← Estate of Mind — The Art of Selling Luxury Real Estate
Estate of Mind — The Art of Selling Luxury Real Estate
The Realities of Working in a Balanced Market
00:34:48
This week Tami and Jack provide a comprehensive overview of the luxury real estate market, highlighting the transition from a seller's market to a more balanced or buyer-oriented market. They emphasize the need for agents to grasp the nuances of local market conditions, particularly in terms of hyper-local information, price bands, and neighborhood dynamics. Jack shares insights from Nashville's luxury market, where despite ample inventory and sales, the market remains balanced, neither strongly favoring buyers nor sellers. They discuss evolving buyer preferences towards experience-based properties and lifestyle amenities, both inside and outside the home. Join us as we discuss the importance of adapting to market shifts and effectively managing buyer and seller expectations in navigating the luxury real estate landscape.
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- [00:01]
Tammy Sims
Welcome to A State of Mind, a podcast series all about motivating, inspiring and educating you in the art of selling luxury real estate. The podcast is brought to you by the Institute for Luxury Home Marketing. I'm Tammy Sims, the lead trainer for the Institute and a full time real estate professional in St. Petersburg, Florida for more than 20 years. In this episode, we're going to explore the realities of working in a balanced market or even, even a buyer's market. Now, today's podcast is brought to you in part by Real Marketing, the only marketing firm recommended exclusively by the Institute. Real marketing utilizes over 25 years of expertise and their products are built and customized for you to dominate any neighborhood anywhere. Go to realmarketing4you.com that's real marketing. The number4you.com also look for past as state of mind episodes with CEO David Collins as our guest. I'm here again today with my co host, Jack Miller, who is with Parks Real Estate in the greater Nashville market in middle Tennessee. Jack has specialized in luxury homes and relocation services for two and a half decades. Jack, it's great to be with you again.
- [01:17]
Jack Miller
You too, Tammy. When you say decades, that sounds so much longer.
- [01:22]
Tammy Sims
Oh, well, it used to be that that actually was kind of like a good thing. Right. We've got decades in the industry, but then as we get there, Right. That makes us feel a little old. But in any event, it just means that we have seen a lot in the industry. So.
- [01:39]
Jack Miller
Absolutely. Yeah.
- [01:41]
Tammy Sims
So, Jack, in January we had Deborah Wirth with us Talking about the 2023 luxury real estate market in review. And while the major media messaging is that the market has softened, that homes are taking longer to sell and prices are dropping, the Institute's luxury market report clearly shows that some parts of the country are not experiencing the same thing. So last month we heard from Jim Wahlberg in the San Francisco East Bay area about what it's like in his market that is absolutely still red hot and definitely a seller's market. So today we want to talk about the other side of the coin, Right? What's it like to be working right now in a balanced market or a buyer's market? And so, Jack, according to the luxury market report, your Nashville area is in a balanced condition and has been for a little while. So I'm curious to know, what does that feel like, particularly versus what we were experiencing not too very long ago.
