CLA Talks: Buying and Selling in Today’s Real Estate Market

Two real estate agents talking outside
  • 12/22/2020
  • Video Series
  • Speaking

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Wade Micoley, Founder and Chief Executive Officer of RealtyHive and Cashifyd, joined CLA’s Ken Zacharias, to discuss today’s real estate market and how to address common problems when buying and selling properties.

For more CLA Real Estate Videos visit CLA Talks Real Estate

Speakers:

Discussion topics

  • The origins of Wade’s companies and how they work with real estate agents and consumers.
  • The concept of “time-limited events” and their impact on interest on a property.
  • The creation of transparency to the referral process.

Continuing the conversation

After Ken and Wade finished recording the CLA Talks video, the conversation kept going. The following is a summary of Ken’s questions with Wade’s responses:

How has the COVID-19 pandemic affected RealtyHive and Cashifyd?

The market is continuing to shift as the COVID-19 pandemic continues. Properties that are not selling in this high demand, low interest rate, and low inventory market need help. And it takes much more than a listing on the MLS, a physical sign at the property, and some social advertising to make it happen! Sellers have flocked to our RealtyHive platform to solve their problems. Cashifyd has already proven to be a great enhancement for our RealtyHive customers. The cash-back features have really resonated with buyers. So despite all of the struggles that 2020 has brought, we have been very fortunate in both of our businesses.

How have your consumer preferences changed over the past 12 months?

As rents continue to increase, we have seen movement away from property rentals. People also like the idea of non-common spaces. Newer construction and properties with private yards and extra rooms for remote working and learning are selling faster than they used to.

Have your business plans changed at all as a result of the COVID-19 pandemic?

Our employees and their safety are our number one priority. We have to be diligent in creating a safe working environment; a place people feel really comfortable in.

The single-family real estate market seems to be on fire! Is that an accurate statement?

We follow this area very closely. Here are some statistics from April 2020 through September 2020 that have affected pricing and demand on a national scale:

  • Home sales could end 2020 with around a million more units sold  when compared to the last few years.
  • Months of supply are at a record low. Inventory is down around 25%.
  • Average number of days on the market is down to 28 days.
  • Percentage of homes under contract in under two weeks is up to 46.4%!
  • Interest rates are at record lows.

Any final takeaways or recommendations?

If you want to sell your property, now is the time. After you sell though, you may have trouble finding a place to go. New construction of single-family homes will only continue to rise in 2021 because of reasons previously discussed.

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