What Buyers Sellers Need

By Camilla McLaughlin

Today’s real estate landscape might be new to some buyers and sellers, even agents, but for those in the “elite” category, it’s familiar territory.

Data, subtle differences between price points and locations, knowledge of housing defects, local real estate codes, and consumer psychology all play into what it takes to understand a real estate market in flux as well as the status of an individual property.

“Now more than ever, working with a top agent tied into the market is imperative,” says Frank Isoldi with Coldwell Banker Realty in Westfield, N.J.

After years of hypercompetitive sales and contracts unencumbered by contingencies, including inspections, the current real estate climate is complicated and not easily navigable. The post-pandemic difference can be as dramatic as a 30-percent decrease in sales or as slight as minimal price concessions. In some places, sales are off significantly, particularly in the $1 million-plus brackets, while in others, inventories of desirable properties remain low and buyer interest high. Many in-demand locations have scarcely encountered a pause, and mint-condition properties at the right price still elicit multiple offers.

“We came into 2023 with historically low inventory coupled with incredibly high demand. Prices have held, and multiple bids are still prevalent on most listings,” says Isoldi of his New Jersey market. “For buyers, getting into homes before they hit the market is crucial. With competition so heavy, the early jump is huge.” continued on page 140

Upscale sales have not paused in Atlanta, and, if anything, demand might be increasing, shares Debra Johnston of Coldwell Banker Realty in Atlanta. “Buyers need experienced agents that have the pulse of the market. They need agents who know what’s listed, what’s coming, and what’s unlisted. It’s still early in the season, so there are homes being prepared to list. As an experienced agent, you call around to all the other agents in that particular price point and find out what they’re doing,” she explains.