My team & I belong to each multi-list along Western PA. We look at 5 different statistical markers in 5 different counties. We watch Allegheny, Beaver, Butler, Lawrence & Mercer counties.

For the last few months, I’ve been warning our listeners that the market is shifting.

That’s right. Sellers, you’re not going to be all too happy to know that my warnings have now actually come to fruition. The shift is happening now. If we peek in on the number of properties sold as well as the backlog of inventory in each county, these are great indicators of the supply & demand in our housing market.

The housing market has been in short supply for quite some time, but inventory is up – WAY up – all across the board. Lawrence County is fairing the best with an increase of “only” 98%. Man, Beaver currently has almost a 2-year backlog of homes & is reaching towards a 200% increase in inventory.

Across the board, I’m seeing a decrease in the number of properties sold. Lawrence County has been the least affected – down only 26%. However, Mercer, Allegheny, Beaver, & Butler are all experiencing a slowdown with about 50% less properties being sold.

All in all, homes are selling more slowly, & the increase in inventory is creating a lot more competition for sellers.

Buyers – this is great news for you. You’ve been waiting for this! Although there are still properties that are getting multiple offers, you can now take a little breath before rushing into an offer & there are a lot more homes available for you to consider.

Sellers – You can STILL get multiple offers. Each of the Heffern kids have a suggestion for you:
1. Don’t over-improve your home. Get it on the market sooner rather than later.
2. Declutter & a little staging goes a long way.
3. Set your price a little under market value.

I’m Always Here & Happy to Help!

Katina Hunter
Team Lead for the Katina Hunter Team with Coldwell Banker
724-888-9020
Katina.Hunter@PittsburghMoves.com