- [02:45]
Jack Miller
No, you're right. We are in a balanced market currently. If you look at luxury inventory in the greater Nashville area, and I would say you look at listings from $2 million and up and sales $2 million and up. There's a lot of sales and there's a lot of inventory. And we've got currently about six months, six to seven months worth of inventory. And as most of our listeners know, you know, a balanced market is typically defined as having about six months of inventory in any given market. And that would suggest that it neither favors the seller nor the buyer. So in our case, you know, it's pretty much balanced. If anything, it might favor the buyer a little more. Nothing dramatic and you can see it and you can feel it. It's interesting when you ask, how does that feel? Having come off of a red hot market that pretty much everybody was experiencing for a period of time? This is really a comfort zone. As a professional, it's a comfort zone because most of my career this is what we've had to deal with. We've been in a somewhat balanced market. We've had spikes in both directions. Obviously when you look at 2008, the crash which, which hit the luxury market the hardest and the fastest, at least for us it did and it lasted a really long time. And you contrast that with what we had in 21 and 22, which was that crazy on fire market that perhaps some people are still enjoying. But we had it for about a year and a half, you know, 21 and half of 22 here. I'll be honest with you, getting used to that market, 21 and 22 was a much bigger learning curve for me and for most of my colleagues than what we have today. So this, actually, I'm not suggesting this is better or worse, but it's much more of a comfortable space because it's what I've worked in personally most of my career. The type of market we have currently. The one caveat I would say is that prior to 21 and 22, even as a balanced market, it was not unusual to take a three or four or five million dollar listing during that time period and you'd be talking to a seller in terms of marketing time, there might be a discussion of would it be a couple of years to get it sold? As to a matter of months or weeks to get it sold, that's the biggest difference for us today versus say you know, five or ten years ago. We've got a lot more wealth coming into our market and there's a lot more those really luxury listings available. And they, although it's still a balanced market, we're comparing it to, we have a lot more buyers with that type of wealth. So the, you know, the selling cycle is much shorter.
- [05:32]
Tammy Sims
Yeah. You know, when you talk about it being kind of a comfort zone, I have some clients under contract to purchase a property that's 1.975 million, which in my market, that is. That. That's really good. And we had the luxury of seeing the property four times before they committed to making an offer on it.
- [05:55]
Jack Miller
Right.
- [05:56]
Tammy Sims
Daytime, nighttime. Let me tell you, I brought the champagne for the nighttime showing. Right. But was something that we hadn't seen in a long time. And I think that's something that makes buyers feel as though they can make an informed decision as opposed to being pressured to act on something, but also something that the sellers need to be aware of, that there's that give and take in both ways. But if it didn't suit them, they wouldn't have made the offer.
- [06:27]
Jack Miller
Well, when I talked earlier about comfort zone, that's what I'm referring to. You know, in 2021 and 20, the first half of 2022, that made me really uncomfortable that I had. I really had to advise my buyer clients that when they would see a property, would absolutely love. And it was first day on market and it could be a two or three million dollars home. And I would say, hey, if you really want to, if this is the home for you, you've got to act right now. If you wait a week till you come back, it won't be here. And it wouldn't. And that was really frustrating. And the amount of inventory had in that time period was equally frustrating because we'd have people coming in town, they'd say, we're here for. To spend the week looking at properties in the 2 to 3 million dollars range. And I would say, great, I'll show you the first three and the only three on Monday. What do you want to do for Tuesday through Sunday? Yes. Yeah, that's really what it was. And I'm sure you saw the same thing. So there is a comfort level as a buyer broker being able to provide a longer due diligence period before contract to give your clients time to get used to particular neighborhoods and to experience them. Like you said, daytime, nighttime, during rush hour, traffic drive and not. Or whatever the parameters might be, you actually get to spend more time getting your head around the purchase as opposed to, you know, running with your hair on fire, trying to get the house and then doing your, you know, thinking afterward.
- [07:52]
Tammy Sims
You know, another. Another thing that we have to deal with is managing expectations that spin off of the major media messaging. So everybody's hearing that prices are falling and there's more inventory. I have buyers that are coming from out of town and I just was doing this before we got on to record. So they want to buy a secondary property and they said, you know, we really just want to spend maybe $750,000 for something in a pretty wide geographic area. And so I looked up what we had to show them and there are three and none of them are appealing. And so while there's this messaging that prices are softening and all of that, we had such an appreciation of pricing that where we're starting from is different. And the inventory that we have, that greater inventory is often not new inventory. It's inventory that was introduced at the wrong price or in poor condition and isn't available. So I'm curious, how are you managing seller and buyer expectations? Are they truly aware of what is happening versus assuming that the market has shifted all the way in the other direction?
