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<v Speaker 1>My next guest is here to talk about something. And

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<v Speaker 1>I said this at the very beginning of the show.

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<v Speaker 1>I realized that a lot of people in this listening

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<v Speaker 1>audience don't like love real estate and don't follow it

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<v Speaker 1>like I do so obsessively. But ultimately, our homes are

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<v Speaker 1>our largest asset for many of us, right they are

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<v Speaker 1>our wealth building tool. And if you think, Okay, I've

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<v Speaker 1>got this much equity in my house and nothing can happen,

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<v Speaker 1>you're crazy. Because I lived through the housing crisis in

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<v Speaker 1>two thousand and eight and two thousand and nine in

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<v Speaker 1>the number one market in the country for foreclosures. I

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<v Speaker 1>saw houses that sold for nine hundred thousand dollars sell

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<v Speaker 1>again for three seventy five. So do the math on

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<v Speaker 1>that in your head, and then you begin to understand

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<v Speaker 1>why I obsessively follow the real estate market, because this

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<v Speaker 1>is not just about what homes are selling and how

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<v Speaker 1>much you're selling for. It's about how much my assets

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<v Speaker 1>are worth. And joining me now to talk about that

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<v Speaker 1>is my realtor and smart guy himself, Ed Prather. And

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<v Speaker 1>before we got on the air, Ed you and I

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<v Speaker 1>were chatting about the fact that from a purely spectator,

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<v Speaker 1>you know perspective that this is what I have. Just

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<v Speaker 1>as a hobby, I follow the real estate market. This

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<v Speaker 1>market is fascinating. There are a lot of things happening

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<v Speaker 1>in this market that almost shouldn't be happening, but are.

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<v Speaker 1>And it really goes to show that you better have

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<v Speaker 1>a plan if you want to sell your home. But

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<v Speaker 1>if you have a good plan and you have a

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<v Speaker 1>good strategy and you have an aggressive reealtor, you can

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<v Speaker 1>sell your home in this market. So let's do a

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<v Speaker 1>big overview right now of where we are.

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<v Speaker 2>Well, absolutely, and you know, Mandy, first and foremost, thank

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<v Speaker 2>you for having me. It's always a pleasure to be

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<v Speaker 2>on And you know, you and I were just talking

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<v Speaker 2>about the fact that some of the properties that hit

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<v Speaker 2>the market, you know that are are priced well, you

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<v Speaker 2>know that that look good, are the ones that sit,

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<v Speaker 2>and then other ones that you wouldn't expect to move

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<v Speaker 2>quickly move move very quickly. And you know, I think

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<v Speaker 2>it's more important, you know, first and foremost, we need

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<v Speaker 2>to remind ourselves. I mean, homes are selling each and

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<v Speaker 2>every day, but it is more difficult, and it's more

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<v Speaker 2>difficult because we've got more inventory than we've had for

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<v Speaker 2>many many years, and so when you've got you know,

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<v Speaker 2>instead of in your neighborhood you've got a few for sale,

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<v Speaker 2>maybe you have a dozen for sales. So you need

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<v Speaker 2>to be able to differentiate as a seller. You know,

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<v Speaker 2>when people are walking into the property down the street,

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<v Speaker 2>how is yours going to compare her?

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<v Speaker 3>And you know whether that be finishes.

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<v Speaker 2>The lot the curb appeal, you know, because the last

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<v Speaker 2>thing we want to do is to get to that

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<v Speaker 2>point where we have to differentiate through price, and that's

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<v Speaker 2>where you see reduction after reduction and properties sitting for

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<v Speaker 2>longer than they should.

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<v Speaker 3>But you know, overall, what I will say is this.

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<v Speaker 2>You know, on the sales side, we are seeing seller

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<v Speaker 2>sitting more than they have in the past. But historically speaking,

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<v Speaker 2>you know, it's still I hate to say it because

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<v Speaker 2>it seems crazy, but it is a seller's market. And

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<v Speaker 2>I say that based on the three point eight months

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<v Speaker 2>of inventory that we have. I mean, historically speaking, in

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<v Speaker 2>four to six months is a balanced market.

