me or any of my team are not giving you five-star service. That's how we keep our service so high, at such a high level. And secondly, I'm going to say I will do this for 14 days.

Speaker 2: 18:56

If we haven't had X showings depending on which part of the market it's in I want you to agree to drop the price to where I said it should be, at 650. Is that a deal? I'll also say to you if you haven't had a showing, I want you to agree to X drop every week. Yes, every week, really, because we're in a flat or declining market. I don't want you chasing the market down. 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 behind that that I've covered on other shows.

Speaker 2: 19:31

There are very specific ways to strategically price a home. Just remember that. So let's get into the details. Let's look at Zillow's 2025 housing forecast and look at what changed. So what changed in all of this? Obviously very important to look at? Zillow has been bullish on the market for years, bullish right. So now they've made a huge shift and that's what's important. That's what's important in the outlook. So they've cut their home price growth forecast from 2.9% to just 0.9%. Now, remember, this is nationwide, 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.

Speaker 2: 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 great agents? Because they're in a training program. I've got over 1100 agents that are very highly trained in how to do this, and that is unusual, guys. It's very unusual.

Speaker 2: 20:41

So you can go to realestatenewsradiocom. Realestatenewsradiocom to find your agent. There's a button on there going find agent. Or you can look at our app, which is listingroyaltycom listingroyaltycom big button on top. Or, if you prefer, to use the phone, nothing wrong with that, guys. 828-333-4483. 828-333-4483. Leave your address. We've got people picking up 24-7. By the way, that's kind of important. If you're thinking about listing, you want somebody who picks up 24-7 where all the details are taken. Yes, really, three o'clock in the morning we do it, so you can call right now while I'm live on the radio. 828-333-4483.

Speaker 2: 21:29

So Zillow. Zillow's cut their growth forecast and it's in more than wait for this. 200 cities. Zillow's now predicting home price declines. And if you didn't hear my disclaimer at the top of the show Zillow, you know a lot of people think that the prices aren't accurate. Yada, yada, yada. But the important thing to know here is that it's a perception piece. Many buyers look at Zillow for the price of the home they're buying. They also do cash offers and I'm thinking I'm seeing the prices changing as they're doing cash offers, which is also kind of interesting.

Speaker 2: 22:03

I cannot tell you guys and I know you're thinking I would say this, wouldn't I? But honestly, if I just were money-minded and I was telling you this stuff just to make money, I'd be a billionaire by now. I've had a radio show for 12 years. I've got a best-selling book on selling homes. I've got another book on cash GPO. I run national programs for agents. Like, really, if I were money minded, in fact, I need a coach. So if you've got a money coach out there, send them to me, because I'm really focused on education. That's what I love to do. I love to train and educate. I do that through the radio show. I do that through all kinds of programs that we offer on listing royalty.

Speaker 2: 22:42

So these places are coming from, these prices are coming from and stats are coming from a place of authenticity. It's just where I'm at, it's just who I am. Take it or leave it. So here's where the home values are expected to take the biggest hit in 2025. Lake Charles and again. You can get the download for this at realestatenewsradiocom. Charles. And again, you can get the download for this at realestatenewsradiocom realestatenewsradiocom. Or give us a call even better, because I will do it for your zip code 828-333-4483.

Speaker 2: 23:13

Lake Charles 7.3 decline. That's a lot. So think about what that means. If you've got a million dollar house, 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% decline that's where home values are expected to take the biggest hit. They're wrong sometimes, but they're also careful about predictions, because predictions can really bite you in the butt right. So they're very careful about predictions as well. I can tell you that San Francisco comes in next, and then Austin comes in next, los Angeles, next Phoenix, and then Orlando, and the list goes on and on. We've got the whole list for you.

Speaker 2: 23:57

So what do these cities have in common, or most of these cities at least? They saw the fastest price surges during the pandemic. Now remember too, in Asheville, we are sadly there as well. Now they're correcting as higher mortgage rates price out buyers. We know a lot of it is to do with Asheville rate, with uh, with, yeah, asheville rates, but also the, the uh interest rates.

