Raleigh’s High End Residential Real Estate Market with Realtors Jill Rekuc and Sheri Hagerty
Disclosure: This material is provided as a courtesy and for educational purposes only from Olde Raleigh Financial Group, A member of Advisory Services Network and should not be construed as investment advice. All information contained in this video is derived from sources deemed to be reliable but cannot be guaranteed. All economic and performance data is historical and not indicative of future results. All views/opinions expressed in this video are solely those of the presenter and do not reflect the views/opinions held by Advisory Services Network, LLC. Advisory Services Network, LLC does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. Federal and state laws are complex and constantly changing. Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation. Olde Raleigh Financial Group, Advisory Services Network, LLC are not affiliated with The Sheri Hagerty Group and Hodge & Kittrell.
Jill Rekuc of Olde Raleigh Real Estate and Sheri Hagerty of The Sheri Hagerty Group discuss many topics including the changes in the real estate market in the RDU area, what buyers are looking for in a home, where the buyers are coming from and where the housing market is headed.
CHAMBERS: Hey everybody, this is Trevor Chambers from Old Raleigh Financial Group. And once again, we are back on the podcast train with our newest episode. We haven't had an episode in a long time, so we’re very excited about it.
MIHAJLOV: Good to see you again, Trevor.
CHAMBERS: Yeah, good to see you again. Exactly. Thank you, Alex. Appreciate it. Alex Mihajlov, owner –
MIHAJLOV: Owner –
CHAMBERS: -- of Olde Raleigh Financial Group.
MIHAJLOV: We have some other owners.
CHAMBERS: Yes. Absolutely. We are so syked to have a repeat. Sheri Hagerty and Jill Rekuc are in the Luxury Real Estate market here in the lovely Raleigh and the greater R.D.U. area. Long time operators as real estate agents in that space. So, welcome you two. Thank you for coming in to The Soundtrack to a Financial Advisors Life. So, Sheri, you’re with -- your own group, The Sheri Hagerty Group, which is part of Hodge & Kittrell. And Jill, you have your own – you own Olde Raleigh Real Financial -- so -- Olde Raleigh Real Estate. So, I just want to start real basic before I get caught up with you on the market. What’s going on in the Raleigh real estate market today versus one year ago, in the Luxury space.
REKUC: Very good question.
CHAMBERS: Okay, cool
REKUC: Starting off good.
CHAMBERS: Good I like that. Fast balls.
REKUC: Yes, fast balls. So, maybe we can back up just one step. You said luxury market, which is what we’re here to talk about. But the -- I kind of want to talk about the definition of the luxury market because it is – it has changed over the last few years and it's a very specific term to who I'm speaking to. And for each different client, luxury means something different and for each different price point, luxury means different, areas of town, luxury means different. So, we kind of feel like sometimes it's an overused term but not if we put a little bit of parameters around it.
HAGERTY: Right. That’s for sure. I think what's interesting – we were talking about it yesterday kind of going over these questions and how much has it really changed? And like look at the last decade. When we were with you guys – it’s been – what I believe –
MIHAJLOV: Five years.
CHAMBERS: Five years ago.
HAGERTY: It was just crazy.
CHAMBERS: Yeah, with --
HAGERTY: But if you look at how much luxury -- the term luxury and the price point of luxury has changed from five years ago even 10 years ago to now. It’s just incredible what’s happened in our market. So, it's -- while it does mean different things to different buyers and different price points and things, you know that -- that idea, I think our general market has grown so much in price point that it's just incredible to talk about. What is luxury today?
REKUC: Right. I mean, we were saying for inside the Raleigh beltline, it's probably doubled. What was -- used to be five years ago a million dollar right now, generally speaking off the top of our head, we'll go on the record saying he could easily be a $2 million dollar right now. Yeah.
HAGERTY: I use an example from the parade of homes. I did a – I used to have a lot of new construction and for example, 2015, I had three parade homes. And they were all on one street, off of Ridge Road, inside the beltline. And they were all right around a million dollars. So, 2015 to 2025, those houses we've seen resale in the last five years for sure, at like 1-7-1-8-1-9, two million. So, it's just crazy that -- what's happened here in our market and the increase in values.
CHAMBERS: Is the driver, just so many people moving here?
REKUC: That's one of them.
HAGERTY: That’s one of them for sure.
REKUC: And then it's fun worth noting that -- what Sheri just described that appreciation. That's strong and that's considerable. But then we have examples of just crazy numbers, like our ultra-uber high-end luxury price point, really changed since five years ago. And we all would stop with a 10 million dollar home. But now we still do stop with a 10 million dollar home, but we just have more of them and more 7.5 to 10. Like, you know, there’s areas of town that are exploding with the upper high end. Like -- I’m just going to say it, Northridge.