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<v Speaker 3>So we're still below that, but it's just so.

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<v Speaker 2>Different than it has been over the last few years.

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<v Speaker 2>It's hard not to notice that contrast, and especially when

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<v Speaker 2>you're trying to sell your home and it's taking longer

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<v Speaker 2>than you want.

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<v Speaker 1>So from my perspective, and I told Ed, I watch

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<v Speaker 1>my neighborhood. I've been watching my neighborhood for the twelve

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<v Speaker 1>years that we live there. I want to know what

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<v Speaker 1>people are selling their homes for. What I am seeing,

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<v Speaker 1>what I am perceiving to see. If your house in

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<v Speaker 1>pictures looks like it needs a lot of work, it

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<v Speaker 1>is not necessarily going to sell unless it is something

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<v Speaker 1>that can be flipped, right, unless you're going to get

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<v Speaker 1>those investor dollars. But say it's a great home in

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<v Speaker 1>an older neighborhood that is just super dated. Those are

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<v Speaker 1>the ones that are sitting in my neighborhood. Is that

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<v Speaker 1>what you're seeing in other places as well.

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<v Speaker 2>It's such a good point, Mandy. And in this market specifically,

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<v Speaker 2>you know in the Denver metro area, what we have seen,

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<v Speaker 2>and it's very clear and more so than ever now,

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<v Speaker 2>is that the consumer, the buyer in this market wants

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<v Speaker 2>a fixed up They want a remodeled property. And you

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<v Speaker 2>know that's not to say that a property that is

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<v Speaker 2>priced well or even below market that needs some love

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<v Speaker 2>isn't going to move. But when we start talking about

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<v Speaker 2>the investor route. You have to understand that there needs

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<v Speaker 2>to be a profit involved there. So, you know, if

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<v Speaker 2>we're trying to get the very most for our homes,

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<v Speaker 2>when our sellers, when we're working with our folks, and

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<v Speaker 2>usually that's over months as we get ready to bring

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<v Speaker 2>the property to market, because we want to have it prepare,

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<v Speaker 2>we want it to present.

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<v Speaker 3>To the market the right way.

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<v Speaker 2>Anything that was sort of hey, should we do this,

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<v Speaker 2>should we hold off?

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<v Speaker 3>Should we touch up paint? Should we not?

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<v Speaker 2>Almost always now it's go ahead and do it, because again,

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<v Speaker 2>we want to differentiate through finishes, you know, through the quality,

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<v Speaker 2>through the feel you know, because it's it's.

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<v Speaker 3>Not just the photos. I mean, Mandy, you've seen this before.

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<v Speaker 2>Where you know it looks great in photos, you walk

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<v Speaker 2>into the house and it's something completely different.

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<v Speaker 3>You know.

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<v Speaker 2>We need that perception, you know, to match the reality.

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<v Speaker 2>So we are making sure that we're presenting and coaching

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<v Speaker 2>our sellers to do those things that maybe.

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<v Speaker 3>They wouldn't have had to do in the past.

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<v Speaker 2>As far as some of the repairs and upgrades, Yeah,

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<v Speaker 2>I mean there are.

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<v Speaker 1>Some things that people can do and these are such

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<v Speaker 1>small things. One are the things I always notice ed

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<v Speaker 1>and this is probably just me, like being a neurotic person.

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<v Speaker 1>You know what I notice is old light switches, and

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<v Speaker 1>old light switches make something seen. And by old light switches,

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<v Speaker 1>I mean the traditional ones with the little you know,

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<v Speaker 1>little guy that goes up and down instead of the

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<v Speaker 1>flat switches. Those right a space for me. And that's

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<v Speaker 1>like the first thing I'm like, well, this house was

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<v Speaker 1>built before at least nineteen ninety one or nineteen ninety right,

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<v Speaker 1>So what are there little things do you say to

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<v Speaker 1>people like, hey, you know what, that's not going to

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<v Speaker 1>cost you a lot of money. Maybe change out those

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<v Speaker 1>light switches or something else that other people notice. Is

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<v Speaker 1>popcorn still a huge deal?