Speaker 2: 24:26

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 there are clear signs of a shift. Now here's the problem. What does crashing mean? Crashing means when it's flat or declining. That's's where we're at, we may see a very small increase. We're already up 25% in terms of months of supply. Right, we're up 25%. So think about that. Remember it's supply and demand. Now, that's still below the balanced market, although when you look at days on market, I would say something's not quite jiving there.

Speaker 2: 25:06

But when you see anything triggering to go in the decline, you want to look at that why? Because you've got this perfect window right now. If you are thinking of selling, don't hold off is the point. I've been telling you that for a year, right, and you may have made another percent or two. But is it worth holding on and taking that risk? Because we're almost certain we're going to have that decline. We just don't know when it is. I do know that when that decline hits, it tends to go fast, right, because people start to panic and there's always people that need to sell. Remember that there's always people that need to sell.

Speaker 2: 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% year over 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%.

Speaker 2: 26:06

Now let's play that timeline forward that we were talking about before. Perfectly normal for it to take three months if you list tomorrow. Now remember, if you're just thinking about listing, you haven't called us in yet. So 8 to 8, get it on the schedule. Guys, please get it on the schedule because I'm giving you the timelines here. It's getting busier and busier as we get into that season and I'm not bragging here. I'm at 1.3 billion in sales. Therefore, we're very popular to list homes. You know, working with my partners here in the Western North Carolina market, because we list so many homes.

Speaker 2: 26:42

This is not a time to wait it out. Get us in now. We're not going to push you into listing. We're not going to keep calling you every day. We don't need to do that. We've got 1.3 billion in sales right. So we want to do what's right for you when it's right for you the value of us having us in now.

Speaker 2: 26:57

Let's say if we can fit you in next week, get that call in 828-333-4483. This goes for around the country. Guys, get that call in. Get us out so we can take a look. Because you're going to get us in next week, let's say that you decide to go ahead and list right away, which you know a lot of people decide to do. I get it. That means that let's say it takes us another week, depending on what you've got to get ready or your delays. You don't want to list for a week or something else. So we're going to follow that timeline and if you're listening to this, later on, I just want you to add three months to where we're at now. So the everything that I went through in the timeline that takes us to June 1, we add six weeks for the closing easily could be delays and a third of them drop out.

Speaker 2: 27:43

Remember, that's taking us to July 14th, guys, that's crazy. That's through the middle of the year and don't you feel like we've just started the year? That's crazy. Not only that, we don't know what will be happening to prices at that point. I believe, when 2008, when we had our biggest months of decline were 0.8, 0.9%. Just round that up and make it 1% doesn't sound like a lot. But you take that out over the four months or five months that we're waiting to get your home sold, which is perfectly normal, guys. That's not a delay by any sense, right? So now you can do the cash CPO offer that gets your money out in 14 days. You know there are those of you out there that want to get it out fast. Two thirds of our home sellers do make more than with a traditional listing, so that's worth looking at too.

Speaker 2: 28:37

But I'm going to repeat that again, right? So July 14th, what are we adding there? So February, march, april, may, june, july about five and a half months, and that is because it's going to take us a week or two to get it on. It's going to take six weeks to get it sold. And then we're adding six weeks and in my quick add up on my, on my fingers here, that's going to be five and a half months. So if you're listening to this, you know, in August or something, just add five and a half months. It's always shocking when you look at the timeline, guys, because should the market shift even more than it has anywhere in the country, you could be seeing declines in your price. That's why it's so important to get it priced right now. That's why it's so important to get the pre-inspection.