HAGERTY: Northridge.
REKUC: Northridge -- we’re giving a shout out to some brokers here -- but I’m telling you, they’ve got two homes on parade this year that are 6.25 and 6. 5.
CHAMBERS: Yeah.
REKUC: And my favorite home to talk about is Steve Wall, of Raleigh. Little plug, Raleigh Custom Homes.
CHAMBERS: Nice.
REKUC: Tim Thompson, Raleigh –
CHAMBERS: We’ll link them up.
REKUC: -- Custom --
HAGERTY: Raleigh Custom Homes.
CHAMBERS: We’ll link them up in the thing.
REKUC: Raleigh Custom Homes. Tim and Steve, two guys. They have a 9.5 home listed on Barcroft Place
HAGERTY: In Northridge.
REKUC: In Northridge. And it's going to be on the parade in 2026. It's a 9.5 -- in the middle of Northridge. And it's absolutely stunning. That lot, it's been cleared now. It's 180 degrees fairway and we may see them, tee on the green on the far end. But the pool is right down onto the course.
CHAMBERS: Yeah, I --
REKUC: It sits up high.
CHAMBERS: Yeah.
REKUC: Oh, my gosh.
CHAMBERS: I played a couple weeks ago and I think I saw what you’re talking about. And just the other ones. It’s crazy. Yeah.
REKUC: Yeah. So, yes, 10 million is the extreme super high. But, it’s fun. And that’s right in our backyard. And inside the beltline, right behind it.
HAGERTY: Yeah, Country Club Hills –
REKUC: Country Club Hills is right there.
HAGERTY: We just did a pre-sale with Homes By Dickerson. He’s a great builder that I've worked with many times. 6.5 million. Fires from California.
CHAMBERS: There you go.
HAGERTY: He’s retiring here. You know. And they’re a couple that’s, you know, in their – they’re baby boomers, you know. They're building an 8,000 square foot house for 6.5 million dollars. With a pool and everything you'd ever want. Because I think we'll talk about more of the trends later, but you're seeing some of this happen post pandemic. These people going back to bigger homes.
MIHAJLOV: And would you say people, is this room for grandkids?
HAGERTY: It is that it is that.
MIHAJLOV: People want to age in place, not go into retirement community, but stay at home. Hiring help in or whatever they need as time goes on. How are interest rates impacting people?
HAGERTY: Okay. Interesting. It's definitely different by price range and you know, age group and that sort of thing. I would say that in 2023 when we had the big change when things were, you know, the first half of 2023 we were happy. We had great rates and then by the end it was – they basically doubled. You know that year was tricky and tough and part of 2024 was also tough because everyone had to get their expectations back in line with what they could afford. You know, they're buying power was cut in half. You could afford a million dollars, you're now looking at, you know, 550 to 600. And it was, that's tricky. That's tough. That's a big market shift that it's hard to digest for a lot. Now I would say that most people that have to move are used to what's going on and they're accepting it and just doing – you know, planning for it.
REKUC: I think that they're -- I've got to get on with my life. I'm going to move on. I've got to pay this rate. It's not going anywhere.
HAGERTY: And then there's a lot of cash in our market.
CHAMBERS: Yeah, absolutely. Plus the mortgage only lasts, I think it’s seven or eight years because of – all sorts of life happened. So, including, interest rates coming down. Would you like to ask some questions?
MIHAJLOV: Yeah, so who are the majority of the buyers? Give us your typical buyer? Where are they coming from? What's important to them versus five years ago when we met last time?
REKUC: Right. Well, for me -- every broker's to practice is different, but for me personally, it's about 50, 50. I've been in the business for so long that I have a very strong referral base and a repeat clients. So, 50% of my practice is my friends, my colleague, and just...
MIHAJLOV: So, what are your friends and colleagues looking for now than they were in the last transaction you did with them.
REKUC: Right, well because we're a little older. Walk on that gently, because we're a little older, they are looking for second homes. Like, I sold three properties at the beach because they want -- they want a second home. And some are moving up and some are moving down. And then some are just moving closer -- to be closer to their grandchildren. You know, it's all over. Alex, there's – for every person they almost have a different story.
MIHAJLOV: So, there's no trend.
HAGERTY: It's hard to detect a trend these days. I mean, we definitely have an influx of people from the West Coast and Northeast. I've noticed some from Texas, Florida coming back. I mean, we talked about that in our last podcast a long time ago. But it's kind of still the same general areas. But I would say that I'd like -- what Jill mentioned, after being in this for as long as we have, you've got such a local base too that for us, I feel like our business is pretty equally -- checks out 50. You know, maybe not exactly 50/50. But very close to 50, 50 with local and then people coming into the state.
REKUC: Relocating. I mean, right now I can -- I can factually say it's 50, 50 for me. Yeah.