- [09:21]
Jack Miller
Yeah, well, we definitely talk about that quite a bit during our listing presentation initially. And then it's an ongoing conversation just to remind our sellers, you know, how long, you know, typical days on market might be so they know how they fit in with the rest of the listings and the competition in the marketplace. It's interesting because when you say, for example, that there's a six month supply of inventory, that doesn't mean, as you well know, that it's going to take six months to absorb. It doesn't mean that each of those listings will take six months to sell. Some listings still sell on day one or week one. Listings still sell with multiple offers even in what we consider here a balanced market. Some do. But that statistic when we say that suggests that it would take approximately six months to absorb all the current inventory. And you're right. It's very interesting when you look at the numbers for Nashville in particular. And I, when I look at Davidson county, which is natural proper, and Williamson county, which is Brentwood and Franklin primarily is the anchor cities of Williamson County. Those two counties have the lion's share of luxury homes in our marketplace. And when you look at average days on market for both counties of homes that have sold, it's about, you know, 40 days to 50 days. So less than, less than two months. You know, those homes that have sold over the last six months, six months on average, have sold in that time period. However, if you look at inventory currently in our market in both those counties, it's 70 and 117 days right now and they're not sold. So when it talk when you talk about pricing, it's very interesting. Prices really aren't coming down. What, at least what we're seeing is you have some sellers that entered the marketplace with, as we discussed before, aspirational pricing, where they base their list price and agents engage with them in listing a property well above what the market would bear based on expectations, probably 421 and 22. And then they had that reality check where the house is not selling, not selling, not selling. And then when it does sell, yeah, the prices did come down on those listings. It's not saying the market as a whole, prices are coming down.
- [11:42]
Tammy Sims
Correct.
- [11:42]
Jack Miller
Saying we have some sellers that needed to have an adjustment because they went in with unrealistic pricing expectations. So that's what we're really seeing in our market, that the prices aren't coming down. Things listed at market value are selling relatively quickly.
- [11:55]
Tammy Sims
Yes.
- [11:55]
Jack Miller
And prices are going up.
- [11:58]
Tammy Sims
And I know that one of the things that I'm taking a closer look at and trying to educate my clients on is you can look at what's out there, and what's out there there that hasn't sold is 60, 75, in some cases, more days on the market. But if you look at what's under contract, you will see that the lion's share of those went under contract in a couple of days. A week. A couple of weeks, because they were priced appropriately, positioned appropriately, and presented appropriately. Right. Great location, good price, good condition. And so that, to me, is a telltale sign of what the current buyer is looking for. And so I have one seller that I'm struggling with a little bit now, because as we sat and visited just yesterday, she said, look, all these other homes are priced just where I am. And I said, all those other homes aren't selling, and here's the ones that are. And, you know, I had to agree to wait two weeks before she'll consider it again. But. But those are the types of things in terms of setting expectations and communication with our. With our clients that, that. That are super important in a market that shifts.
- [13:14]
Jack Miller
You know, one of the things, Tammy, that we do fairly routinely, because the firm that I work with is so large, I think we have about 1700 agents working in the greater Nashville area, is that we have, like, a lot of firms do, we have a private social media page that all of our agents and brokers can participate in. And. And we'll do a soft launch on the property. And so we'll put listings on that broker page and we'll say, hey, hey, guys, you're welcome to come show this property during this pre market period. And we do that for two reasons. One, of course we might sell it and that'd be terrific to do the, you know, for that to happen. But we also tell our sellers, you know, we really want to have the benefit of having all the brokerages, all the agents and buyers having eyes on your property because that has the most amount of competition. But what that soft launch does for my sellers in particular, in particular is that if we put it on our, on our page with 1700 agents, full time agents at the largest firm in the state of Tennessee and we put their listing on there and put some beautiful photographs and some basic talking points on the property and we give it our best pitch. And a week and a half, two weeks goes by and we have crickets. We know we've missed the mark in the marketplace. And so I find that particularly valuable as a broker when I've got a seller who is convinced their house is not like the other ones I've shown them it's going to sell quickly. Jack, I realize you've done this 25 years, but you don't realize how special our house is. You know, it's going to command that price. And I tell them, terrific, I'm on board, let's try, let's see what happens. But if we go a week and a half, two weeks and we hear crickets on our from those 1700 agents, that's the market, a good size random sample saying to you we've missed. So let's have that conversation again. Perhaps the number that I'm suggesting is probably the more realistic market range.
