Today we’re going to discuss your 2021 real estate strategy.
René Nelson, Eugene commercial real estate broker
Marcia Edwards, Eugene residential real estate broker
René Nelson: Happy New Year. This is René Nelson, with Pacwest Commercial Real Estate, and on the show with me today is Marcia Edwards. She’s really the host; I’m just stealing the show.
Marcia Edwards: Hey, I appreciate you being here, René and happy New Year to you. We’re ready to be done with 2020 and onto 2021; that’s the thing.
René Nelson: Yes, it is.
Marcia Edwards: Let’s talk about 2020, just for context as to what to forecast for your actions if you’re considering selling your home or an investment property of yours.
René Nelson: Absolutely, so let’s talk about that, Marcia. I know, over the holidays, a lot of people stayed home and didn’t travel, and they’re looking at their real estate portfolio and thinking. “I need to make a change in 2021.” That most likely means they’re going to start selling their single-family or duplexes.
There are a lot of investors out there that have rolled up their shirtsleeves, cleaned a lot of toilets, screened a lot of tenants, and now they’re tired and they just want to sell and get out of the market. Talk to me about how that works. If I am debating, “Do I want to sell this on my own, or do I want to involve a real estate broker? What do I do?”
Marcia Edwards: First, I think the conversation is valid. I’ve had so much fun talking over the holidays with those people that you were describing, that are home without being able to travel for the holidays. We’ve talked about strategies for three years out. When is the right time for them to lose their 10 acre parcel and just be in town? When is the time to start getting ready when they have 4,000 square feet of stuff, or three generations in one house with stuff? You’ve got to take a look at forecasting
And it’s not a waste of time, and you really want to talk strategy of timing, because there’s a lot of moving parts. Interest rates will creep a little in 2021; not dramatically, not to offset the buyer demand at all, but those are the things you want to discuss early.
So now, if you’re going to do it, do you do it by yourself, or do it with a realtor? The realtor actually gives you a lot of insight, and they don’t get paid until you get what you want in your pocket or proceeds, so you’re going to have someone working hard with the same interests in mind as you.
René Nelson: Absolutely. I hear the real estate broker doesn’t get paid until the seller gets the results they want; that’s a good situation. Let’s talk about, years ago used to see “For Sale by Owner” signs all the time. You don’t see that much. Why is that? Is it because of the activity in the multiple listings?
Marcia Edwards: The RMLS regional multiple listing service has 14,000 members in Lane County. That means we are looking for the opportunities as quickly as they arise, or even before so if we can get the scoop on it. We are definitely going to be the ones that have the strongest, most capable, most qualified buyers in our pocket. I may have three buyers in my pocket for each listing, so you, as someone putting a sign out in the yard that says “For Sale by Owner,” it’s going to be a much smaller platform for the auction setting you could create as a seller in this kind of climate.
René Nelson: Oh, that makes total sense.
Join Eugene, Oregon, real estate experts: Bob Nelson, Real Estate Investment Broker with Pacwest Real Estate Investments, and Marcia Edwards, Residential Real Estate Broker with Windermere Real Estate, daily at 5:30pm on KPNW for the “Real Estate Today” radio show.