CHAMBERS: How are they finding you folks? Those folks that are coming out of the –
REKUC: Well, we are, we are sought after.
CHAMBERS: Is it primarily -- are they looking for --
REKUC: I mean, reputation, but –
CHAMBERS: Getting online.
REKUC: There's a lot of -- lots of great brokers in town.
HAGERTY: And we were just talking about this yesterday, and I don't know if you mind if I mention this -- but for example, you have a lot of people from where your kids went to school.
REKUC: Right.
HAGERTY: That now contact you and they're bringing people into our market starting businesses here, bringing people into the state. I think that which I think --
REKUC: -- and they are now in their mid-thirties -- close to 40, and they're looking for a second home. Their children are getting bigger and my children's friends.
CHAMBERS: Yeah, right now. It is a great place to live.
HAGERTY: And we just have fun. And this is what's cool about the difference of us. We talked about this last time too. She's gotta a very, you know, boutique firm here that’s local to Raleigh. And I'm with a big corporate firm that's all over the globe. And I get a lot of referrals through that network, which is nice.
CHAMBERS: Which makes sense.
HAGERTY: But, yeah. Just a natural.
REKUC: No, my referrals are more from within the United States.
CHAMBERS: Yeah. It's great.
MIHAJLOV: Do you want to address the luxury home marketing group?
REKUC: -- Home Marketing Group?
MIHAJLOV: Yeah.
CHAMBERS: You might want to mention at this point, but we’re friends –
MIHAJLOV: We’re friends and business –
CHAMBERS: And disclaimer –
MIHAJLOV: Jill's handled the last, what, eight transactions I've done, I think.
REKUC: I think so.
MIHAJLOV: Yeah.
REKUC: So, it's just a tribute that friends can absolutely do business together.
HAGERTY: Absolutely.
REKUC: Yeah. And it's all because the one thing. It’s the trust factor.
CHAMBERS: Yep.
HAGERTY: And we thank you guys, for your sponsorship.
CHAMBERS: Oh yeah.
REKUC: The Luxury Home Marketing Group. Yes.
CHAMBERS: Yeah, we do a little sponsorship for them.
REKUC: They're our favorite.
MIHAJLOV: Tell the listeners about what you guys do because I think it's a powerhouse.
REKUC: Yeah, I do too.
HAGERTY: It’s a cool -- It is a great –
MIHAJLOV: -- just gives them the background. So, this is a group of realtors from all sorts of independent firms, correct?
REKUC: Exactly. They're –
MIHAJLOV: So, tell –
REKUC: There’s14 of us and we are coalition of the -- 14 brokers representing six to seven companies. And we are colleagues and peers and help be competitors when we need to --when we're put in that position. Happens all the time.
HAGERTY: We do compete.
REKUC: We do work fine with it. But for myself having an (inaudible) firm. It is my number one source of real estate peer professionals. Like that is -- I count on the group. And I defer to them when I need help and assistance with knowledge and answering questions and working through problems. Just feels good to have 13 top producing brokers right at my fingertip. They pick up the phone and answer it and usually –
HAGERTY: It’s a wealth of information.
REKUC: Wealth –
HAGERTY: To be connected like that. It really is.
MIHAJLOV: Very knowledgeable seasoned professionals, really.
REKUC: Yes, everybody – stays in the group. We’re 20 -- 2000 -- and we're 25 years old. No, maybe 20 years old. Anyway.
MIHAJLOV: It's a nice group.
HAGERTY: 21.
REKUC: Such a good – 21 years.
MIHAJLOV: You guys are to be congratulated on that group.
CHAMBERS: Yeah, absolutely.
HAGERTY: Thank you.
MIHAJLOV: Tell us about inventory levels. You know, you get someone coming in from California and wants to see something. Do you have some houses to show them?
REKUC: We have some houses to show them. The inventory is kind of odd and different right now.
HAGERTY: Well, it’s definitely more than last year though. You know, when we looked at last year, it's definitely increased. So, we've got more to look at. People are selling. More people are selling.
REKUC: I think the number is six to seven months.
HAGERTY: Yeah. So, I think we're on that verge of shifting towards a very equal market buyers. Yeah, I wouldn’t say equal, that's not a good word. But like it's, we have enough active listings that it's sort of transitioning more to a buyer's market. We're trending in that direction, I would say.
REKUC: Which we’ve been in a sellers’ market –
HAGERTY: We've been in a sellers’ market since --
REKUC: -- for a long time, but now we are trending that way. We asked each other, are we in a full blown buyers market? But I think it's, I mean, you just have -- with our individual practices, it's kind of hard to just --
HAGERTY: I also think when the market is shifting, that you start the conversation, are we there yet? But you start to feel it in different areas, in different times, in different locations. And I think when you start to pick up on that and you recognize that you know, over here there's so much inventory. Well, over here we have inventory, but we're not getting as many showings. I mean, you just have to start dissecting it and you know there's a change going on.