- [15:09]
Tammy Sims
You know, that's kind of like when a new restaurant opens. Right. They have their friends and family.
- [15:14]
Jack Miller
Yeah, right.
- [15:14]
Tammy Sims
And part of the whole exercise is not only to get the buzz going on but also to identify if they've got some shortcomings before they launch to the public. So that, that's a really interesting, interesting thing.
- [15:27]
Jack Miller
Interesting analogy. Yeah, I like it.
- [15:29]
Tammy Sims
Yeah. Yeah. So now we know that there are pros and cons of working in any market conditions. Right. And so most folks tell tend to dwell on the negatives of whatever their market condition is. Right. Oh, woe is me. So I want you to share your thoughts. And of course we talked about, we've talked about some of the advantages, being able to see a property multiple times before you make a decision, being able to do a soft launch. I want to just kind of dig into the advantages and disadvantages of being in a balanced market in particular.
- [16:05]
Jack Miller
Well, There's a lot of advantages, I mean, from the consumer side, the buyer side, I should say. And you keep in mind, within our market, we have an inordinate amount of out of towners who are becoming buyers in the Nashville area, a lot of folks coming from the coastal cities on the west coast, from northern Southern California, Seattle, all over the coast, Chicago, New York, much larger markets coming to Tennessee. And we're welcoming them, we're glad they're here, but they don't really have a good understanding of the market. So as you said earlier, one, they do have a longer time period to kind of study areas and study neighborhoods and even study particular listings in often cases before making an offer. But also it gives them the flexibility to do a very detailed home inspection or multiple types of inspections that for example, in 2021, 2022, they either had to condense that time period, eliminate certain inspections, or eliminate inspection contingency altogether. Yeah, we had a lot of, lot of properties where if you put an inspection contingency just simply couldn't play the game, you'd lose automatically. That's really scary, particularly when you got, when you have buyers coming to a market with different types of conditions. Topographical conditions.
- [17:31]
Tammy Sims
Yeah, we've talked about that before. Differences in inspections.
- [17:35]
Jack Miller
Absolutely. So somebody who's just living on the side of a hill in California might like to live on the side of a hill in Nashville. But there's some different conditions to the soils they need to be aware of. And if you bypass all those inspections, you may have just bought something that you weren't expecting to buy. So it made me really nervous, honestly. Back to that original question about, you know, how does it make you feel? I'm much more comfortable in an environment, you know, of course, as a, as a listing broker, we love to have listings you put on. They sell quickly and everybody's happy and that's terrific. But at the end of the day, is it really the best course of action for all the parties? I'm not sure it's the best course of action for the buyers who really need more time to study and get accustomed to the property before taking that action.
- [18:15]
Tammy Sims
Yeah, you know what, what does come to mind? I have a, I have a 1.5-ish million dollar listing that sold within a week, essentially. And that happens to be in a neighborhood that people are waiting for. Right. So it goes back to. The whole inventory is up. Well, yeah, not everywhere. And so there's still less inventory than we're used to in, in an ordinary market. And so there are still people who are waiting for product to become available and who are prepared to move quickly. And so that is still happening. As you said, there's still some things that are moving very quickly and buyers still need to be prepared for. If there's a shortage of the kind of thing that they're looking for, it flies against what they're hearing in the news. And they, they need to be prepared. So I guess it's just one of those things that we have to. We have to educate our, our clients on all sorts of what ifs. Right. I love it. So I'm gonna, I'm gonna show my magic eight ball here, right. I use this for a prop in the training. Those of you that might, might remember this. Right. And so is there gonna, Are there gonna be 10 new listings coming up in the neighborhood that I want to live in? I don't know. Let's ask the Magic 8 ball.