We’re tackling a topic today that is just as confusing as it is important.
Home. Sale. Contingencies.
When I think of the word “contingency” I replace it in my mind with “so long as.” For example, an inspection contingency means that the offer stands so long as the inspection is acceptable.
Therefore, a home sale contingency is when the buyer wants to buy a house so long as they can sell their current home first. The buyer can’t get preapproved for a new mortgage until their old one is off the books.
A lot of buyers are in this position right now trying to navigate a market that’s already not-so buyer friendly. It takes a little finesse to get a seller to consider a home sale contingency, but it can be done.
Remember how confusing I said this topic was? It’s so confusing that most agents won’t even talk about the 3 ½ types of home sale contingencies. (Hold your horses, I’ll explain the “half” soon.) Most Realtors stick to the simplest one – the one that’s the easiest to understand. That is the only one they educate their clients on because it’s the only one that they, themselves, took time to learn.
SSP: Sale & Settlement of Other Property
The most common type is called an SSP which stands for Sale & Settlement of Other Property.
Let’s say that we have a completely fictitious couple named John & Kate. They live in a cute 2 bedroom ranch – their perfect starter home that they purchased 5 years ago when they got married. All of a sudden, Kate finds out that she’s pregnant… WITH OCTUPLETS! (wouldn’t that be wild if this was a real story?!) 😉
John & Kate need to find a bigger house asap! They find a ginormous 3-story mansion owned by Mr. & Mrs. Arizona. The Arizona’s are a recently retired couple who would like to spend their golden years in their Pheonix vacation home full time. The mansion is perfect for John, Kate & their 8 babies that will soon be on their way.
John & Kate make a full-price offer to Mr. & Mrs. Arizona with the stipulation that they need to sell their ranch home first so that they can use the proceeds for their down payment on the mansion. They make an offer with an SSP (Sale & Settlement of Other Property.) If the Arizona’s agree, they will take the mansion off the market & give John & Kate a specific amount of time (30 days, for example) to get a buyer for their ranch home.
That is a very watered-down version of an SSP – Sale & Settlement of Other Property.
As you can tell by the story, this type of contingency is very buyer friendly. John & Kate have a good amount of time to find a buyer for their small ranch without any worries that another buyer is going to come along & outbid them on the mansion. This type of home sale contingency commits the Arizona’s to selling their mansion to John & Kate as soon as they have a buyer for the ranch.
SOP: Settlement of Other Property
Remember how I said that there’s 3 ½ types of home sale contingencies? Here’s where the half comes in. As soon as John & Kate have an accepted offer on their ranch, the SSP (Sale and Settlement of Other Property) changes to an SOP (Settlement of Other Property.)
The SOP means that John & Kate already have an accepted sales agreement on their ranch, & they no longer need to sell the home, they just need to have the closing on the property to be able to finalize the mansion purchase.
Some buyers don’t start house-hunting until they have an offer on their current house so that they can make an offer on the new home they start out with just the SOP – just needing to close on their home because they already have a buyer. This is why I call the SOP the “half” home sale contingency. The buyers have already secured an offer on their home, & they just need to close, so they’re halfway there.
SSP-TKO: Sale & Settlement of Other Property with a Timed Kick-Out Clause
The second type of home sale contingency is the one that I personally feel is the most fair for these types of situations. It’s called an SSP-TKO (Sale & Settlement of Other Property with a Timed Kick-Out Clause.)
It’s the same deal – John & Kate need to find a buyer for their ranch & need to settle that first before they can close on the mansion. However, in this instance, the Arizonas don’t want to take their home off the market. They don’t know how quickly John & Kate are going to be able to find a buyer, they really don’t want to miss out on another buyer passing their mansion over.
That’s where the TKO (Timed Kick-Out Clause) comes in. The Arizonas keep marking their mansion to other buyers, & at the same time John & Kate are trying to sell their ranch. As soon as John & Kate get a buyer, then the Arizonas will stop marketing the mansion & commit to John & Kate.
However, if someone else is interested in the mansion, the Arizonas essentially have to give “first dibs” to John & Kate.
It just so happens, in this example that there’s another family that wants to move to town -the Bradys. Mr. & Mrs. Brady just got married. Mrs. Brady has 3 very lovely girls, & Mr. Brady is busy with 3 boys of his own, so this blended family is definitely in need of more space.
They see the Arizona’s mansion & love it! They decide to also make a full price offer but do not have a home sale contingency.
The Arizonas would LOVE to accept this offer, get to the closing table as quickly as possible & head off to Pheonix. They, however, signed an SSP-TKO with John & Kate. With the timed kick-out clause, they agreed that they would go to John & Kate first & to tell them that they have another offer. The Arizonas would give John & Kate 48 hours, for example, to either find a buyer for their ranch or find another way to financially proceed with the purchase of the mansion without having to sell the ranch home.
At this point, John & Kate are frantic, they reduce the price on their ranch in hopes of attracting more buyers, they have their Realtor run an emergency open house & they call up Kate’s rich uncles, Bert & Ernie, to see if they would lend them a huge chunk of change so that they can buy the mansion with cash.
Bert & Ernie love Kate but not enough to lend her that much money, so that option is out. They only got nosy neighbors at the open house & no offers at the end of their 48-hour timeframe. So, their offer can now be officially terminated by the Arizonas. The sellers are then free to sign up the offer with the Brady family.
Again, this is a very basic explanation, but it essentially an SSP-TKO (Timed Kickout Clause) gives first dibs to the first buyers.
SSP-CM: Sale & Settlement of Other Property with Continued Right to Market
Lastly is the type of home sale contingency that is most advantageous to the sellers. This is called SSP (Sale & Settlement of Other Property) CM (with a Continued Right to Market.) This is means that the Arizonas accept John & Kate’s offer. However, while John & Kate are working on selling the ranch, the Arizonas can continue to market their mansion to other buyers.
With an SSP-CM, when the Brady family comes along, the Arizonas can accept that offer & kick John & Kate’s offer to the curb without any warning.
This home sale contingency is basically a race to see who can get a buyer first. If John & Kate get a buyer on the ranch, the Arizonas then take the mansion off the market. If the Arizonas get a nice offer that they want to move forward with, John & Kate are out.
RECAP:
• A home sale contingency means that a buyer needs to sell their current home in order to purchase a new one.
• There are essentially 3 ½ types of home sale contingencies.

1. SSP
• Sale & Settlement of Other Property.
• Best for the buyer.
• Seller takes their home off the market.
• Buyer given time to sell their current home.

2. SSP-TKO
• Sale & Settlement of Other Property with a Timed Kick-Out Clause.
• Deemed by Katina to be the fairest scenario for all parties
• Both parties try to sell their homes at the same time.
• If the seller gets another buyer who makes an acceptable offer on their home, they give the original buyers “first dibs” to make the sale work.

