The Perry-Miller Streiff Group talks about the new housing market

The Perry-Miller Streiff Group

We got used to a crazy real estate situation. For two years, it was almost like 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 home, let alone go on vacation, real estate is the only thing you can do. You can buy, sell, trade or downsize. That’s what apparently everyone did. Thankfully, the pandemic subsided and we returned to an almost normal market.

However, things have changed, so it is 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 that the real estate sky was not falling.

Perry-Miller Streiff Group
5233 Yolande

Ryan, what has driven our market to such dizzying heights? Was it just the pandemic?

Ryan Streiff: It was a perfect storm. The sheer number of people moving to Dallas during the pandemic has taken the market to a place we haven’t known in the past. And then you had Dallas residents looking to improve their spaces working from home. Everyone was a NOW buyer because they wanted to start profiting now and were worried about losing based on demand. Dallas has been undervalued for some time, so these impacts have accelerated housing values ​​to record highs for our city.

Perry-Miller Streiff Group
9423 Alva Cost

Is the party still taking place somewhere in town?

RS: The Park Cities are the last place to slow down but the first to recover. It’s the blue-chip of blue-chip neighborhoods and the real estate barometer. Impacts felt at the macro level are coming, but these are often still multiple offers due to scarcity of inventory and pent-up demand.

Should we be worried about this return to normal?

RS: No. Every time the value increases this quickly, there must be minor corrections.

What should buyers know now?

Courtney Jubinsky: The current market is always difficult for buyers. Inventories increased slightly over the summer but still did not catch up with demand. The frenzy has died down, but we are still seeing multiple offers of move-in ready homes at competitive prices in desirable nearby neighborhoods. Having an agent deeply connected to the neighborhood and community of your choice with knowledge of in-market and out-of-market sales is essential to presenting a competitive offer and successful negotiation.

1047 Lennox Lane

Jamie Kohlman: Houses are still moving quickly. Buyers should therefore be prepared. Prior approval is essential, even if you are not competing. Get in with a lender who says they can close you in 20 days. Order your tax transcripts and have a short funding opportunity.

What should sellers know right now?

Laura Michelle: With a general shortage of inventory in the housing market, now is the time to sell your home. There is always an active influx of local and out-of-state buyers. And with interest rates on the rise, it may be better to sell sooner rather than later – if rates climb much higher, some potential buyers could pull out of the market.

Karen Fry: Sellers should know that the best comps for their property might be in the co title now instead of the comps being sold and take every exposure, comment and offer seriously. The market has changed and the conversations right now are even different than in June, so communication and collaboration are crucial. The terms of the offer will also be different, as buyers are not in as many multiple offer situations.

What about the presentation?

Perry-Miller Streiff Group
5233 Yolanda staged by George Bass Stage & Design.

Laura Michelle: Sellers should definitely 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 show how a home lives, staging is key. Good properties still sell immediately. Yolanda, for example, was the best house in its category when it hit the market. However, it still had to be staged. It’s a big house and the staging allowed buyers to see it as a home. George Bass Stage & Design knocked it out of the park. More than 30% of homes pending or sold by the Perry-Miller Streiff Group in 2022 occurred off-market due to the depth of their network.

How do buyers and sellers keep up with all this ever-changing information?

George Bass Scenography and design
More than 30% of homes pending or sold by the Perry-Miller Streiff Group in 2022 occurred off-market due to the depth of their network. Photo published with the kind authorization of Patrick Florès.

Charles Gregory: Choose an experienced real estate agent/team. Within the Perry-Miller Streiff Group, we have a unique business model that gives our customers an edge in this challenging market.

How is your approach different?

RS: We believe it takes a collaborative team effort to achieve successful results. We meet every week and take care of each other. We have nine of the most experienced and highly trained agents who can answer questions on the fly and aren’t afraid to tell customers the truth. You need an advisor, someone with a backbone who can tell you what you need to do to close a successful sale or get the home you really want.

What about essential realtor networking groups for your clients?

George Bass Scenography and design
Photo courtesy of Patrick Florès

RS: You can promote your listing to top agents from top brokerages. You have less information to make decisions within a silo. Agents on our team make up nearly all of the major networking groups, and I am one of REALM’s 30 founding members. The idea of ​​REALM was to network with the best global agents, whatever the brand. We talk about trends, follow key markets and refer business.

What else does the Perry-Miller Streiff Group consider essential in real estate today?

Perry-Miller Streiff Group

Jason Bates: In this changing market, more than ever, buyers and sellers need the advice of experienced agents who have experienced the fluctuations of the market. Sellers need to properly market their properties. Ask your agent to show you their marketing plan, including media placement. When other agents pull back from advertising as the market tightens, we move forward.

What is the outlook for our real estate market today?

Perry-Mille Streif Group

Lance Hancock: With the inventory of available homes increasing and price appreciation slowing or stabilizing, we are seeing a return to a more normal market cycle. And one that is 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. Call Dave Perry-Miller, Ryan Streiff, Laura Michelle, Karen Fry, Jamie Kohlmann, Jason Bates, Courtney Jubinsky, Lance Hancock or Charles Gregory to find the answers to all your questions..

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