REKUC: You know, and -- you won't know exactly when it happened until you get past it.
CHAMBERS: Right. That makes sense.
REKUC: And then you go -- like right now, I had buyers in March and April. One Saturday we looked at 13 homes. Two sold that night. And now, they're still looking. And a lot of price reductions. And they know that they don't have to come in that day at that full price.
HAGERTY: And that's like what we're saying about the – when markets start to shift and change. There's -- I was going to give an example -- when we're talking about my listing in Wake Forest. I had a -- I listed a house for 2.75 in November. And it got a lot of activity. It was just, you know, I don't mean to get into the topic of politics too hard. You know, in the election year, we have a very hard time here. So, you know, we just – it becomes kind of a frozen -- you know, six months for us at times. It can do that. So, last year I felt that it did. So, a lot of things carried over. Well, as we watch the market, we reduce the price to like 2.6 about 2 weeks ago. And we had multiple offers on it. Once it got into that sweet spot it happened and we sold it yesterday. But it's like, you know, since November, you would think we take a huge hit, but there's no rhyme or reason. We got into the right -- we looked at the market, we figured out the data, we got into the sweet spot. And then it was gone.
CHAMBERS: It was gone. Wow.
HAGERTY: This is --
REKUC: That was a cool house.
HAGERTY: Just being able to really zero in on your location.
REKUC: It's all about location. And from property specific.
HAGERTY: Yeah, and how much supplies and demand happening in a particular location?
MIHAJLOV: So this is something you and I always talk about Jill, is best home selling tips -- a lot of people argue with you about – they -- about what they need to do to sell their house and I've never understood that. Can you guys -- want to run through your list of – if somebody comes to you and said they will list their house., What's the best thing they can do to get that house sold timely for a great price?
REKUC: Do what you did for me with every house you've ever sold.
HAGERTY: Listen to us.
REKUC: You know, we feel like we're a broken record, but we know we aren't. I mean, it's true. You just have to present the house in its –
HAGERTY: Absolute best.
REKUC: -- buying this -- best perfect condition. Cosmetically and maintenance wise.
MIHAJLOV: And your stuff is not that interesting to other people. So get it out of the house.
REKUC: That's right. That's right. Less is more.
HAGERTY: Yeah, and I would say that -- what's fun – fun part of what I like to do it. You can look at a house that maybe was listed prior. This is an old example but I'm going to use it. Say a home -- we had a home at one point that was listed for like right under a million dollars. We went in and we talked with the seller and it didn't sell. And so they changed agents and we got a hold of it. And we had them spend -- I mean it was a large home too. So this sounds like a big number. But it's a lot of square footage. But we put a coat of paint, maybe we painted the cabinets, we might have changed -- couple countertops in different spots. Spent 30 grand and then sold it for 1.3. So I mean that is a testament to what can really happen if you listen to somebody who really watches and knows what's going on.
REKUC: Because we know our buyers don't want to do the work.
CHAMBERS: Yeah.
HAGERTY: And why would you if you’re selling it?
REKUC: They want to done.
HAGERTY: Why dump 30 grand in here unless I can show you that it makes -- really good sense to do so.
REKUC: They just want it turnkey. The buyers have gotten more -- I think we said this five years ago that the buyers have gotten more -- have higher expectations now.
HAGERTY: We talked about the role HG TV has played in our -- you know, just the overall picture of real estate and how it's become. There's so many reality TV shows about -- about what we do. Jill likes to watch some of them. I –
REKUC: Some of them?
HAGERTY: I turn that off.
REKUC: I watch every one of them.
HAGERTY: -- end of the day. But I think that's changed the expectation. You know, we used to be able to sell homes off of just house plans, and I'm not saying we don't do that anymore. But I think the buyer today really wants to get in there and feel it, see it, touch it. You know, see the four walls around them and see the finishes. It's harder to do what we do -- what we used to do, which was, you know, if you list a house and put the plan in MLS -- it would just go. I think it's -- people are about seeing what it really looks like.
REKUC: They’re busy.
CHAMBERS: Yeah they’re busy and it’s more nuanced.
REKUC: Everybody is busy. Yeah.
MIHAJLOV: It's funny because we -- I talk to a lot of clients about they’re going to sell their house or do renovations or whatever. And I always say, well, are you planning on selling the house -- well, maybe. And I said, well, before you spend this money on an XYZ renovation, why don’t we get a realtor in here to look at it and say, here's where you need to spend your money because this is what's going to get you.
REKUC: The highest.
MIHAJLOV: The best bang for the buck rather than your pet project you're trying to do.