3. SSP – CM
• Sale & Settlement of Other Property with a Continued Right to Market.
• Best for the seller.
• Both parties try to sell their home at the same time.
• If the sellers get another offer they like, the first buyers are out without any warning.
3.5. SOP
• Settlement of Other Property
• Buyers already have a buyer for their current home – they’re just waiting for closing.
Phew! I know… that’s a lot of information, & trust me – we haven’t even scratched the surface on this topic. That’s why it’s extremely important that you have an experienced Realtor who is comfortable & familiar with home sale contingencies. Oftentimes, I get pretty creative & even suggest a combination of the contingencies or get very firm on negotiating other terms for my sellers to help assuage the risks before an SSP is considered. (Okay… now I’m just showing off.)

I’m Always Here & Happy to Help!

Katina Hunter
Team Lead for the Katina Hunter Team with Coldwell Banker
724-888-9020
Katina.Hunter@PittsburghMoves.com

My team & I belong to each multi-list along Western PA. We look at 5 different statistical markers in 5 different counties. We’ll be tapping into specific details of Allegheny, Beaver, Butler, Lawrence & Mercer Counties.

Usually, I pick apart each county to highlight the local trends, but what I’m seeing this week is pretty unique. The counties I monitor are merging into a very streamlined formation.
This is all looking like better news for buyers. Inventory has substantially increased county-wide giving buyers more options. However, the sales price versus listing price ratio in most counties is hovering right at or above 0%. That means that buyers are able to get homes with offers right at asking price or a touch above the seller’s asking price. At this time last year, buyers, in general, needed to bring thousands (sometimes TENS of THOUSANDS) of dollars over asking even to have a chance at their offer being looked at.
It’s still a seller’s market, but the negotiating field is evening out.
The median list prices are up across the board ranging from a 2% increase in Lawrence County to a whopping 24% increase in Butler.
I’m also seeing that the average sales prices have experienced a pretty substantial jump which means that some of our higher-end inventory is getting moved.
Home owners, if you’re looking to list your home, DO NOT wait for that “spring” market. Get your property listed before the inventory shoots up any more. Higher inventory means more homes on the market & therefore more competition.
Buyers, DO NOT wait until those interest rates come down. As soon as they do, you’re going to be fist-fighting with all the other buyers who were also waiting. IF you are lucky enough to get an offer accepted on your dream home, what you save in your interest rate is just going to be piled onto what you’re going to pay on the sales price.

I’m Always Here & Happy to Help!

Katina Hunter
Team Lead for the Katina Hunter Team with Coldwell Banker
724-888-9020
Katina.Hunter@PittsburghMoves.com

A lot of people are surprised to learn that a survey is NOT required when you’re purchasing a home. In the 16 years that I’ve been doing this, I’ve only ever had one situation in which it was required.

When I’m ready to list a house, I ask if the seller has, by chance, a survey of the property. Nine times out of ten they shake their head but tell me that they can point out exactly where the line is. I then find myself ushered to a side window. The seller’s finger points towards the glass & says, “See that shed over there? That’s my shed & it’s about a foot away from my neighbor’s property.” A shed is only slightly better than the notorious & almost-invisible mowing line.

This is a cautionary tale not to trust the trees.

About 15 years ago, my husband & I befriended a couple who had recently purchased the house across the street. The home had been vacant for years & years & years. Very shortly after they finished the inside & moved into their newly renovated colonial, they decided to work on the exterior.

New siding – check! Reconstruct the front porch – check! New gutters – check! Next on the list – a fence.

Have you ever heard the saying “Fences Make Great Neighbors?” Hmm…

There was a straight line of lilac bushes between their home & the home of their Westward neighbors. For as long as anyone could remember, that row of bushes was taken for biblical truth indicating the property line.

Our friends were eyeing up the bushes one day when the neighbor strode out with great confidence. He personally walked our friends right along the line from the street, past the houses & all the way to the back alley. After relaying the story of the property line as it was told to him a couple of decades earlier, the neighbor nodded & strode back into his house. He obviously felt that the brief tour solidified the property line agreement.

A few days later, the neighbor was outside in his bathrobe to water the lilac bushes & panicked at the sight of survey flags. The flags weren’t in line with the lilac bushes but were rather 2 feet closer to his house. That’s not the big surprise of the story, however.
The neighbor marched up to our friend’s house. From my open window across the street, all I could make out from the commotion was a few intermittent words & phrases: “Surveyor.” “Bushes.” “For 20 years…” “Ridiculous.”

Eventually, the truth came out. The neighbor wasn’t so much concerned over him having two less feet of grass to mow but rather that he had been burying two decades of dead pets knowingly just off of his property in his neighbor’s (our friend’s) front lawn.

