23 Mar Ep. 37 A Frustratingly Hot Market

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In this episode, self proclaimed real estate nerds, Realtor Adam Kruse and Realtor Shannon St. Pierre, give a market update. Find out why St. Louis is currently a frustratingly hot market and what agents can do to make their offer stand out.

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Our billboard at 44 and Kingshighway

 

 

 

 

 

 

 

 

 

WHAT’S INSIDE

0:51 Self proclaimed real estate nerds, Adam Kruse and Shannon St. Pierre, give a market update
1:45 Agent Anne Valenza won the Hermann London marketing contest and won $1,000
2:53 Hermann London just got a billboard at Kingshighway and 44
4:16 The Association of Realtors trivia night
4:39 Cooking dinner for The Ronald McDonald House
5:02 There are a lot of people getting their real estate licenses because the market is so hot
5:32 Adam likes his agents to take a personality assessment to help them figure out the best way to market themselves
7:41 Shannon’s husband is using his DiSC personality assessment to update his LinkedIn account
8:19 Adam recommends Tony Robbins’ DiSC assessment
9:22 Is it a frustratingly hot market? It is a seller’s market but is terrible for buyers
10:25 Is it crazy to buy investment properties right now?
10:45 It’s not a crazy deal if the numbers work
11:15 If the numbers don’t work, make an offer that does make the numbers work
11:30 Even if the offer seems lowball, it works 1 out of 15 times for Adam
12:15 Investors should not be afraid to make offers on more than one property
14:00 Shannon gives market statistics. Sales are up 5% but listings are down 11% from January last year.
16:51 The average days on market is 36 days
18:00 Adam remembers years ago that the average days on market was 90 days
18:45 Months of inventory is at 2.9 but what exactly is months of inventory
19:00 Months of inventory is found by taking the total number of active listings on the market and dividing it buy the total number of sales in that same time period
23:00 Buying a house at the end of a lease can be very frustrating. Contact your Realtor 6 months out
25:25 Median home sales are up 4% from the previous year
26:00 Shannon shares her experience with losing out on a listing with multiple offers. There were 17
28:00 What can buyers do to make their offer win? Adam does not recommend removing the inspection contingency
29:00 What does it mean to remove your inspection contingency
31:00 Adam was nervous about potential buyers that were very nit-picky during the open house
31:56 Some buyers are not adding the appraisal rider to the contract. What is the appraisal rider
35:06 Some buyers will remove the financing contingency
37:00 Getting a loan denial letter is now harder than it used to be
40:50 What are escalation clauses
41:50 How can an agent be good at putting the pressure on to get an accepted offer
42:50 There is no reason not to do a backup offer even if the buyer accepted someone else’s offer already
44:33 What is an example of an escalation clause
45:30 How do you know that the listing agent actually had a higher offer and didn’t write a fake offer
49:54 How can the buyer’s agent do a good job presenting the offer and influence the deal
52:00 Buyers and sellers don’t know the reputation of the agents. Does the reputation of the agent matter
54:21 Emal Shannon at Shannon@LivingTowerGrove.com

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