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The Importance of Agents Being the Primary Source of Data for Clients
In the dynamic world of real estate, the headlines can often create a buzz, and one question that has been making waves is whether real estate prices are about to drop. To shed light on this matter, we turn to the experts in the field—Mike Ferrante, the powerhouse behind Century 21 HomeStar and the 21 Mike Team, and Tony Geraci, the broker/owner of Century 21 HomeStar.
Mike Ferrante’s Introduction: 
Mike Ferrante kicks off the conversation by introducing himself as part of Century 21 HomeStar and the Team Leader for the 21 Mike Team. The team covers the northern half of Ohio, and they’re on track to complete about 500 transactions this year, solidifying their position as the number one team in the US for Century 21. Mike emphasizes the importance of being the primary source of data for clients and discourages reliance on external platforms like Zillow.
Tony Geraci’s Introduction:
Tony Geraci, broker/owner of Century 21 HomeStar, manages over 500 agents and facilitates more than 2,000 transactions annually. His focus is on training, mentoring, and helping agents achieve success. Tony collaborates with Mike Ferrante in providing valuable insights through their weekly training sessions, recorded podcasts titled “Free Beer and Real Estate,” and YouTube channel. Tony underlines the hyper-local nature of real estate and the significance of interpreting data for clients.
Exploring the Market Noise:
The duo delves into the prevalent market noise and sensationalism perpetuated by news outlets. Tony acknowledges the existence of localized fluctuations and oversupply concerns in specific markets, but he maintains that such issues aren’t currently affecting Ohio. Mike stresses the importance of agents being the primary source of data for clients, considering real estate’s hyper-local nature.
Analyzing National and Local Trends:
Mike presents statistics comparing national median house prices from 2017 to 2023, highlighting the upward trend. However, he emphasizes the importance of recognizing hyper-local variations, especially when interpreting data for clients. Tony concurs, stating that real estate is hyper-local, varying even within different neighborhoods of a city.
Factors Influencing Prices:
The conversation shifts to factors influencing prices, with Tony asserting that prices may decrease slightly in certain areas but remain stable overall. He cautions against short-term investments in real estate, emphasizing the importance of a long-term perspective. Mike adds that external factors like interest rates play a crucial role, citing Barbara Corcoran’s prediction of increased activity if rates decrease.
Utilizing MLS Data for Insight:
Mike demonstrates the power of MLS data by showcasing graphs depicting trends in Northeast Ohio. He emphasizes the significance of agents using this data to keep clients informed about market conditions. The discussion covers median house prices, market time, and the impact of interest rates on buyer activity.
Months of Inventory and List Price:
The duo introduces the concept of months of inventory, explaining its importance in gauging market health. Mike showcases Northeast Ohio’s months of inventory, revealing it to be below two months, indicating a shortage of supply. Despite a slight decline in the number of sales, the days on market remain low, reinforcing the idea of a seller’s market.
Closing Thoughts:
In conclusion, Mike and Tony emphasize the need for agents to be well-informed about local market conditions and to convey this knowledge to their clients. They debunk the myth of an impending market crash, emphasizing the slow-paced nature of real estate changes. Tony encourages agents to focus on their business strategies and adapt to market shifts, emphasizing that individual agents can control their success regardless of market fluctuations.
Mike and Tony share a final consensus that the market won’t experience a significant crash. While acknowledging a seasonal dip in prices, they predict a resurgence in the spring, fueled by persistent inventory challenges. The conversation ends on a positive note, with both experts reinforcing the idea that agents have the power to shape their success irrespective of external market conditions.
For more great Real Estate content:
You can listen to our Podcast FREE BEER AND REAL ESTATE or YouTube for Mike’s weekly classes!!!
https://freebeerandrealestate.buzzsprout.com/
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EMAIL: MIKE@21MIKE.COM
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