He was so distraught over the thought that a post-hole digger was going to be anywhere near his former fur-babies that he personally exhumed his animals & reburied them on the correct side of the survey flags.

The fence went in, but it didn’t make for a more neighborly relationship.

Katina Hunter
Team Lead for the Katina Hunter Team with Coldwell Banker
724-888-9020
Katina.Hunter@PittsburghMoves.com

During my first years in the real estate business, I worked almost exclusively in the Ellwood market. Here’s what my typical transaction looked like:
– Mrs. Seller has a 100-year old house. We have it listed at $60,000, & it’s being sold “as-is” – flaws & all!
– Mr. Buyer loves the house. He has an FHA loan which means that this is a type of loan that requires the house be in relatively good condition for him to get his financing.
– Even though he has been saving every last penny, he may be about $1,000 short & needs Mrs. Seller to help him with some closing costs.
We have an old house, a picky loan & neither the buyer nor the seller have much financial flexibility. This scenario is peppered with red flags. Many agents… (correction: MOST/THE VAST MAJORITY of agents… ) aren’t willing to get onto that bumpy road that may not lead to the closing table.

A newly-licensed Realtor is totally in over their head here. Even an experienced Realtor who only buys & sells in higher-priced markets, would avoid this transaction like I avoid turtlenecks.

It was being in those exact situations over & over & over again & keeping those deals together that sharpened my negotiation pencil. Here’s some of the ways I counseled my clients to get them through these situations.
We’re going to TAP – T.A.P. – into my top negotiating tips.

1. Terms
2. Approachability
3. Preferences
TERMS:
It seems obvious that you would negotiate on terms. However, you’d be surprised at how many times the ONLY term that Realtors tend to negotiate is price. The agreement of sale, or sales contract, is 14 pages filled with various terms. There are over 800 line items in this contract, & the sales price is only 1 of them.

I recently had a deal that the buyer came in under the asking price by $5,000. My sellers were hell-bent on getting their full asking price, & the buyers were hell-bent on getting $5,000 off. So many other Realtors would have seen this as a stalemate & after going back & forth a couple of times would have encouraged their buyers to move onto another home.
However, by focusing on some other terms – I was able to cinch up the deal.

By suggesting that we move the closing date up by a week, that would help my sellers avoid another month of mortgage payments. By focusing on the closing date rather than the price, this brought the buyers & sellers much closer to what each wanted financially so that we could move forward.
In another recent deal, a seller was hesitant to work with our buyer because he had a VA loan. The seller had heard that this type of loan was likely to entail extra repairs to pass the appraisal. The sellers were trying to negotiate a higher price on the house to offset the cost of this possibility. Our buyer, however, obviously didn’t want to overpay based on something that may not even be a concern.
This could have been the dealbreaker. However, our buyer had previous construction experience so addressing minor repairs without having to hire someone was a massive perk! We shifted our focus away from the price, & came to an agreement. So long as the seller would agree to the buyer’s lower price & give the buyer permission to complete the work himself, the buyer was willing to address the repairs at his own expense.
The price is just one line item, there are many other terms to discuss when negotiating.
APPROACHABILITY:
Is there such a thing as being “too nice to be able to negotiate well?” I’ve received this feedback myself, & it keeps me up at night. If you’re looking for someone to scream into the phone at the other agent to get a deal done – kind of like what you see in the movies (“SHOW ME THE MONEY!!!!”) I’m not that person. I can typically stick to my preferred softer approach.
This approach enhances my success rate. I know that this is because my listing price vs. selling price ratio is an impressive statistic that I share with potential clients looking to hire me. This number is a good indication of how well I negotiate & advocate for my clients to get them what they need & want.
Being approachable is one of the best ways to get people to negotiate well instead of shutting down & backing away. Being approachable is an invitation for brainstorming & collaboration to come up with out-of-the-box ideas to keep a deal together. When other Realtors sense that we have some bumps in the road during a transaction, they know that a phone call to me is going to result in a cooperative effort to troubleshoot & often being able to circumvent an otherwise disastrous issue.
On the other hand, overly aggressive & combative agents also have a reputation. There are many of these agents out there that resort to yelling & bullying… just like in middle school… others don’t look forward to working with them because they don’t ‘play well with others.’