Speaker 2: 29:25

Listen, if you want to use us for the CPO process certified pre-owned process you want to do it yourself. You want to pay for your own inspection, get your own appraisal. You want to go for sale by owner? We'll help you with that first stage. Even if you're going to use another agent, that's okay too. We'll help you with that first stage because most agents aren't trained in certified pre-owned. How do I know that? Because I came up with it in 2007 and I've been running CPO Experts since 2007 and training agents to do it around the country and also wrote a bestselling book on it. So I know what I'm talking about in terms of certified pre-owned, best-selling book on it. So I know what I'm talking about in terms of certified pre-owned, we, or any of the listing royalty network agents, can do that for you at high level. If you still want to use your own agent, that's fine. Or if you want to for sale by owner, that's fine.

Speaker 2: 30:13

If you are looking at what you need to improve right now, maybe you're thinking, oh, I need a paint job, I need this, that the other, that's fine too. But get us in, because we know the market. I don't work with any agents that don't do transactions or don't list homes or, you know, don't. I can't do that. I'm 1.3 billion in sales yes, billion in sales, and I'm not going to now. Most of the agents aren't going to be at that in billions in sales. Some are, because that's a lot, obviously. However, they are going to be full-time agents and they're going to be highly trained and certified, pre-owned. They know the right inspector for you.

Speaker 2: 30:51

Now, why is that important when you're prepping for listing? Because, even if you're not interested in the CPO process, before you start spending money on painting the kitchen or I don't know, changing out the carpets or something like that, have the inspection because the boogeyman will come and get you. Remember, I told you over a third of them drop out. Most agents don't tell you that. That's because of the inspection. So if you get the inspection up front, that is going to take a lot of that out of the process. Right, it's going to take that out of the. Our dropouts drop to around 7%. We go from 33% when it's not CPO ie you haven't paid for the inspection up front or the appraisal up front to 7% when your house drops out, when it's a pain in the butt, right? You've had all those showings, you've had all the texts saying can we show your house at 10 o'clock? And you go back and go and I don'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 all around the country going what's 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.

Speaker 2: 32:01

Listing your house. We take as much of the stress out as possible. I always suggest certified pre-owned. Very few of my sellers, when they hear how it works, decide not to do it that way. Very, very few and very few sellers in the listing royalty network around the country. We've got over a thousand agents we can refer you to around the country. We've got you covered, I promise, with agents that are fully covered. You can call us 24-7. The reason I put it all through one number for the agents around the country wherever you're listening maybe you've got friends listening from somewhere 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 to sell your house. It really de-stresses and, oh my gosh, if you're in South Florida. You definitely need to CPO it. You cannot afford for it to drop out a third of the time and you definitely can't afford the lag in the market at this point.

Speaker 2: 32:56

Remember, if you're listening live, then you're going to get your closing check the middle of July. That's the second half of this year. We'll be going towards the fall at this point. Isn't that crazy? It's always a shocker when you look at it that way. Get us in now, guys. If you're thinking, oh, I don't need 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 in July or August and we can control that, remember. If you want to get it closed in July or August and we can control that, remember, we can control that. There's all kinds of ways you can control that. And, if nothing else, get us in to talk about. You know what you need to improve and what you don't need to improve. Don't waste money.

Speaker 2: 33:34

So again we're back talking about Western North Carolina and the rest of the country and what's going on with the markets today. Months of supply in Western North Carolina In most of it again, it depends on what county you're in is around 3.5. It's up a little bit. So the months of supply are going up a little bit. Most people would tell you that's not a balanced market. It's still a seller's market, depending on where you're at and which pocket you're at.

Speaker 2: 34:00

The problem in the mountains is if you are a little bit further out and you've got anything that's slightly unusual about your house, how do I know that? I'm at 1.3 billion in sales and I'm usually the person somebody calls when they've expired or they've got an unusual listing and they say, hey, I hear you're the girl for unusual listings, the English girl in the mountains. Okay, let's go. So if you've got anything that's unusual, that means do you need an update If it hasn't been remodeled in the last 10 years? That's a good way to look at it. A buyer's going to come in and feel like it's new. So if it hasn't been, there's an X in your box, right? It doesn't mean to say it's not saleable. It just means it'll take a bit longer because of what you're competing against. I sell homes that are complete remodel all the time. They absolutely sell.