- [19:35]
Jack Miller
Right.
- [19:37]
Tammy Sims
Odds are good, right? Or direction. But. But there's still so many different anomalies, even within a quote, unquote, balanced market or.
- [19:47]
Jack Miller
Yeah, when I look at stats. Yeah, sorry, when I was looking at stats for our conversation today about what's been selling, you know, for, for me and my business partner, Roberts. We sell enough inventory across a large enough geographical area because we work with lots of relocating buyers, so we cover a larger geographical area than some agents do. We have a pretty good random sample within our own, Our own business, our own little business here, so we can tell, you know, what's going on. But when we looked at the statistics for sales over the last six months, it's very interesting because you see a lot of zeros for days on market, but a lot of zeros are for new construction. And that doesn't really help. It doesn't really help in the equation. You can't tell whether it was at the time of the footings report or whether it was launched as a fully finished listing. So we can ignore those, but there's a lot of listings that will resale properties that sold in one day, two day, three days, a lot of those. And these were homes that were 2, 3, 4 and $5 million selling in one day or two days. So, yeah, so we, again, we have to really educate the buyer, you know, as to what that looks like. And we have to educate the seller because that seller who puts their home in the market, who might be looking at statistics of their own, saying, well, you know, it's going to take. We've got six months of inventory, so we're going to prepare for our move, we're going, once we get an offer, thinking it's going to take a couple of months. And then on day two, they've got a list price. If they haven't planned for that, that's problematic. Yeah, you know, and I've seen sellers, you get that, you know, the deer in the headlights look.
- [21:16]
Tammy Sims
Deer in the headlights.
- [21:17]
Jack Miller
Oh my gosh, what are we going to do? So these, again, these are conversations that you have to have. They're different conversations for different markets. And I don't mean necessarily across the country. That's true also. But they're different conversations within the same market depending on the time of market that it is. And the micro markets, because there are hot neighborhoods in a balanced market, like you said earlier.
- [21:40]
Tammy Sims
Yep, yep, yep. Exactly, exactly. So now that I reference the Magic 8 Ball, let's talk about crystal balls. Right, So I am curious whether you have any sense that your market is going to continue like this or do you see any signs of shifting? Right. Everybody keeps talking about hidden inventory and that sort of thing, seasonality, that, that, that sort of thing. Do you get any sense? And again, you can use your own client sample, your own business model sample. What do you think?
- [22:17]
Jack Miller
Well, I'll tell you, this is a very unscientific approach. So, yes, it's my crystal ball, if you will. But it's very interesting because, you know, a few months ago, Robert, again, my business partner and I were, we're crying the blues, if you will, because we had one of the worst quarters we had last quarter of last year. We had a great year last year. It was off a little bit, but by pretty much anybody's standards, it was a terrific year. We just had a really bad last quarter. And it makes you nervous because you think, oh my goodness, are we setting the stage for what's to come? Well, we have just had what may be our strongest quarter in our 25 year history, this quarter. And I'm like, wow. And then that makes you nervous too because you think, wait a minute, is this an anomaly? Are we just on fire and, and we haven't been paying attention maybe because that happens sometimes. Sometimes your own business does terrific in a slow market or you have a market, it's terrific. Everybody's talking about how wonderful it is, but your business is not. So yeah, generally speaking, we do enough business that we have a pretty good random sample within our own clientele. But I went back and talked just today before our podcast started. I was talking to the office manager and she commented on how strong of A quarter we had. And, and, or it's not even quite finished, but. And I said, yeah, it's been wonderful. I said, just out of curiosity, what are you seeing in the numbers company wide? Because again, with such a large company, our company is a, has a very large sampling of our marketplace.
- [23:38]
Tammy Sims
Yeah.
- [23:38]
Jack Miller
And she said, everything I'm seeing and hearing looks really good across the board. So it's not just a seasonality type of thing. It feels like the wave is definitely picking up. So we, although we're in a, currently in a balanced market, we can definitely feel the, the move in the luxury home market. The really higher end is starting to move at a quicker pace.
