Latest / Cyrus Webb's tracks / Mary Lee Blaylock of Coldwell Banker Affiliates shares housing market tips

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Mary Lee Blaylock of Coldwell Banker Affiliates shares housing market tips · Cyrus Webb's tracks

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  Speaker 1: Hello, everyone, and welcome back to Conversations Live. I'm your host,
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  Speaker 1: Cyrus Webb. Glad you all could join us once again
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  Speaker 1: for a radio audience tuning in at WYED 94.1 FM
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  Speaker 1: and WYEDonline.com. We're glad that you all can be with us. Also,
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  Speaker 1: join us online worldwide via our podcast at iHeartRadio and
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  Speaker 1: Amazon Music, as well as through Conversations Radio Network. We're
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  Speaker 1: glad you all could be with us as well. Whether
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  Speaker 1: you're looking to buy your first home or thinking about selling,
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  Speaker 1: the housing market looks a little different than years past.
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  Speaker 1: Here to explain what buyers and sellers need to know
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  Speaker 1: is is Marilee Blalock. She's the president of Cowell Banker Affiliates. Marilee,
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  Speaker 1: thank you again for stopping by. I really appreciate the
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  Speaker 1: time today.
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  Speaker 2: It is absolutely my pleasure to be here. Thanks for
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  Speaker 2: having me.
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  Speaker 1: Well, we're seeing definitely a lot of changes here in Mississippi.
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  Speaker 1: And for our audience, I know that's joining us on
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  Speaker 1: the radio side in Atlanta as well. Marilee, they're noticing
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  Speaker 1: it as well. What trends are you seeing in the
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  Speaker 1: housing market as we interfall?
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  Speaker 2: Yeah, I would frame it like this.
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  Speaker 3: If we kind of look back in time to the spring,
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  Speaker 3: we fully anticipated that we would have kind of a
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  Speaker 3: typical market per se, like interest rates were going to
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  Speaker 3: go down. Well, that's not exactly what happened. So in
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  Speaker 3: the springtime, we had many sellers who were enjoying that
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  Speaker 3: low interest rate from 2% to 5%, and the lock-in
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  Speaker 3: effect was lightening up. They were going to be willing
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  Speaker 3: to let some of that go, get their homes on
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  Speaker 3: the market. Then interest rates ticked up, and that movement
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  Speaker 3: didn't necessarily happen. And what happened instead is that there
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  Speaker 3: was this more increase in some areas of inventory, less
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  Speaker 3: increase of inventory in other areas, and a hodgepodge of.
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  Speaker 2: Things, of everything in between. So what we ultimately saw.
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  Speaker 3: Is that this has become a very, very hyper-local market
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  Speaker 3: where whereby understanding what is occurring in your market, not
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  Speaker 3: just buying into what we're hearing in the headlines, is
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  Speaker 3: more critical than ever to understand what you need to
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  Speaker 3: do as a seller in your local market or as
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  Speaker 3: a buyer in your specific local market down to the
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  Speaker 3: street level.
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  Speaker 1: I totally agree with that, Marilee, and I'm saying it myself.
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  Speaker 1: I have friends of mine that are realtors, and they're
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  Speaker 1: seeing a lot of people, especially here in Mississippi where
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  Speaker 1: I'm on the radio side, you know, that are still
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  Speaker 1: being able to not only to buy homes, but also
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  Speaker 1: are finding places for their homes for the market as well.
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  Speaker 1: So beyond mortgage rates, what's shaping people's decision to buy
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  Speaker 1: or sell a home this year?
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  Speaker 3: Yeah, of course, it's life events, right? So every life
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  Speaker 3: event happens, whether the mortgage rates are high or low
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  Speaker 3: or whether the calendar says it's the right time of
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  Speaker 3: year to buy or sell. Life events like having a
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  Speaker 3: family unexpectedly grow. If you're pregnant, maybe you're having twins
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  Speaker 3: or triplets and you didn't expect that. Or maybe you're
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  Speaker 3: downsizing or there's some other life.
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  Speaker 2: Event that has occurred.
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  Speaker 3: That is always the driver of the most movement for
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  Speaker 3: homes in and off market, if you will.
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  Speaker 2: But it also happens year-round.