Speaker 2: 34:49

Then it's about pricing them right. It affects the price If you're a little bit further out from a main city, if you have lots of windy roads to get to you. If you're over 15 minutes out from a main city or town, you know. If you're 15 minutes out from Black Mountain, you're fine. However, if you go past that, that is like the commute distance that most buyers want. Or I used to call it, before I got in trouble, the martini test. So if you've had one glass of martini, if you had one martini, do you feel comfortable driving home on the mountain roads? I now call it a gallon of milk. If you're home on a Sunday morning and you forgot your milk yesterday, are you comfortable driving back to the grocery store? Think about it 15 minutes is about the limit. If it's 25 minutes, you might think, oh, I'll just wait for the week when I go back to the grocery store. So whether you're commuting or you're retired and you're commuting to the grocery store, then that still matters. So those are some factors that affect your price.

Speaker 2: 35:48

So again, the remodel how far are you out? Do you have windy roads on the way to get to you? It might take a bit longer. So adjust your price in there to control all of that. In other words, price in there to control all of that, in other words, adjust it so that you do sell faster. You need to come in at a lower price if you want to sell by July. When I say sell by, I mean get your check right or we can get you cash in 14 days, up to 70%.

Speaker 2: 36:15

We go in, we do that remodel or the paint job or anything else. We've got all the crews now, because we've done so many, a lot of people in Western North Carolina and around the country are choosing this. Now. Two-thirds of our sellers make more than with a conventional listing but there's no showings, there's no sign outside, there's no lockbox on the door. You don't have to go through any of that. The reason two-thirds make more is because we take care of the remodel for you Our funding partners up front the money to purchase it.

Speaker 2: 36:42

That's how you get the majority of 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 magic that causes us to be able to sell it for a little bit more. That pays the funding partners fees and you get a second check, depending on what we sell it for Right. So in the second check. Usually two thirds of the time is more than what you would have sold it for conventionally. The difference is you have your money up front. We can sell it more easily because you're not there or your furniture isn't there.

Speaker 2: 37:15

You can make a non-contingent offer somewhere else without worrying about it. Non-contingent offers are we want to buy a house in Arizona or Florida or down the street or wherever you're going, hendersonville and we don't have a home to sell. We're not going to make it contingent on our home selling. Those offers are not very popular and you can't generally get a good deal as a buyer when you've got a contingent offer. This takes the contingency out as long as you've got the. You know you do need about 30% of equity in your house. That's the only proviso on there.

Speaker 2: 37:50

Again, give us a call. 828-333-4483. We've got agents standing by all over the country. That is a 24-7. We have our receptionist waiting for you. 828-333-4483. Maybe you're bored and listening to the podcast or you can't sleep at two o'clock in the morning. So go ahead, call the number. I'll take down all your details and I'm sorry I won't be calling you back to them the following day, as anywhere in the country. Whether you want the cash offer.

Speaker 2: 38:15

Conventional listing guys, you need to get us in now to take a look. We're not going to pressure you or anything else. We would boot anybody out of the. I want to hear from you if you feel any pressure from anybody in the listing royalty network. Why? Because we don't want them in the network. We will boot them out.

Speaker 2: 38:33

So what else is different? Median home value I'm not really sure what that means. I know what it means but I'm not sure it's that useful for you is at 2%. Days on market is about a month and a half. So that's steady-ish. So it's about a month and a half. But remember, real estate is local. All those factors I gave you before. If you need a little bit of remodel, if you have windy roads, if you're over 15 minutes from the 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, or Fort Lauderdale in Florida, inventories skyrocketed and caused or condos in Miami, so inventories, that means a lot more homes have come on the market and caused major price declines. Asheville has remained more stable for now. Remember, guys, that's for now. We are expecting much more of a shift.