- [23:58]
Tammy Sims
Yeah. And it makes me think I, I remember taking a year ago, taking a listing, it was fantastic. And I begged them to give me enough time to build the marketing materials before it sold in six hours, you know, right. That, that, that, that whole thing. And I remember the seller asking me, you know, how many other listings do you have that you're going to be managing while, you know, while attention. And I said, well, you'll be, you'll be our only listing at this moment. Because there was that period of time where you take one, sell it, take one, sell it.
- [24:29]
Jack Miller
Right, right.
- [24:29]
Tammy Sims
Yeah, all of that. And, and all of a sudden at our team meeting just this, this past Monday, I was looking at all of, all of what we've got going on and I was like, we have not had this many listings, contracts and active buyers at the same time in a long time. And I'm looking at my calendar thinking, ooh, we used to manage this times like four. Right. Because we're still not back to where we were previously. And when we talk about having to shift buyer and seller expectations, we also have to sit back and think about how we're going to manage the workload that comes on. And so super important to have good backup, good staff, good transaction coordination, all of that.
- [25:17]
Jack Miller
What's critical, because we can't, again, using a restaurant analogy, you can make all the most wonderful plans in the world, but the reality is on a, on a given week or a given quarter, you can have this huge rush of listings or a huge rush of buyers. They don't come evenly in a nice pace throughout the year. You know, you can't say, oh, terrific, will take two listings this month, two listings next month, or what, whatever. You, they just come in waves. And so, yeah, it's very important to have that backup plan in K. That's.
- [25:48]
Tammy Sims
Unless you're, unless you're like a six seat restaurant that can actually manage that, that it takes like eight months to get a reservation at. Because they are going to manage their right, they're going to curate that experience. And honestly, we have a number of those that have opened recently and it's a wonderful experience. But you're right, we, we don't necessarily have that luxury in, in what we do now. Talking about luxury, one last thing that I want to ask is about buyer wants, right? So we talked about there's neighborhoods that are desirable and presentation and all that sort of thing. But there's a sense that buyers are, are seeking what's being called experience based properties in many markets, right, where it's less about the brick and mortar, it's about location, it's about what they can enjoy within the home, that sort of thing. Is that true for your area? Are you seeing any trends or changes in what buyers are, are looking for?
- [26:47]
Jack Miller
Yeah, and I'll give you a two part answer and part B will surprise you. We absolutely have experience based purchase purchases where we have folks who want to live, for example, in a high rise condo downtown because they want to be right in the heat of the Nashville action, music city action. And that's one experience, if you will. They want that type of experience. We have folks who want, as we talked in past podcasts, they want rooftop living, looking at skyline views and that type of, of that type of experience. We have folks that want to be connected to the greenway system. We have greenways which are paved paths throughout neighborhoods and along bodies of water, creeks and rivers where there's no cars, there's nothing with a motor, but you've got bikes and skateboards and people walking and that sort of thing, Rollerblade or whatever. So that's another experience. The biggest one I think we hear on a. There's two experiences that we hear the most common, walkability. People want to be able to walk to things, go places without getting in a car, walk to coffee shops, walk to restaurants, you know, walk to events. And then as we've talked about before, is family compounds. Another experience. People want to be in an environment where you have multiple housing units on one piece of property, one deed piece of property so that family can all live together. So those are experiences people are seeking out. There's another kind of experience. And I know this is not the thought of your question or thought behind your question, but it's another type of experience and that's really avoiding experiences. So we've got a lot of buyers coming into our market, again from larger markets. I Referenced earlier, who are, who are rushing into our market because they want to be away from certain experiences. They want to want to be away from crime. They want to be away from what they perceive to be big city crime. They want to be away from big city taxes, and they want to be around in an environment with what they perceive to be a managed, properly managed tax base for an area. They want to be away from poorly managed homeless populations where they, they want to be in neighborhoods where they feel like they can sit outside and somebody's not going to walk up their driveway and it cost them. So those traffic we get and I, I get. Well, I wish I could brag on our traffic, but it's worse by the day. But yeah, that's another biggie too is they want to be able, you're right, they want to avoid that one hour, hour and a half commute to work and, and be in a situation where, you know, a lot of us are working remotely, which is wonderful, and that's helped our business tremendously here in Nashville. But they might want to be a situation to your point where if they do need to commute into downtown, they can do it. It's not an hour long commute. So there's experiences they want to have and there's experiences they want to avoid and both, I think, have a large play in the, in the purchase ultimately.
