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Is Iran to blame for the high interest rates? · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: It's hard to say when the Middle Eastern stuff's going to get worked out as far as the war goes, but it definitely is having an impact on a lot of different financial obligations people have to pay, including fuel and food and interest rates with mortgages.
• 0:15
  SPEAKER_00: So that's causing buyers to pull back a little bit.
• 0:17
  SPEAKER_00: And they're not pulling back really as for the reason you might think, where it comes down to, well, the interest rates are too high, I don't want to buy right now.
• 0:24
  SPEAKER_00: It's they can't buy right now.
• 0:26
  SPEAKER_00: They've just exceeded their minimum uh purchaseability with regard to interest rates going up.
• 0:33
  SPEAKER_00: Three or four months ago, yeah, they fit.
• 0:35
  SPEAKER_00: They fit with the real estate pricing.
• 0:38
  SPEAKER_00: Now, real estate pricing's changed just a little bit.
• 0:40
  SPEAKER_00: It's decreased, but it depends on the market.
• 0:42
  SPEAKER_00: If you're in Texas or Midwest, it's probably decreasing a lot more than out here on the West Coast in California.
• 0:48
  SPEAKER_00: Out here we're seeing two and three percent price reductions kind of overall as far as properties selling from month to month.
• 0:56
  SPEAKER_00: We're watching that happen.
• 0:58
  SPEAKER_00: So, but those those that impact isn't a lot.
• 1:00
  SPEAKER_00: A lot of still people still want to live in California, believe it or not, even with all the stuff going on.
• 1:04
  SPEAKER_00: And I happen to like it out here.
• 1:06
  SPEAKER_00: So maybe, you know, I could overlook some of the pain points.
• 1:10
  SPEAKER_00: But ultimately, people are now looking at their finances.
• 1:13
  SPEAKER_00: They're looking at what they could qualify for three months ago when maybe they decided to wait for interest rates to come down.
• 1:20
  SPEAKER_00: Now interest rates have gone up quite a bit more.
• 1:23
  SPEAKER_00: Now they're looking at it now, and now they're completely priced out of the market.
• 1:27
  SPEAKER_00: So it's not that they don't want to buy your house, it's now they can no longer afford to buy your house.
• 1:32
  SPEAKER_00: So then the next thing that potentially will happen is sellers will see, well, my house isn't selling, and maybe you're right at that point where those buyers that were once interested or potentially interested, now they can't afford it.
• 1:45
  SPEAKER_00: Now you start doing price reductions.
• 1:47
  SPEAKER_00: Well, that's that's a very delicate situation because ultimately now you're going to be getting less for your house.
• 1:54
  SPEAKER_00: But your house, the sales price of it, how much you're going to sell it for, is going to correspond to the market.
• 2:00
  SPEAKER_00: So then the other question is, well, maybe I should wait.
• 2:03
  SPEAKER_00: Maybe I should wait until next year.
• 2:04
  SPEAKER_00: Everything's unknown.
• 2:06
  SPEAKER_00: What we know right now, what's happening.
• 2:08
  SPEAKER_00: Now, when you are pricing your house, let's say you're setting it up to get listed for sale, instead of trying to go over the market, you want to go right at market value or a little bit below.
• 2:18
  SPEAKER_00: That's going to set your house apart from probably the competition.
• 2:21
  SPEAKER_00: Competition.
• 2:22
  SPEAKER_00: You should check the competition.
• 2:24
  SPEAKER_00: You should find out what homes your home is going to be competing with.
• 2:28
  SPEAKER_00: Now, if you see the for sale signs on your same seat or in your in on your same street or neighborhood, you have it covered.
• 2:35
  SPEAKER_00: But if you don't see those, you want your agent to pull up these lists of properties that are listed for sale and potential notice of default listings as well, because I'm watching those numbers start to creep up a little bit when I do my daily recon.
• 2:47
  SPEAKER_00: Be true to yourself, be safe.
• 2:48
  SPEAKER_00: Sellersonlyagent.com is me.
• 2:50
  SPEAKER_00: I'm Connor.
• 2:51
  SPEAKER_00: We'll see you in the next one.
• 2:52
  SPEAKER_00: And thank you very much for watching.
• 2:54
  SPEAKER_00: Be well.
• 2:55
  SPEAKER_00: We'll see you tomorrow.