With these agents, each & every conversation is going to be stressful & unproductive. The other Realtor is then forced to try to maneuver through difficult situations alone without having the benefit of insight as to what the other side may be able to offer. If one party feels backed into a corner it grossly increases the probability of a termination.
Being approachable does NOT equal being a pushover. It’s actually a unique trait in our business that is key in fostering ideas & ways forward to mend gaps in the process.
Again, these negotiation tips can be remembered by “TAP”… T… A… P.
1. TERMS include a lot of different things in a contract – much more than just the sales price.
2. An APPROACHABLE Realtor instead of an uncompromising one will help foster communication & cooperative troubleshooting.
PREFERENCES:
That’s our T & A… P stands for Preferences.
Many agents come to me while we’re negotiating with one option, & my clients are asked to agree or disagree to that condition. Instead of a response of yes-or-no, I find much better success when I encourage a “this-or-that” scenario. It gets the other side into the mindset that they get to choose, but we’re controlling each scenario.
I recently had an offer come in on one of my listings. The house was listed at $200,000. The offer came in at $194,000 AND the buyer wanted the seller to pay $4,000 of their closing costs. This means that my clients are essentially coming down almost ten grand in the initial negotiations.
Most agents would reply with something 4 curt words: “$195,000. No seller assist.”
That tells the buyer, “Here are the terms I want. Take it or leave it. Yes or no.”
However, I’d encourage them to keep T.A.P. (Terms/Approachability/Preferences) in mind. Here’s how I would counsel my sellers to respond:

“Thank you so much for such a nice offer, Realtor Lisa. My sellers are really looking forward to working with your buyers. The offer, as it stands, stretches them a little too thin financially. If your buyers are willing to close a week earlier my sellers are willing to either:

– Give your buyers the $4,000 in seller assist, but they would need close to the full asking price at $199k.
OR
– If your buyers don’t need the seller assist, the sellers can come down to $195,000.

Which would work better for them?”
Both of the scenarios work out to net my clients practically the same amount. I included the fact that the sellers would like to bump up the closing date which is a different term that may help them financially without adding directly to the sales price. My response to the agent exudes cooperation & approachability & sets the tone for the rest of the transaction.

T.A.P.’ping into this approach with Terms, Approachability & Preferences goes well beyond negotiating a real estate deal. Use it on kids, the husband, car dealers! Give it a try, & let me know how that works for you!

I’m Always Here & Happy to Help!

Katina Hunter
Team Lead for the Katina Hunter Team with Coldwell Banker
724-888-9020
Katina.Hunter@PittsburghMoves.com

My team & I belong to each multi-list along Western PA. We look at 5 different statistical markers in 5 different counties. We’ll be tapping into specific details of Allegheny, Beaver, Butler, Lawrence & Mercer Counties.

Being privy to this info gives you pretty good insight as to how the balance of power sits right now between buyers & sellers.

The way I’m interpreting this surprising mix of stats we have today is pretty interesting.

For property pricing, overall, I’m seeing that the median list price of homes as well as the average sales prices are up. However, the counteraction to this is that average listing price vs. selling price ratio are down.
The relation of these 2 markers indicate that sellers are still possibly overpricing their homes a touch, but the buyers are in a better position to flex those negotiation muscles more than in recent past.
There’s additional good news for our buyers! Inventory is creeeeeeping up… In my last few reports, the backlog of homes is building. Buyers have more & more housing options to consider when they’re ready to house-hunt, & homes are just not turning over as quickly as we’ve seen.
It’s not all bad news for our sellers. Sellers don’t worry! Even those buyers are in a position to negotiate more aggressively, we’re still seeing relatively higher sales prices.

I’m Always Here & Happy to Help!

Katina Hunter
Team Lead for the Katina Hunter Team with Coldwell Banker
724-888-9020
Katina.Hunter@PittsburghMoves.com

That’s the reality of today’s market, let’s talk about the reality of how real estate is portrayed on TV. Remember the movie “Honey, I Shrunk the Kids”? I LOVED that movie as a kid. 10/10 recommend! There’s a scene however that really bothers me as an adult.
Diane is standing in the backyard with her estranged husband Wayne. They’re struggling to make small talk, & she says, “Hey, I sold a house today!” Wayne then kindly congratulates her.
For the 8-year-old Katina who loved that movie as a kid – that line poses no problem. For the 40-year-old Realtor Katina who saw that part recently -BIG problem! If she were a REAL Realtor –she would have said:

“I got an offer on a house today.”
or
“I got the contract fully executed today.”
or
“I closed on a house today.”
or
“I got paid for that closing today.”