REKUC: Exactly.
MIHAJLOV: You and I have talked about windows, --
REKUC: Exactly.
MIHAJLOV: Windows don’t necessarily bring you back a lot of money. Nice feature for energy efficiency.
HAGERTY: That's a big -- that's a big number on most homes is to do all new windows. And when you don't do it, it's one of the first things somebody's going to notice and point out.
REKUC: And they’re going to want to factor it in. Well I’ve got to replace all the windows.
These big homes -- that’s significant.
HAGERTY: Very significant. Just stay on top of the maintenance. And I would say that, you know, just when your home becomes not really your home anymore and product of the market place, you have to look at it like that. You gotta let go of the reigns a little and be wiling to listen to somebody who -- you know, sold, you know, two houses just like -- not just like that. But you know a good example they can show you this for work if you just trust me.
CHAMBERS: Just a little disassociation please.
HAGERTY: A little let go --
CHAMBERS: We say that -- we have, that's kind of why we have jobs. A little dissociation –
HAGERTY: Just a touch.
CHAMBERS: Just a little bit. Puts things in perspective.
REKUC: And then I tell my clients, it’s -- a buyer does not see an outdated kitchen. As – I’ve got to renovate it. It’s not a 1 to 1 dollar a dollar ratio. For them, it’s annoyance and --
HAGERTY: I’ve got to live through that.
REKUC: I gotta live through that. It’s gonna take me away from my work or, you know, it's gonna –
HAGERTY: Or I can't even move it until that’s done.
REKUC: -- me – I can’t move in. That -- if a new kitchen costs $100,000, that is not $100,000, that the seller can say, alright, well make me an offer. In the buyer's mind, it's much more for the inconvenience.
MIHAJLOV: And then, you’ve gotta get a legitimate contractor and all that.
REKUC: Yeah, I mean face it. If we were faced with that -- well, I feel the same way.
CHAMBERS: Yeah. Yeah. Yeah, so we covered this a little bit, but the desirability of this market, and greater Raleigh market versus other markets, obviously we're home, home, we all love, you know --
MIHAJLOV: Raleigh.
CHAMBERS: Yeah,
HAGERTY: We love where we live.
CHAMBERS: -- it's a little inside ball, if you will, but, I guess the other way to look at it is how does it compare when you talk to other people across -- obviously through your travel, you're talking to people from all over the place.
HAGERTY: Right, right.
CHAMBERS: So what's the secret sauce or whatever?
REKUC: You know what that answer probably has not changed. We are still just the destination.
HAGERTY: We are.
REKUC: We are the destination. Yes, we hear web and flows of you know maybe losing a company or putting it on hold or whatever. But I mean, all we got to do is look around us. Look what's happened in the Lenovo Center. Unbelievable.
HAGERTY: It’s under development --
REKUC: For West Raleigh. You know how excited are we for that?
CHAMBERS: And we’re just getting into that whole thing.
REKUC: I know it's five, six seven years of something.
CHAMBERS: What’s going on? Yeah, tell us.
REKUC: Retail. And we know it’s commercial space.
HAGERTY: This is changing the whole area, you know, like the area around all of that is going to become important too.
REKUC: More than just a sports complex.
HAGERTY: You can pull to the field and tailgate. It’s insane.
REKUC: Just NC State and the PNC arena. But now it’s just a destination itself.
HAGERTY: It’s going to be exciting to see the changes.
REKUC: I'm just excited for all the residential around there like Wade Park.
HAGERTY: Inside the beltline.
REKUC: Inside Wade.
HAGERTY: Wade Park.
REKUC: Yeah, how great is that for them?
HAGERTY: They’re already hot. So what about then they just approved 30 stories on West
Street? 30 stories over -- they started at 12 and now they're approved --
REKUC: Is that the highest?
HAGERTY: Nine to one --
REKUC: Am I wrong?
HAGERTY: -- to zero.
REKUC: Is that the highest?
HAGERTY: It is.
REKUC: Residential. That’ s exciting because I had a client that came in, relocation client from, wanna say Austin. And all they wanted was high end condo with the highest level of concierge services. They've only lived in high rise condos in big cities. Well, it only took us two hours to get to Raleigh could not accommodate their needs. They wanted every luxury.
CHAMBERS: Moving on up.
REKUC: They wanted dog walker. They wanted -- not Uber Eats delivered. They wanted -- could the residents provide their meals you know. They wanted --
HAGERTY: Oh yeah like a catered kitchen --
MIHAJLOV: And we’re probably going to see a lot more of that.
REKUC: Yeah.
HAGERTY: I think were going in that direction.
REKUC: -- and so they -- they're -- we have nothing -- we do have very nice condominium complexes. But nothing with the level of what they were looking for. So, they rented the corner penthouse unit at the Eastern.
