We’ve become accustomed to a crazy real estate situation. For two years, it was almost as if you could mumble about selling in your sleep, and there would be a line of people outside the door at sunrise. When you can’t leave your house, much less go on a vacation, real estate is the one thing you can do. You can buy, sell, trade up, or downsize. That’s what seemingly everyone did. Thankfully, the pandemic has waned, and we are back to an almost normal market.
However, things have changed, so it’s more important than ever to work with experienced agents. We turned to Ryan Streiff and the Perry-Miller Streiff Group for answers. They assured us the real estate sky was not falling.
Ryan, what drove our market to such dizzying heights? Was it just the pandemic?
Ryan Streiff: It was a perfect storm. The sheer number of people that moved to Dallas during the pandemic took the market to a place we had not experienced in the past. And then you had Dallasites looking to upgrade their spaces that were working from home. Everyone was a NOW buyer because they wanted to start enjoying now, and there was a fear of losing out based on the demand. Dallas has been undervalued for quite some time, so these impacts accelerated housing values in a record fashion for our city.
Is the party still going on anywhere in town?
RS: The Park Cities is the last place to slow down but the first to recover. It’s the blue-chip of blue-chip neighborhoods and the bellwether for real estate. The impacts felt on a macro level are coming, but it is still often a case of multiple offers because of the dearth of inventory and pent-up demand.
Should we be worried about this return to normal?
RS: No. Anytime value builds this fast, there have to be minor corrections.
What do buyers need to know now?
Courtney Jubinsky: The current market is still challenging for buyers. Inventory has risen slightly over the summer but has still not caught up with demand. The frenzy has cooled, but we are still seeing multiple offers for competitively priced, move-in-ready homes in sought-after close-in neighborhoods. Having a deeply connected agent to your desired neighborhood and community with knowledge of on and off-market sales is critical to the presentation of a competitive offer and successful negotiation.
Jamie Kohlmann: Houses are still moving quickly. So buyers need to be prepared. Pre-approval is essential, even if you are not competing. Go in with a lender that says they can close you in 20 days. Order your tax transcripts and have a short financing contingency.
What do sellers need to know right now?
Laura Michelle: With an overall continued inventory shortage in the housing market, now is a good time to sell your home. There is still an active influx of buyers both locally and from out of state. And with interest rates on the rise, it may be better to sell sooner rather than later – if rates spike much more, some prospective buyers may retreat from the market.
Karen Fry: The sellers need to know the best comps for their property could be in the title co now instead of the sold comps and to take every showing, feedback, and offer seriously. The market has shifted, and the conversations right now are even different than the conversations in June, so communication and collaboration are crucial. The offer terms will be different, too, since buyers are not in as many multiple offer situations.
What about the presentation?
Laura Michelle: Sellers should absolutely consider updates and staging. Things that were overlooked in the frenzy of the past two years have now become relevant. If you have an unusual floor plan or need to demonstrate how a home lives, staging is vital. The good properties are still selling immediately. Yolanda, for instance, was the best house in its class when it hit the market. However, it still needed to be staged. It’s a big house, and staging allowed buyers to see it as a home. George Bass Stage & Design knocked it out of the park. Over 30 percent of the homes pending or sold by the Perry-Miller Streiff Group in 2022 have occurred off-market because of their depth of networking.
How do buyers and sellers keep up with all this ever-changing information?
Charles Gregory: Choose an experienced real estate agent/team. At the Perry-Miller Streiff Group, we have a unique business model that gives our clients an advantage in this challenging market.
What’s different about your approach?
RS: We believe it takes a collaborative team effort to achieve successful results. We meet weekly, and we look out for each other. We have nine of the most experienced and highly trained agents that can answer questions on the fly and are not afraid to tell clients the truth. You need an advisor, someone with a backbone who can tell you what you need to do to reach a successful sale or get the home you really want.
What about Realtor networking groups is essential to your clients?
RS: You can promote your listing to top agents across the top brokerages. You have less information to make decisions within one silo. The agents on our team make up nearly all of the significant networking groups, and I am one of the 30 founding members of REALM. The idea of REALM was to network with the best global agents regardless of brand. We talk about trends, track key markets and refer business.
What else does the Perry-Miller Streiff Group consider essential in real estate today?
Jason Bates: In this shifting market, now more so than ever, buyers and sellers need the advice of experienced agents that have lived through market fluctuations. Sellers need to have their properties properly marketed. Ask your agent to show you their marketing plan, including media placement. When other agents pull back on advertising as the market tightens, we push forward.
What is the outlook for our real estate market now?
Lance Hancock: With the inventory of available homes increasing and prices appreciation slowing or leveling off, we are seeing a return to a more normal market cycle. And one that’s quite favorable to buyers who have been waiting to find the right home.
Wise words from a unique group of excellent, experienced professionals!
The Perry-Miller Streiff Group is a truly unique group of real estate experts. Give Dave Perry-Miller, Ryan Streiff, Laura Michelle, Karen Fry, Jamie Kohlmann, Jason Bates, Courtney Jubinsky, Lance Hancock, or Charles Gregory a call to find out the answers to all of your questions..