Realtors never sell a house in a day! The offer, signing of that offer, closing & getting paid for selling the house are all days or weeks apart from one another.
It’s like saying “Hey, I built a car today!” No… no, you didn’t.
You may have put the wheels on
or
you painted it today
or
you got the engine running
or
you drove it for the first time.
You did not, however, build the car today.

I tell my clients that they’re absolutely not allowed to watch any HGTV while they’re working with me. They laugh… thinking that I’m joking… but I’m not. Here’s why…
On the show “Love It or List It” homeowners complain about their house, & contractors come in & address their biggest complaints. Then, after all the remodeling is done, the sellers decide: Have they fallen back in love with current home… or… do they still want to sell it & find a new house.
Very interesting concept! I deal with that in the real world of real estate all the time. Sellers ask me to price their home, & they decide if they want to put some work in & stick it out at their house or if it would make sense to buy something new that has everything they’d want.
On the show, however, they record both endings – one ending in which the sellers gush over the improvements & decide to stay & another where they still make the decision to move. Whichever one makes a better episode is the one that makes the cut on the show – regardless as to whether or not that was the outcome in real life.

If you’re a fan of “House Hunters” brace yourself. None of the homes on that show are even for sale! The main characters of each episode have already purchased their new home. Yup, it’s bought… paid for… AND they’re already living in it.

The other 2 houses they view “for consideration” in the episode are actually homes of their family or friends who agreed to offer up their houses for the show. Then, the Schnitzel family pretends that they are potential buyers for their Aunt Martha’s house that isn’t even for sale & critiques it for the episode! (That would make the next Thanksgiving a little awkward.)
They have to rerecord things several times. The producers oftentimes don’t like the way the pretend buyers enter a room. So, they have to do it again & again & again to get the best fake reaction. As I was thinking about this, it means that the sales prices of each property are completely made up… fictitious… not real… pretend… they pulled those numbers out of thin air! The writers added the fake listing price because they found that it boosted ratings.
The inventory is made up. The numbers are made up. The outcomes are made up, & even the conversations are downright ridiculous.
I was watching a really bad movie on TV a while back, & the Realtor walks up to the door, knocks & introduces herself to the homeowners saying, “Hi, I’m Janet. I’m the Realtor who will be listing your home.” & then they invite her in saying, “Hi, Janet. It’s nice to meet you.”
Are you kidding?! Wow… yes… that is exactly how easy I would like it to be! Hollywood – I’m officially offering to be your TV/Movie Realtor! In real life, I’m talking to homeowners for weeks or years before I’m invited to see their home. We always have some sort of relationship before I step foot onto their property.
I may try that approach though… I’m going to just walk up to a house with a smile & an outstretched hand, “Hi, I’m Katina… I’m the Realtor who will be listing your home.” Then, they’ll invite me in, & we’ll live happily ever after!

I’m Always Here & Happy to Help!

Katina Hunter
Team Lead for the Katina Hunter Team with Coldwell Banker
724-888-9020
Katina.Hunter@PittsburghMoves.com

My team & I belong to each multi-list along Western PA. That means if you have questions about homes Washington County – we can help you. Erie County? I can help you there, too! Today we’re focusing on trends in the 5 closest counties: Allegheny, Beaver, Butler, Lawrence & Mercer.

I typically look at 5 different statistical markers when I’m gauging our local trends. Each of these numbers give me a clue about how to guide my buyers & sellers.
I typically look at:
1. Average Sales Price
2. Median List Price
3. Ratio between Sales Price vs List Price
4. Number of Properties Sold
5. Months Supply of Inventory
If you wanted to know how much negotiating power buyers have right now. The best number to look at would be the average sales price vs listing price ratio. This shows how close homes are selling to the asking price. For a while, we were seeing 100% or above 100% – indicating that the sellers were getting their full asking prices & buyers were sometimes having to pay ABOVE asking to get their offers accepted. When a buyer pays above asking, that’s a strong indication that multiple offers are driving the prices up.
Right now, however, I’m seeing that homes are mostly selling for about 95% – 98% of the asking price. Multiple offers are still a thing, but not to the extent we’ve seen previously. Buyers are gaining a little more negotiating power here.
The average sales price is a little all over the place right now. Beaver, Butler & Allegheny Counties dipped a bit while Lawrence & Mercer counties have jumped up in their average sales price with 10% & 34% respectively. That’s huge & quite interesting because these are the counties that we typically see a lower sales price.
There could be so many reasons for this. Sellers have either undervalued their homes when putting them on the market or buyers are attracted to the reasonable property taxes of these areas & have gravitated there in an attempt to offset the rising interest rates.
Comparing the median list price with the average sales price is one way to see if there are more higher or lower priced properties selling in that area. For example, in Lawrence County there’s a $44,000 difference in average sales price & the median list price. This means that the recent numbers are showing us that there were quite a few higher priced homes that have sold from the market than we are used to seeing in these areas.
The trend I’m seeing all across the board has to do with inventory. Inventory is up! This is great news for buyers because they have so many more options to consider. For sellers, this just means that you’re going to have to navigate around more competition. If you’re listing your home soon, it would bode well for you to price your home reasonably or even (don’t kill me) underprice your property a touch to ensure that you’re attracting buyers to your property. If your home is already on the market, & your internet activity is still strong, but it’s not translating to showings – your Realtor should be suggesting a healthy price reduction to help gain some traction.