Speaker 2: 39:31

We're in that sort of flat bumping across the top time and you can't afford to wait. Yes, you might make 1% this year, but you may not. And is it worth the gamble? Because once it starts going down, there's always people that need to sell. Yes, you can hold out, but you'll be holding out for seven to eleven years. Is that what you want?

Speaker 2: 39:50

If you're going into a senior living community and you're on a list, you do not want to wait that long. If you are 50 plus, do you want to wait that long? 50 years old, what if it's 11 years? Before the prices come back, you'll be be 61. Do you really want to be moving at 61? And you know it depends what the trigger is. That's having you move, because it's not the box, it's the reason you're moving, right. Do you really want to wait? So why is that? We've still got that strong. Amazingly, after Helene tourism and retirement market tourism and retirement market We've got limited new home construction.

Speaker 2: 40:25

That means it's keeping all the other inventory high. But, as you can see, especially in the Hensonville market, where there's a lot of flatter land and land used to be, you used to get a bit more land for your dollar. We've got more new homes construction going on and, like always, there's a steady influx of out-of-state buyers. And remember, or if you've just tuned in, I train agents all over the country, so I see this all the time. Most markets have somewhere between 40 and 70% of out-of-state buyers. Yeah, really, that's why doing things like our program of the if you're an agent listening, or maybe you're a for sale by owner, go to listingroyaltycom. Listingroyaltycom as soon as you've logged in, it's free.

Speaker 2: 41:07

My entire book on that went bestseller, by the way, on selling homes is on there free listingroyaltycom just log in with your email, look for, find your unique value proposition. It's got all kinds of programs these are written for for agents, but guess what? You can steal them as well if you're a home seller. There's one called the live it or leave exposition. It's got all kinds of programs. These are written for agents, but guess what? You can steal them as well if you're a home seller. There's one called the live it or leave it guarantee. Have a look at that, especially if you're a for sale by owner. The reason I do that is because we have a steady influx of out-of-state buyers and it means that if, for any reason they are uncomfortable with the home they've bought, we will sell it for them free for six months. Yes, really, go take a look at it. Listingroyaltycom. Log in with your email and look for the book on there which is free. It's the best-selling book. You can find it on Amazon Unique Value Proposition. Don't buy it on Amazon. Go get it free on the app and look for Love it or Leave it. Guar guarantee in the book.

Speaker 2: 42:00

So if rates stay high and buyer demands soften, we could see Asheville start to flatten even more 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 want and it could likely take longer and you're likely to see a decrease. That's why, if we think it's only going to increase one or 2% in my books, that's too much of a risk, because when it starts coming down, that is eroded very quickly and you're doing what's called chasing down the market, because there are always people that need to sell, sadly, you know. So it could be an estate sale where dad passed 10 years ago and now mom's passed and the kids have held on to the house for four years because they're still suffering with that and now they need to sell it and they can't wait right. So they in some cases give it away. Don't do that, definitely do the. We've got an estate cpo program for that, cash cpocom. If you want to find out the value of your house now cash cpocom, throw it in there. We'll send you back the value very quickly, plus a full market value cash offer, ie, a full market cash offer for the value we say it's going to be. Nobody else will tell you that, guys.

Speaker 2: 43:09

So why does real estate move slowly? And can you believe we're in our last 10 minutes here? It's amazing. So, as we know, housing markets don't crash overnight because only about 5% of homes sell every year and they don't really crash. Sometimes they bumble down slowly, sometimes it is like a roller coaster and they do go down pretty fast.