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<v Speaker 3>You know it is.

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<v Speaker 2>I don't know that I would say it's a huge deal,

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<v Speaker 2>but it's something that we notice. And just like you said,

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<v Speaker 2>you walk into home and there's some things that sort

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<v Speaker 2>of go oh, this is an older home. And again,

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<v Speaker 2>if we've got a number of properties nearby that are

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<v Speaker 2>are listed for a similar price, you know we want

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<v Speaker 2>to differentiate. And if we can remove popcorn and ceilings that,

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<v Speaker 2>you know, great, Obviously we want to get that tested

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<v Speaker 2>before doing so. The switches, of course, you know, take

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<v Speaker 2>that one further, Mandy. I mean, if they're the beige

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<v Speaker 2>switches in outlet covers and outlets, god is easy to

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<v Speaker 2>switch out to the to the bright white. Also, if

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<v Speaker 2>you're talking about trim and doorcasing, you know, if we

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<v Speaker 2>go to the squared off white versus even sort of

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<v Speaker 2>some of that wood tone. And I always say this,

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<v Speaker 2>you know, when I'm working with our sellers, I say, hey,

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<v Speaker 2>the last thing I want to do is be critical,

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<v Speaker 2>but I want you to understand what the consumer sees.

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<v Speaker 2>And you know, the consumer these days again wants a

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<v Speaker 2>very fresh, new feeling product and it doesn't need to

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<v Speaker 2>be a brand new house. In fact, you know, sales

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<v Speaker 2>in this market in Colorado is huge because people like infill.

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<v Speaker 2>You know, they like the mature neighborhoods, and they like

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<v Speaker 2>the older properties to that extent as well, but they

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<v Speaker 2>need to feel newer, they need to feel fresh, and

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<v Speaker 2>they need to feel well taken care of.

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<v Speaker 3>And you know, good bones go a long way.

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<v Speaker 2>But in this market, I would say, let's go that

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<v Speaker 2>extra mile and freshen up, whether that be even you know,

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<v Speaker 2>going as far as is you know, repainting carpet touch

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<v Speaker 2>or redoing flooring, whether that be wood floor carpet.

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<v Speaker 3>But the biggest thing is we want.

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<v Speaker 2>To be sure that what we're advising and suggesting that

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<v Speaker 2>we're getting a return on because I completely understand it's

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<v Speaker 2>not convenient being your home to market and it's not

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<v Speaker 2>cheap to do this stuff. So we want to make

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<v Speaker 2>sure that we get a return on that effort in time.

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<v Speaker 1>And this is one of those things like what it

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<v Speaker 1>does the neighborhood that you're living in right now or

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<v Speaker 1>you're you know, you're wanting to sell in. Are their

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<v Speaker 1>neighborhoods that are moving quickly?

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<v Speaker 3>Still?

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<v Speaker 1>Are there neighborhoods that almost feel like a sure thing?

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<v Speaker 3>Absolutely?

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<v Speaker 2>But I would say it's so specific it's hard to

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<v Speaker 2>say because you've got neighborhoods say like the you know,

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<v Speaker 2>the Highlands or Cherry Hills where you know it's incredible.

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<v Speaker 3>Like in Cherry Hills, you're still.

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<v Speaker 2>Saying very expensive homes move very very quickly because it's

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<v Speaker 2>somewhat of a closed market.

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<v Speaker 3>You know, there's not a ton of these houses.

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<v Speaker 2>But it's it's very specific to the street and very

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<v Speaker 2>specific to the house. And so it is we're beyond

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<v Speaker 2>the time where you can just say, well, you know,

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<v Speaker 2>this neighborhood, no matter what happens, moves moves very quickly.

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<v Speaker 2>Like you know, we do some business in for example,

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<v Speaker 2>apple Wood West, which is a really really nice area,

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<v Speaker 2>and and a lot of the areas that have a

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<v Speaker 2>little bit of land, you know, larger lots, older homes,

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<v Speaker 2>with character. You'll have a lot of desire, have a

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<v Speaker 2>lot of demand. But I'll tell you what, you can

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<v Speaker 2>still mess that up by by marketing, you know, incorrectly, inappropriately,

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<v Speaker 2>and certainly miss pricing. Because if we want a price

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<v Speaker 2>above market and it sits, it's like you.