I’m Always Here & Happy to Help!

Katina Hunter
Team Lead for the Katina Hunter Team with Coldwell Banker
724-888-9020
Katina.Hunter@PittsburghMoves.com

Just this last week I was at a client’s house. They’re looking to move & needed to know how much I thought they could get for their home. UNLIKE the made-up prices on HGTV, I actually have to have a lot of information backing up the asking price I suggest.

It had been a few years since I helped these clients with their purchase, so I asked to take a peek around & refamiliarize myself with the house. “No problem,” they said. “We’ll be in the dining room whenever you’re ready.”

I’m going through the house taking my measurements & notes. “I’m going to peek upstairs!” I announced & begin to climb the steps. Just before I enter the master bedroom, I hear her husband downstairs urgently whisper to his wife “Honey… the bedroom! She’s going into the bedroom!” I pulled my hand away from the bedroom doorknob hearing the wife bolting up the stairs after me & blocks the doorframe with her entire body.

I have noooo problem giving her a few minutes to hide whatever it is that’s been left out. It may just be dirty underwear on the floor. It may be….. uh… something else. I offer to look at the other bedrooms first.

She gives me a serious look & just shakes her head. “I love my husband. I love my husband.” she chants. My eyes get wider, & I offer an unsure smile. She never takes her eyes off of me. She slowly opens the door. She asks me not to be scared of their… pets.

I honestly never expected what I saw. Of all of the things to be sitting out on their dresser… this was petrifying. Creepy. Nightmarish. Alive!

Each, in their own separate tanks were 5 tarantulas. “Okay” I just repeated… “oh, wow… okay… okay.” The husband makes his way up the stairs, & once I found my voice, questions just tumbled out of my mouth.

I wanted to know why one tank was filled with webbing & the others weren’t. Do they ever take them out? Were the bigger ones older or were they just a different breed? Have they ever been bitten? What did they eat? Have they ever gotten lose?

I always say that even after 16 years in the real estate business, I’m always learning something new. Of all the things that I expected to learn that day, however, I didn’t expect to get a fascinating lesson on these (still) creepy but (a little) intriguing animals.

Katina Hunter
Team Lead for the Katina Hunter Team with Coldwell Banker
724-888-9020
Katina.Hunter@PittsburghMoves.com

As a Realtor, I could write a book about all of the craziness I’ve seen in this business. I’m not alone… today, I have a very special guest. Shannon Heffern has full access… & I mean FULL access… the woman can ruin me with just a few keystrokes – to everything that the Katina Hunter Team does behind the scenes. She is the Team’s Real Estate Assistant/Office Manager. She’s an investor & home-owner even before she became a vital part to our team. So, her vantage point is all encompassing! Even though she has claimed the seat to my left in the office… she’s my right-hand gal! “Hi, Shannon!”
Shannon: Hey everybody!
You & I met because I listed your home in Ellwood. How did I get to be on your radar?
Shannon: Long before I was in the market to sell my home… I came across some of your videos on facebook. I remember thinking that was a different approach as opposed to just posting pictures of a listing. I thought that if I were to sell then that’s what I would like – someone that was doing something new and eye- catching. I unexpectedly needed to sell my home and thought “I want the women who does the videos!”
I’m running out of titles to give you. You started as a “Real Estate Assistant” then got promoted to “Office Manager” but really… you’ve done some crazy things for me.
Shannon: Yes.. some I didn’t exactly see myself doing.. like picking out shoes.. cleaning the bathroom before closings, buying toilet paper, installing fire extinguishers.. to name a few..
I think I put on the job description “+ MORE!” so… I guess those are the bonus parts. There are perks though – mimosas on the first day of school (not for the children… for us adults in the office celebrating) & meetings on kayaks when we need a break from the office…