Speaker 2: 43:29

We've covered Clermont-Jouglas so many times. 19th century economist. He set the cycle seven to 11 years. Nothing has changed. Nothing much has changed. So guess what? We peaked last year and that means we're already entering the declining phase, bumping across the top. So if history holds true, we won't see another peak for 7 to 11 years. Just think about what that happens, what that means to you another stat if you list this with us now, unless you're in one of the markets in the country that's selling, you know, you put it on and it's selling within 15 or 15 days to 30 days, you're fine. That's, by the way, that's very few markets in the country right now. So in a normal market around the country, apart from the ones that are struggling more, and that's 200 of them, by the way, 200 cities in the country then you're pretty safe thinking you're going to get your closing check the middle of July, towards August, that's.

Speaker 2: 44:24

If you list it now, I'm telling you guys, get on the phone, 828-333-4483. Let us set you up with an appointment. It can be a 15 minute appointment so the agent can come in and you can tell them what you're doing. Oh yeah, we think we need to paint this. We think we need to do that Great. Okay, let's look at it with our agent eyes and I'm telling you, all the agents in this network know what they're doing.

Speaker 2: 44:47

They'll be able to say to you don't waste your money on the paint. It looks great. Let's just get a magic eraser and I've got a person that can do that for you for $99 if you like, or you can do it yourself, that's not worth spending money on. It will cost you two or three thousand dollars even more than that in some cases. If you've got another floor to get it painted on the interior that if you're going to paint the whole house on the inside, that could cost you five thousand dollars. If you've got for micah, don't do that. Change the fun up micah countertops out. That'll cost you three to five thousand depending on how big your countertops out.

Speaker 2: 45:20

The quartz is worth way more than the paint, unless the paint's I don't know. I'm not going to say a color because you might have it and then you'll hate me. But just remember that's why we come in as an agent. I know you think you know. Here's the thing. It's our business. So unless you're an agent and you sold 50 homes last year no-transcript that means they have got their eye on the prize, the eye on the market. They know what needs doing to get your home sold. 828-333-4483.

Speaker 2: 45:58

There is why are you holding back? We don't care if your home's messy. We don't need you to clean up the 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 before and after the bathroom's remodeled. It might not be worth it, guys, because you're up against the clicking time bomb right now. Unless you can dip your toe in and you don't care about selling in the next 7 to 11 years, then it's fine because you can wait out the market, you know, and not take any of those decreases. Or in some cases I'm not being sarcastic here in some cases you don't care about the decreases and that's fine too, because maybe you're an investor and as long as you get between 20% and 50% or 100% to whatever it is, you're fine. So if you don't want to wait a decade, now is the time to sell before prices flatten further.

Speaker 2: 46:49

This is especially true I want you to listen to this to the more high-end luxury homes. It's definitely true for second homes or investment properties, and it's definitely true for markets where inventory is surging fast. So let's look at South Florida for 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 on Allegiant between. I always sound like I'm selling Allegiant here. They should start paying me for this between Asheville and Fort Lauderdale. They call it Miami, but it's Fort Lauderdale Airport. You can drive easily to Miami if you want to be in Miami, but Fort Lauderdale has lots of great beaches so we have a lot of people traveling between both and a lot of people that own homes in both. So the condo market is in trouble in South Florida.

Speaker 2: 47:42

The Broward County condo inventory wait for this is 10.8 months supply. Remember I said ours is between three and four months supply in Western North Carolina. So double that, times that by two and a half and that's the Broward County condo inventory. That means it's very much a buyer's market. What else does it mean? If maybe you are in Asheville and you're looking at getting it, you could be anywhere in the country and want a condo in South Florida, because guess what? It's in the 70s in South Florida today and it is most of the winter. It's beautiful weather. It's like a beautiful summer in Asheville. Actually it's more like mid-spring in Asheville or winter long. So that's why a lot of people have those condos.

Speaker 2: 48:28

It means that you can buy a condo, wait for it, and I know one there right now. If you want to buy a condo in Florida, I've got one for you $150,000, 828-333-4483. It has a pool, it sits, it's on the golf course and it's only about a mile from the beach. That's cheap Ubers to happy hour. So you know the fact that the inventory is high. That means it's great for buyers, right? That's why prices are dropping.

