Nick Churton, Chairman & Managing Director of our London affiliate office at Mayfair International Realty, looks at what it takes to make things happen in the real estate market this New Year, because for many, wishing may no longer be enough.
On the first day of January last year, Ukrainian hadn’t been invaded by Russia, protesters hadn’t assailed The Capitol in Washington DC, and we were barely out from Covid restrictions. Nor had US interest rates reached a 16-year high, and the real estate market only showed tentative signs of cooling.
It is difficult to imagine now how the real estate sector could not have been greatly affected by all that has happened at home and abroad during 2022.
Despite all the political and economic turmoil, real estate is still active, and, if anything, the market has reached, what many imagine, a more normal level of activity. It’s just that most activity is down to the doers and not the wait-and-seers.
There are two ways to sell real estate. The first is to let it happen. That has been fine over the past few years when all many had to do was to open the door to lots of open-house viewers and then bask in the flood of ever-mounting cash offers that ensued.
The second way to sell real estate is to make it happen. Now that the market has, in many areas, turned in favor of buyers, sellers can’t sit back; they have to take the initiative. So, added to location, location, and location as three important buying features, we must add price, price, price and condition, condition, condition.
Just as the recent seasonal festivities wouldn’t happen without people taking control and putting up decorations and cooking special meals, a home won’t sell without some effort from sellers to prepare it for the market. If that means setting a competitive asking price and keeping a welcoming exterior and neat and spotless interior, then so be it.
Good real estate brokers and agents are doers by nature, training and experience. But they can’t do it alone; they need their seller’s support and agreement. This teamwork is essential to get things done. So, to make things happen for the best in the 2023 real estate market, don’t be a wisher; be a doer.
We wish all our clients and friends a positive, healthy, and happy New Year.