HAGERTY: In North Hills.
REKUC: In North Hills. Do you know that one?
MIHAJLOV: The apartment complex?
HAGERTY: Yes.
REKUC: Because everything in North Hills is for rent, can't buy any of those apartments. Any of those condos. So, they’re renting because that is what they wanted. If that's the only way I can get it. Then I'm just gonna rent.
CHAMBERS: They're just gonna wait it out until somebody builds what they want.
REKUC: Uh-huh.
CHAMBERS: That’s awesome.
REKUC: I said, of course we’re a city, but we may not be the city that you are used to.
CHAMBERS: Yeah.
REKUC: Raleigh’s moving and we're getting there.
HAGERTY: Were clipping along --
REKUC: We’re clipping along fast, but.
CHAMBERS: Yeah, it sounds like those two maybe we just build a city around them and
other people. Yeah, good for you guys. That’s great.
MIHAJLOV: So, I decide tomorrow morning to list my house with one of you two. Give me some tips for, you know, let's make this a smooth transaction where my life doesn't get too much disruption. What are some of the suggestions you make to your listening audience?
REKUC: Okay well first major correction -- there's only one broker in this room that you
would list you house with.
MIHAJLOV: That's true That's true, Jill.
HAGERTY: Or two. Hello.
MIHAJLOV: She’s very possessive.
REKUC: I am so possessive of Alex and Trevor.
HAGERTY: Well I helped on one of Alex’s.
REKUC: Yes I mean Sheri is my co-hort. We do a lot of work together. How can we make a smooth transaction. For you, Alex, I don't even really have to tell you what to do. You know.
HAGERTY: Because you listen.
REKUC: -- everything. He knows it innately. And you know, it's really perfect when a client wants -- that is a representation of him. That’s a reflection of him. And he wants his house to be in perfect showing condition. Yeah.
MIHAJLOV: But what are you -- give me two, three or four tips.
CHAMBERS: I mean, obviously, Alex is the exception
HAGERTY: Yeah. So yeah --
MIHAJLOV: You gotta declutter.
HAGERTY: You know, yeah, definitely all of that. I would say that you have to get your home in the most perfect condition you can get it in. And that's where you're going to win. I mean, because I would say that we all came out of a market post pandemic that was like, you put it out there. It’s gone. And you didn't have to do all of that. When you did do it, you did really well. You know, so now we're kind of back to a more balanced market that's fairly normal. Yeah. We were talking amongst my firm. And what's interesting is our two slowest months in 2024, were July and December. So we're getting to be sort of a suitcase, sleepy summer town. At times I think a lot of people leave. A lot of people travel. We have a lot of people go to the beach and Mountains. We’re in the perfect place to go either direction. So, we see a lot of that. And so, we kind of have this summer that it's normal, honestly. It goes back to like 2019, 2018, we had normal summer markets that were slower. That's kind of where we are now. But I think a lot of people that are prepping their homes, take those slower times and get it -- make it a perfect product. Yeah, because when you do it -- that's what I say. Or pre-inspect.
REKUC: Reinspection’s are always a good idea.
HAGERTY: Be ready for any --
REKUC: -- it is good for the seller because there will be a surprise. Nobody can get a home inspection. You know and not have a surprise.
HAGERTY: Yeah. You always do but I would say getting that home in the best condition possible is the way to -- the smoothest transaction.
REKUC: And the best condition is all the cosmetics. Paint, floor, carpet. And then -- if you’re not going to stage with a professional stager, then minimal. Remove --
HAGERTY: Minimize
REKUC: Minimize. Thank you.
HAGERTY: And take advice from somebody who’s like okay, because what I always say to my clients is why your home looks gorgeous the way you live in it, in person it’s different in a photograph. And the photograph is what gets people in the door. The photography now is just incredible. What we do. We make mini movies about houses, basically. I mean our marketing has changed drastically too. You know, look at ten years ago. We had, you know, twenty five photos in MLS. Now we can have up to 100. Which who wants 100? But, we have that capability and we also do a ton of videos. So it’s really important and photos you can kind of hide some things sometimes. You can touch up or whatever but in a video it’s all -- I mean it’s what you see is what you get. So we really have to work at making --
CHAMBERS: What about drones? When do you -- when is it -- when are drones appropriate? What is drone appropriate house?
REKUC: I can tell you when they’re not appropriate.
HAGERTY: When you live behind the busiest street.
REKUC: And you have a .21 acre house. Or .24. I don’t want to show that the houses are 10 feet --
CHAMBERS: Do you get clients that actually like, no I want drones.
REKUC: Absolutely.
HAGERTY: You know, a drone can also get -- not be like just over the home it can be just up higher with a good vantage point. I mean there’s a lot of things they are doing that they’re just incredible with photography.