- [29:53]
Tammy Sims
So let me drill a little bit deeper on that because you have, you have done a good job of talking about the experiential kind of in the location in particular. What about inside the home? Right, like golf simulators, yoga rooms, you know, home theaters, all, all of that sort of thing. Are you seeing more of a desire for people to want those types of things so that they might never have to leave their house if they didn't want to?
- [30:23]
Jack Miller
Yeah, it's interesting. It seems, it's intuitive to think after Covid that there'd be a huge push toward that. I think those types of features, and again, we have to remember we're talking about luxury real estate. And luxury real estate comes with a lot of these features. Kind of assumed, it's assumed a lot of inventory, you see, will have a wine cellar where you can invite friends over and sit somewhere and have a glass of wine and had that experience like going to a bar, so to speak. It's assumed a lot of these homes will have home theaters and et cetera. You can go on down the line. A lot of the luxury inventory has had a lot of those experiences between the walls, if you will, for years. And I don't think that has changed a whole lot, to be honest. If anything, what I'm seeing in our market is I think a lot of our buyers, particular out of town buyers, are seeing that they can come into our market and have experiences that they can have outside the home. And they don't have to stay within the walls of the confound confines of their compound to safely enjoy things like eating, you know, eating out and dining al fresco and feeling comfortable sitting on the side of the street that, that somebody's not going to reach over the wall, if you will. You know, I mean, that. Sure, that's kind of a graphic display, but that's the kind of things I'm hearing about from buyers.
- [31:48]
Tammy Sims
Interesting. Interesting. Well, we have covered a pretty good bit of ground and I know that we could go even deeper and, and, and we will at another time because everything new is old again and everything old is new again. And so one thing is, is certain is that our markets shift and we have to identify what those shifts are and wade through major media messaging and do the best job that we can of communicating with our clients. And so this is just another shift in that. So, Jack, any parting words for our audience about working in a balanced or buyer's market, particularly if they're just edging into that space from a still seller's market?
- [32:46]
Jack Miller
No, I think it's a great question to part with. Yeah. I think the best piece of advice I would give agents who are just navigating their way into the luxury home market is to really study the statistics because they may be coming from a space where homes in a balanced market still sell really quickly. And what's considered balanced in luxury home market may be an entirely different place. And so the more they have a firm understanding of what that looks like and can present that properly in a listing appointment or a buyer appointment, the better off I think all of us are going to be. You've got to have a good understanding of that. And even within a given market, it varies from within certain price ranges and certain areas within that market.
- [33:28]
Tammy Sims
You bet. You bet. I think my big takeaway from that is you got to pay attention to really hyperlocal information that varies by price band. Right. Averages and information about the real estate market is not going to get us where we need to be. So with that, Jack, I'm going to thank you for sharing time with us again today. It's always a pleasure.
- [33:51]
Jack Miller
Thanks, Dave.
- [33:52]
Tammy Sims
For all of you who are listening, thank you so much for joining us on this episode of Estate of the art of selling luxury real estate. If you're interested in learning more about the Institute, you can find out more@luxury homemarketing.com and if you like what you just heard, please share it with a friend. And don't forget to subscribe, rate and review this podcast. And if you've got a hot topic that you'd like us to discuss in a future podcast, feel free to let us know. Send an email to infoluxuryhome marketing.com thanks so much for listening. SA.