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<v Speaker 3>And I were talking about before jumping on here.

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<v Speaker 2>You know, the longer it sits, in almost every scenario,

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<v Speaker 2>the property is going to be worth less. Whether that's

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<v Speaker 2>fair or not. You and I see it the same way.

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<v Speaker 2>I mean, why is this house sitting? Something has to

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<v Speaker 2>be wrong, even if there isn't anything wrong.

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<v Speaker 1>Ed, Brather is my gift or my gift. He is

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<v Speaker 1>my gift, he's my guest. Also, we're talking about the

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<v Speaker 1>Colorado real estate market, you know, ed, is this another

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<v Speaker 1>period in your industry? And I'm not asking you to

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<v Speaker 1>disparage anyone else in any stretch of the imagination, but

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<v Speaker 1>is this going to be another period in your industry

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<v Speaker 1>where we sort of separate the wheat from the chaff

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<v Speaker 1>a little bit, where we have professionals that this is

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<v Speaker 1>your career who are going to be around, versus folks

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<v Speaker 1>who may have gotten their license, who previously may have

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<v Speaker 1>sold one house a year. Are we going to kind

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<v Speaker 1>of get rid of that sort of extra in your

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<v Speaker 1>industry if that makes sense.

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<v Speaker 3>It absolutely does, and we already are.

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<v Speaker 2>You know, in twenty twenty towards the end as things

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<v Speaker 2>really heated up with rates going down, and certainly through

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<v Speaker 2>twenty twenty one and part of twenty two, you saw

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<v Speaker 2>a huge amount of folks getting their license and you

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<v Speaker 2>can't blame them, you know. It was almost like you

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<v Speaker 2>could throw a sign in the yard and you'd get

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<v Speaker 2>multiple offers at almost any price.

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<v Speaker 3>That is not the case now.

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<v Speaker 2>So you're seeing a lot of distress in the industry

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<v Speaker 2>where people are sort of looking around and going, well,

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<v Speaker 2>you know, what am I supposed to do now? And

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<v Speaker 2>that's where I would say, also, you're getting you know,

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<v Speaker 2>I mean, gosh, buyers and sellers are smart, and in

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<v Speaker 2>times like this, it's less likely that you're going to say, hey,

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<v Speaker 2>why don't I give my friend of a friend a

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<v Speaker 2>shot who's not sold the house. It is not the

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<v Speaker 2>time for that. You know, we need experience behind it.

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<v Speaker 2>And again you know properties are selling every day, but

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<v Speaker 2>it is it is not through happenstance, and we're really

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<v Speaker 2>intentional on how we bring these.

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<v Speaker 3>Properties to markets. So you're absolutely right.

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<v Speaker 2>I mean you're you were seeing the number of folks

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<v Speaker 2>renew their license and that's kind of what we look

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<v Speaker 2>at and you can kind of see what's happened there.

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<v Speaker 3>Decrease is substantially.

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<v Speaker 2>And to give you an idea, we have about forty

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<v Speaker 2>thousand agents across the front range and just over seven

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<v Speaker 2>thousand agents did one deal or more and a lot

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<v Speaker 2>of those fols only did one, so you can see

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<v Speaker 2>a huge security are sitting on the sidelines.

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<v Speaker 1>Ed is the guy you want to call if you're

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<v Speaker 1>ready to sell your home. He could walk you through

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<v Speaker 1>the process, get you what you need, and I'm relatively

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<v Speaker 1>certain he can get your household or I wouldn't do

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<v Speaker 1>commercials for him. So Ed, I appreciate your time this

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<v Speaker 1>morning or this afternoon. Ed Prather dot com, Edprayther dot com,

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<v Speaker 1>Ed p R. A. T. H. E. R dot com.

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<v Speaker 1>I'll talk to you again through my friend.

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<v Speaker 3>Hey, I appreciate you, Mandy, take care all right.

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<v Speaker 1>Thank you. That is ed Prather