REKUC: For my tight homes like that, I just don’t go overhead and the sides and I might go up the front door and around from the -- around the backyard. You know, just –-
HAGERTY: More carful where you use it, yeah. But I think the expectations of marketing are crazy.
CHAMBERS: Yeah.
HAGERTY: Which it’s fun too. Because it’s a little bit of a production.
CHAMBERS: I was just thinking -- go ahead.
MIHAJLOV: I was in a meeting with you guys when you had a builder there talking about aging in place. And they’re building a whole community around that. You want to -- you guys want to talk about that a little bit.
REKUC: Yeah. Well, we’ve seen an increase in popularity of these assisted living communities that are very nice with every luxury amenity. And so, people might not go into the earlier but they’re going into them without any health problem. You know, really active. Active – I’ve got a client who teaches Pilates at Hayes Barton Place. Every class is full and they have to hurry up and leave at the end because they’re going somewhere. They’ve got things to do. Everybody -- you know, is moving and shaking.
HAGERTY: There’s definitely a big trend in really luxurious assisted living.
REKUC: Assisted living.
HAGERTY: But you can start off even when you’re perfectly don’t even need to be there and just being smart and then -- and they encourage you to do that. You know, before there’s something wrong. But they’re just incredibly nice and really, I mean, and they’re expensive.
REKUC: Very expensive
HAGERTY: Preparing for that is real important. And you can speak to that. You guys can.
MIHAJLOV: Yeah.
HAGERTY: But --
REKUC: I’ve got a girlfriend who’s mother just went there and two weeks ago she bought a little beach cottage. I’m telling you, they -- you know, she’s in her 80’s and she wanted to have fun at the beach.
HAGERTY: I think also we were speaking about, you know the people that are buying even bigger than you would expect at that age too.
CHAMBERS: I was going to go back to that, actually.
HAGERTY: That’ s kind of a you know, --
CHAMBERS: Opposite of what you think.
MIHAJLOV: Plus people want to stay at home and hang out and make it their own staycation everyday.
HAGERTY: And people like space. You know, I think what happened was we -- I remember when we were -- I was listening to our podcast with you guys late yesterday and it was like we’re staying away from the 9 thousand and 8 thousand square foot homes. You know, everything was trending towards like between 4 and 6. And really highly appointed. Well we had something happen in our world that made everybody had to stay home for a bit and everyone now wants huge outdoor space. And sometimes they want to go back to that big house because they’re staying home and they’re working more from home. And they’re – they want their family to come and stay for periods of time. And grandkids and -- it’s just almost -- it’s really interesting to watch the ages of who are buying these bigger -- I mean we’re going back like the house in Northridge we just spoke about. How big is that house? That’s --
REKUC: Oh, the 95 --
HAGERTY: Yeah. I forget how big but it’s not small. It’s 9. –
CHAMBERS: I didn’t’ think it would be.
REKUC: No. It’s not.
CHAMBERS: It looked big, but yeah. It’s --
HAGERTY: And the house –-
REKUC: It’s over 7,000 square feet.
HAGERTY: Yeah. It’s definitely, so. And the house I just sold in Wake Forest that I mentioned is over -- it’s almost 9,000 feet. So people are going back to it. It’s interesting to watch how -- what happens in the world effects --
CHAMBERS: Oh yeah.
HAGERTY: What -- what you want in your -- your -- home.
REKUC: The one home for sale in Olde Raleigh is 7 -- almost 7,000 square feet.
CHAMBERS: Yeah.
MIHAJLOV: That’s a lot of space.
REKUC: That’s a lot of space.
MIHAJLOV: That’s a lot of space. All right, any --
HAGERTY: Maintenance.
MIHAJLOV: Any closing -- any closing thoughts, ladies? Best thoughts for the people are going to call you right now.
HAGERTY: Trust your realtor.
MIHAJLOV: That’s great -- let me-- let me actually give you a -- something I had. You and I share this conversation a lot. But if you’re going to hire a realtor and hire a professional like you all are, why -- it’s kind of like going to the doctor and the doctor says listen you need to lower your cholesterol. If you trust your doctor, why don’t we listen to the doctor. Why don’t we listen to the realtor when we listen to financial advisor.
REKUC: That’s right.
MIHAJLOV: You know. Otherwise, you sell it yourself. Good luck.
REKUC: Simple but it what’s you’re paying for -- us for.
HAGERTY: That’s right.
REKUC: Is our knowledge. You know, and we -- we will stand behind what we say.
HAGERTY: And what -- was funny is you’ve been doing this for a while, I mean yes there’s great reward in what we do. You know what I mean. Real Estate can do really well but I would say what becomes the goal and it is the goal is that we are trying to accomplish our client’s goal and that’s when we feel good. Is we can make that really happen and make that, you know, make them have a successful you know move to the next chapter.
