October 2024: Timing the Market?

Last week, a reporter from the New York Times contacted me to ask if I had any buyer clients waiting for the election to be over before making their purchases. I have three active buyers, and none are trying to time the market, so unfortunately, I could not connect her to buyers for her story but I told her I do not recommend that buyers wait or try to time the market, and she asked me why. 

Historically, in election years, in the few months before the election and out of uncertainty about the future, some buyers will wait until after the election to purchase a new home. This means there are fewer buyers competing for current inventory, so I do not recommend waiting - why not take advantage when there is less competition? Also of note, some buyer hesitation we may be experiencing right now may have less to do with the election and more with people waiting to see if interest rates are reduced again. Hearing that we may get additional rate cuts makes some buyers wonder if waiting could be financially beneficial. 

But if rates are cut, there could be more competition. It is difficult to time the market. In my experience, buying with less competition could be more financially beneficial than waiting for a small rate cut that may or may not happen soon. It is more important to buy the right home, a place you like that fits your needs, than wait for the perfect timing. "Perfect" rarely exists, and a buyer can refinance later. I have seen some buyers wait to refinance for a couple of years when there are more meaningful reductions in interest rates. 

But this topic led me into a deep dive into what I currently see in the market: buyers are not buying anything they are not compelled to buy. Sure, there are a few exceptions, such as people with immediate housing needs, but generally, people pass if a house does not feel right. Over the last ten days, I have had a set of buyers who were taken with a property; they viewed it three times, once with me for over an hour. It had the size they needed, and they liked the neighborhood and the layout. We reviewed the disclosures and discussed the required repairs and associated costs, and in the end, they decided to pass. On offer day, the listing agent called me and informed me that only one offer had come in, for a price lower than anticipated. Because I had been in constant communication with the listing agent, she provided my clients a window of opportunity to win the property at a lower price than the comparable sales in the area. While my clients appreciated the chance, they still passed because of the expensive repairs needed. More buyers are searching for properties with minimal maintenance now than in the last ten years, which circles back to what I  am seeing: buyers are not buying anything they are not compelled to buy. 

As we head into the fall season, I am honored to be your trusted advisor. Thanks for calling on me for all of your real estate needs, both locally and for out-of-the-area referrals. Every year, I help pair clients and their loved ones moving outside my area of expertise with top Realtors who are the best matches. Do not hesitate to reach out if you have housing questions, need service provider referrals, or need a realtor anywhere in the country. 

Deidre Joyner Ranked 10th in Oakland

While I work in Oakland, Berkeley, Piedmont, San Leandro, and the adjacent cities, today I found out that my production from last year ranked me as the number 10 agent in Oakland by Real Trends. What an honor, and many thanks to you who continue to trust and support my business.

Have an excellent rest of October!

– Deidre
 

September 2024: Celebrating My 20th Anniversary! & Experience Matters...

This month marked my 20th anniversary of being a full-time Realtor. When I started this career, my children were 7 and 5, and I was in my 30s. I remember writing my first purchase agreement contract, spending 4 hours checking each box about 20 times, editing and re-editing my cover letter, and making the offer as perfect as possible. I wanted to be the best for my clients. Although my mother was a top-producing Realtor, and I was lucky enough to have her as a resource, I knew I had to compensate for my lack of experience with extraordinary attention to detail and perseverance. Four years into my career, I was recruited by Vanessa Bergmark, who at the time was the sales manager of the Red Oak Realty Pleasant Valley Ave office. I connected with the local independent brokerage ethos and Vanessa, who was a breath of fresh air and agreed to coach me to help me grow my business. In my early days as a Realtor, one of the challenges I faced was I looked younger than my age. I recall being asked how old I was during interviews. Vanessa half-jokingly suggested that I add temporary gray into my hair before interviews, but I did not because I have always wanted to be my authentic self. This is my first professional headshot.

Fast forward to the present day, and no one asks me how old I am, Vanessa owns Red Oak Realty, and she still inspires me. I have been a top producer for the company every year since 2009. Over the last year, the real estate market has undergone some big changes, including insurance challenges, a fickle market, and many new rules. The inner East Bay Market is complex, and I see how vital agency is; without it, a buyer can purchase a "lemon" property, or at very least not understand what they are buying, and the marketplace can overlook a seller's home. While I have vast experience, I still spend countless hours paying attention to the details and have the same level of perseverance as when I started, as I want you to be proud to call me your Realtor. 

As I start a new decade in this business, I am incredibly grateful for your trust and support of my business. I promise to continue to put your needs above my own, lead from my heart,and never work from pressure. Thank you for calling on me when you need real estate help and recommending me to your friends, neighbors, and colleagues. 

Just Listed! 26 Jerome Avenue in Piedmont – a spacious home with beautiful formal living and dining rooms on a romantic tree-lined street in Piedmont. Check it out this weekend – it will be open Saturday and Sunday from 2 to 4 p.m! I will be hosting this Sunday.

 

OPEN SATURDAY & SUNDAY, 2–4pm www.26Jerome.com

 

I look forward to staying connected with you; remember, I am a phone call, email, or text message away, and no question is too small.

Warmly,

 

March 2024: The Value of a Good Buyers Agent

 
 

The media is talking a great deal about a recent legal settlement in the real estate industry. Last week the National Association of Realtors entered into a settlement agreement in the Sitzer-Burnett case, agreeing to pay a $418 million fine. This lawsuit will give the seller the right to decline to pay the buyer's agent commission, asking for the buyer to pay for their agent. Sellers in our region will likely continue to pay a total commission – there are many reasons that I support this structure and I will post about this in the near future. 

When reading various articles and the comment sections it has become clear that some consumers do not understand what buyer's agents do for their clients, especially in our niche market. Buyer-broker agreements will become mandatory soon so I thought I would share a few of the many ways I provide my clients with the highest level of agency. Every real estate market is different, but in our East Bay region, buyer agency and competency are crucial due to the complexity of our marketplace, older housing stock, high ticket repairs items, low inventory, and multiple offers. Accountability is an important principle in my practice so I want to be transparent about the process. If you have specific questions do not hesitate to email me, text, or call me.

I am here to be of service!