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  Speaker 1: And I think, too, that's why, as you mentioned earlier,
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  Speaker 1: being able to think local is so important and kind
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  Speaker 1: of be aware of what's happening exactly where you are,
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  Speaker 1: especially with your own changes in your own life, too. So, Marilee,
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  Speaker 1: for myself, and let's say I am a buyer, what
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  Speaker 1: should I be doing right now to put myself in
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  Speaker 1: the best position?
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  Speaker 2: Yeah, absolutely.
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  Speaker 3: Well, fully understanding the financial impact to you individually is critical.
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  Speaker 3: So understand what mortgage payment you become comfortable with and
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  Speaker 3: then back into the price of the home that.
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  Speaker 2: That mortgage payment matches.
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  Speaker 3: Mortgage rates are a little bit higher. You have to
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  Speaker 3: talk with an educated agent, number one, to give you
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  Speaker 3: that local information on the real estate market.
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  Speaker 2: But in addition to that, get yourself pre-approved with a
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  Speaker 2: loan officer to so.
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  Speaker 3: That you understand what mortgage payment you can have and
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  Speaker 3: what will impact your life the best.
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  Speaker 2: But right now, in the fall, is actually a great.
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  Speaker 3: Time because there's somewhat less competition with other buyers out there.
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  Speaker 3: So if you have the ability and you have everything
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  Speaker 3: all set to go as a buyer, I would encourage
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  Speaker 3: you to get in the market and see what comes
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  Speaker 3: of it.
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  Speaker 2: Yeah.
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  Speaker 1: And if our audience, if they're thinking about selling them early,
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  Speaker 1: what can they do to be able to prepare for
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  Speaker 1: successful sales?
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  Speaker 2: Yes, such a critical thing.
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  Speaker 3: Right now is when every seller should be preparing for
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  Speaker 3: the spring market.
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  Speaker 2: It may seem early, but.
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  Speaker 3: It's not because it takes significantly longer than what people
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  Speaker 3: expect to prepare.
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  Speaker 2: Your home to get on the market.
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  Speaker 3: And as a result of that, some people are kind
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  Speaker 3: of falling behind and they think that they're going to
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  Speaker 3: put the home on the market in February or March.
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  Speaker 2: But they aren't able to get it done until June.
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  Speaker 3: And then there's a little bit more saturation in the
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  Speaker 3: market for inventory.
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  Speaker 2: So get ahead of it. Start now. Talk with your
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  Speaker 2: real estate agent.
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  Speaker 3: Prepare now for what you want to do to get
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  Speaker 3: your home in pristine and diamond condition in the spring.
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  Speaker 1: Such great information. And one of the big takeaways for me,
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  Speaker 1: Mary Lee, in this conversation is the importance of being
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  Speaker 1: aware of what's happening locally where you are. Don't let
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  Speaker 1: the noise of What you may hear on the news
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  Speaker 1: would be the driving force for you, but definitely being
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  Speaker 1: aware is so important. Again, everyone, we've been speaking today
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  Speaker 1: with Marilee Blalock, the president of Cowell Banker Affiliates, talking
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  Speaker 1: with you guys about what you need to know about
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  Speaker 1: buying or selling in the current market. Marilee, I really
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  Speaker 1: appreciate this time today. Where can our audience go for
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  Speaker 1: more information?
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  Speaker 2: Absolutely. My pleasure to be here.
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  Speaker 3: Our audience and every audience can go to CaldwellBanker.com for
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  Speaker 3: more information to connect with a local real estate agent
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  Speaker 3: in your area, as well as look at inventory in
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  Speaker 3: the market as well.
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  Speaker 1: And we'll make sure to link that up as well. Marilee,
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  Speaker 1: thank you again for stopping by. I really appreciate the
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  Speaker 1: time and looking forward to our next chat together.
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  Speaker 2: My pleasure to be here. Thanks so much.
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  Speaker 1: Made more than welcoming. We appreciate you. And we thank
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  Speaker 1: your audience for tuning in to another great segment of
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  Speaker 1: Conversations Live. Again, part of a music and youth segment
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  Speaker 1: here at WYAD. Until next time, I'm your host, Cyrus Webster.
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  Speaker 1: As always, enjoy your day, enjoy your life, enjoy your world.
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  Speaker 1: Thank you for being with us here at Conversations Live.
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  Speaker 1: Let us go make today amazing. Take care.