Shannon: Happy Hours! Just working outside of the office periodically is nice.
I hope that you feel extra appreciated because you ARE! I know that you’ve done many-a-things that are beyond your job description. I think that’s the nature of real estate… there are things that we do that no one really thinks about. What was the most surprising thing you realized a Realtor does that the average person doesn’t know?
Shannon: I guess I was most shocked at how much paperwork is done on a daily basis. If you buy a home then you know how many pages you sign but I don’t think most people realize how much time goes into the documents before you even see them or just how many offers can be written without the agent even getting a paycheck.
What do you think the hardest part of a Realtor’s job is?
Shannon: Honestly dealing with other agents. Unfortunately, not all agents are as experienced or knowledgeable… or even pleasant. You can work really hard and do everything right, even do part of their job but you can’t communicate directly with their clients so you’re always somewhat dependent on the other agent doing their part to get the deal done.

So true… I think that takes up about 15 – 20% of my day. I think that’s why going for-sale-by-owner is so attractive … homeowners just can’t find the agent that’s the right fit. You tagged me recently in a facebook post about this. You’ve bought & listed many homes in your life… have you ever sold one For-Sale-By-Owner?
Shannon: No I haven’t.. Not necessarily because I thought it was a bad idea at the time… but because I didn’t have the time.. Now that I work in real estate.. I would never sell fsbo or advise anyone to do so. I have seen some deals not come to fruition or be very hard to put together. People don’t realize how much agents do to make a deal work. They are your representatives and are here to make sure that you get treated fairly during your transaction. They advocate for you and help you to navigate things as they come up. I also know a few people that have done it and after the experience they had wouldn’t do it on their own again.

You’re not licensed… & we’ve talked about this before, but I’m curious – why don’t you want to get your real estate license?
Shannon: Mostly because of the time involved. I am fortunate enough to have a great schedule that can accommodate my life with my kids. I watch day in and day out how much is required to do this and how hard agents work. Never say Never I guess but right now, with it just being me and my kiddos…I need predictability.. and Real Estate is anything but predictable.

If someone was interviewing a Realtor, what kinds of things would you tell them to look for?
Shannon: Personality- Just making sure that you mesh well with the person, feeling heard is important.. I’d also look into their marketing and reviews. With me it was just a gut feeling.. do you feel like this person genuinely has your best interest at heart? And will they fight for you? You want someone that will do what’s best for you their client… not someone who is just chasing a pay check.

Yup! People over a paycheck! If you focus on doing good by people on a daily basis, the money will come. What is your most favorite thing about being on the Katina Hunter Team.
Shannon: It would be impossible to pick one.. First and foremost the people- The people you work with/your work environment means a lot.. I enjoy their company. The flexibility- I am a single mom, time with my kids is important. Before this job, someone else put my kids on the bus and I got home just in time to put them to bed at night. Katina makes sure I don’t miss anything, whether it’s a school event, doctor’s appointment or even letting me work from home if someone is sick. And last but certainly not least the clients- I may not meet them all personally but I help each of transactions along.

One of the things I love about you is how emotionally invested you get in the team’s transactions. Many times you don’t even know what they look like until I release the “SOLD” picture of them in front of their new house. What are some of your favorite transaction stories?
Shannon: Most recently it was a lovely older couple who were struggling with their previous agent. They were so hoping to close on their home in a timely fashion because unfortunately the gentleman was very ill… he wanted to ensure his wife was set up well before he passed. His son asked Katina to take over their transaction… and after a very long bumpy road… they were able to close. And he was so very appreciative… his prayers were answered, and his sweet wife has one thing less to worry about. In general, though I get excited to see offers, see first time home buyers get the home they’ve dreamed of and I’m super nosy and love looking at pictures of our listings just as soon as our photographer posts them! I may not always meet the clients, but I almost always speak to them on the phone and I definitely have some part in bringing them to the closing table…so yes very invested!
I like the word “invested” better than “nosy.” It’s a good thing that your so invested because, Shannon, you make everything happen!

Katina Hunter
Team Lead for the Katina Hunter Team with Coldwell Banker
724-888-9020
Katina.Hunter@PittsburghMoves.com