We caught up with OWN Network "Ready to Love" star Aaron Cotteral, top selling Celebrity Real Estate Broker and Owner of AC Real Estate Consultants in Atlanta about today's changing real estate market. With so much going on in the world with rising gas prices, inflation, war in Ukraine, and an increase in interest rates, the real estate market has been going through a major change daily. Any change in the news can affect the market in any direction.
As a home buyer or seller, you must surround yourself with the best professionals to get you the most out of your next real estate transaction without you losing your shirt. As a real estate professional for over ten years, Aaron Cotteral has a lot of experience and information on how you can navigate through these challenging times.
Boss XL Mag - What direction do you think the market is going?
Aaron Cotteral - The market is heading into a place that many of us have a tough time predicting. They say that real estate is a cyclical market, however the current state of where we are and may be heading is different from the past.
1) Technology is moving faster than the speed of light and the impact it'll have in the marketplace is still undetermined.
2) World events are being felt at the local level like never before, for example no one would have predicted that a global pandemic would have done what it did to the market in 2020 and 2021 in that it gave us a 20% increase in the highest year over year gain in the market in 35 years.
3) Inventory housing price increases and interest rates are in a battle at the moment, meaning that the deficit in inventory combined with high rent costs are keeping the demand for purchasing homes at a strong high. At the same time, interest rates and price increases are giving buyers pause on purchasing homes in certain markets. The overall understanding that should be clearly understood is that the market shows absolutely no signs of a crash.
Boss XL Mag - Why is it important for a potential homebuyer to talk to a mortgage broker first?
Aaron Cotteral - A buyers most powerful aspect of purchasing a home is knowledge. Some of the most important components to know and understand is how much is required in purchasing a home such as down payment, monthly mortgage and the price point amount. Once a buyer has that understanding it makes it easier to directly pinpoint the homes that fit their budget comfortably. It also makes it easier for their realtor to find them the best homes in their price range. Once that perfect home is found, there will be no delay in being able to submit an offer to purchase their dream home. The market is also extremely competitive, and the best-looking homes get a lot of attention. If a buyer is prepared and approved by a mortgage broker first, they will have a much better chance at winning that home over the other buyers.
Boss XL Mag - As a realtor, what’s the most important thing you want your buyer to know?
Aaron Cotteral - The most important thing I like my buyers to know is to have proper expectations about the process of purchasing a home. With it being the top purchase that most people will ever make in their lifetime, having expectations in the right place will eliminate any disappointment and set us up for a great win. Every time I meet a new buying client, I take the time to sit down and give them all the relevant information regarding the entire process of purchasing their home from start to finish, and even the expectation of what the investment of the home will look like after purchasing. Our goal at AC Real Estate Consultants is to empower our buyers to make the very best buying decision.
Follow Aaron Cotteral @aaroncotteral
Company Website - realestateacc.com