Speaker 2: 48:55

Don't overthink this, guys. It is supply and demand right. Way too much supply. Prices are dropping and yet still many aren't selling. So that could be HOA fees Always watch the HOA fees and people aren't getting realistic yet and dropping their prices. And I want you to hear that in Western North Carolina and everywhere else in the country where you're seeing that decline happening. Get realistic early. You do not want to be chasing the price down. That is not good guys. You do not want that right. So get realistic early. It's already happening in South Florida and you know many aren't selling. They're sitting there. There's all that inventory. Why not? Because people need to reduce their price.

Speaker 2: 49:38

You control it by price. It's the same as inflation. Think about how we control inflation with interest rates. There's always those levers, right. So you control it by condition. You control it by certified pre-owning it. Make sure you do that. 828-333-4483 we can help you anywhere in the country. We have a whole team of receptionists all over the country standing by for you 24, 7 guys to help you with this right.

Speaker 2: 50:05

So, please, please, please, listen to what's happening in 200 cities where they're saying that prices are going to come down this year. That's going to affect everywhere, because guess what In those 200 cities? Do you remember that buyers come in from other markets? Well, guess what? If their prices are going down, they're going to be more demanding in our area, in every area, because their prices are going down. This affects nationwide. And guys, again, I heard this last time around oh, I'm just going to wait it out for a couple of years and see what happens. Clément Juglar 1860, 7 to 11 years. That means that, if history holds true, three and a half to five and a half years down right, the 7 to 11 year cycle 7 to 11 years is when we're going to see the peak again. I believe we've been in it for a year already. Three and a half to five and a half years to the bottom. That means you are likely to see prices declining.

Speaker 2: 50:57

So please, please, please, get out there now if you need the money of your house and if you can't just hold out for 10 years, if you can hold out for 10 years, 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 for you, 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 your family and friends around. Think about your family and friends this year and what will it look like in 10 years time, right? So if you feel like your grandparents are still going to be there, your parents are still going to be there. Your animals are still going to be there. Your kids are still going to be there. Your parents are still going to be there. Your animals are still going to be there. Your kids are still going to be there in 10 years, the house still works for you.

Speaker 2: 51:37

If you don't feel that, it can be a good way of setting the stage, to think about having a conversation about whether you're ready or not, don't forget, we've got next week's show. Can you believe how quickly this goes? We've got next week's show. That is going to be all about attachment styles. Yes, really. So if you look on any social media at all, you can't get away from attachment styles.

Speaker 2: 52:01

The book's been out for a long time now, so it's talking about anxious avoidance and avoidance and secure people who attract different kind of people. So we're looking at it from an anxious buyer or a secure seller and avoidant investor point of view. But also you can use it for dating. Don't tell anybody. I told you we're diving into the psychology behind real estate decisions, but also how your attachment style shapes your confidence, risk tolerance and even how you negotiate a deal, whether it's with a house or anything else. Guys, again, thank you so much. It's always a pleasure being with you on a Saturday morning.

Speaker 2: 52:40

Sellers, be realistic. Pricing too high will leave you sitting. Buyers if you've got the time, patience will pay off and watch the markets. Get with a great agent and ask them what's happening. I can show you every zip code in the country and what's happening with 30 different data points. 828-333-4483. Visit cashcpocom if you want a full market value cash. Offer Realestatenewsradiocom Realestatenewsradiocom For the link to listen to the podcast after the show or to share the podcast with other people or see all the other episodes from 12 years. We're standing by 24-7 all over the country. 828-333-4483. That's all for today. Stay informed, stay smart. We'll see you on the radio next week at the Real Estate News Radio Show.

Speaker 1: 53:33

This has been the Plain English Real Estate Show with Rowena Patton. Visit Rowena and post your questions at radioashvillecom or call her at 828-210-1648.