REKUC: They’re just so happy when --
HAGERTY: When things work out.
REKUC: When things are right -- I had a -- one of the members of Luxury Home Marketing Group call me Saturday night and she said, Jill, she’s been in the business 30 years. She said, “Jill, I just had something so good happen. She goes I worked hard on a home for months, got it perfect with the sellers. Got it ready and she said, “Jill, I sold it in four hours today.
CHAMBERS: Yep.
MIHAJLOV: It’s kind of anticlimactic, isn’t it? You put all this time in and then it’s gone.
HAGERTY: We love that.
REKUC: She’s like you know that never happens. I said well the four hours doesn’t happen but we know all day long when you work like that and you do all that prep work --
CHAMBERS: It’s the details.
HAGERTY: It is. And they’re all important. I mean they really are.
MIHAJLOV: I think the new -- the new house market has ruined the old house market --
HAGERTY: You’re right.
MIHAJLOV: -- meaning you have to have it perfect because people are going to go buy new --
REKUC: Even if they aren’t’ looking for new construction, they’re going to pop in one -- they’ll see one -- they’re going to -- and then they -- they’re going to see that perfect. And they’re going to want to equate --
CHAMBERS: And that goes --
REKUC: -- resell.
CHAMBERS: -- and they’re so primed because it goes back to --
HAGERTY: To what we talked about the other --
CHAMBERS: It’s TV and non-stop on the phones like you get on Tik Tok and its like home trends. Or whatever -- fill in the blank.
HAGERTY: It’s everywhere. It’s everywhere to digress that.
CHAMBERS: Everybody’s primed. Well, I thought it was --
REKUC: Fun.
CHAMBERS: Spectacular.
MIHAJLOV: It is great to see you ladies.
CHAMBERS: We were a little nervous, you know, but we got through it.
MIHAJLOV: We’re not going to do five years again.
REKUC: No.
MIHAJLOV: Six months. We’re going to have you back here and catch up.
CHAMBERS: Just do a quick catch up.
HAGERTY: I think we should do that.
REKUC: Well maybe we’ll have your listeners or somebody can give us some topics that we can talk about.
CHAMBERS: Yeah.
HAGERTY: That’d be great.
CHAMBERS: We --
REKUC: Or we could come with some really interesting topics.
MIHAJLOV: Yeah.
CHAMBERS: Yeah.
REKUC: Like last time we all had fun talking about the fraudulent market.
HAGERTY: Oh my god, I just had a huge case of fraud.
CHAMBERS: Okay. Hold on.
MIHAJLOV: Let’s keep going. Tell us about -- before you tell us the story, that’s the -- another reason -- that’s another layer of protection in what is the biggest transaction for lots of people.
CHAMBERS: We had something with a client, terrible.
MIHAJLOV: Yes. We’ve had --
REKUC: Alex, I think you need -- really need to get your real estate license.
MIHAJLOV: Yeah.
REKUC: You are talking our language over there.
MIHAJLOV: Tell us your fraud story.
HAGERTY: So, this house that I just sold yesterday, we had someone provide a proof of funds that looked completely legitimate,. Had a phone number to call. You know, we always ask for a verifiable proof of funds. Like we’re going to call -- we tell you we’re going to call them. So you know, we call this financial advisor that was listed and spoke to the gentleman. And it was, you know, the best I could do. I mean it was -- we really investigated it hard. We put him in a look at the background. We really check people out because we halve to protect the client, you know, who is coming in their own.
CHAMBERS: You got a little bit of liability --
HAGERTY: We got a lot of liability.
CHAMBERS: It’s like.
HAGERTY: But we also can’t, you know, it’s like once you get a clear on this financial letter and talk to somebody and it can be -- it can be very elaborate. These things can be very elaborate. Planned.
REKUC: The white collar crime schemes.
HAGERTY: And you wonder what is -- what are they really going to get out of it because they put the home under contract. And offered full price and offered $100,000 in due diligence money. We’re all --
REKUC: But never do it.
HAGERTY: And they never delivered the money.
REKUC: Never could.
HAGERTY: It was just a --
MIHAJLOV: Do you think that was someone just being grandiose?
HAGERTY: You wonder what it really -- what that --
REKUC: We spend a lot of time trying to figure out what --
HAGERTY: What is that motivation?
REKUC: What is the motivation? We try to figure it out but each one has a different story.
CHAMBERS: Yeah.
HAGERTY: Turns out that the person -- once I talked to like a couple other people that have some really big listings, years back under a slightly different name, he had shown up. So, if you do see it reappear but it’s just.
CHAMBERS: Yeah. Well. Be careful out there kids. All right. Jill, all right? Be careful out there.
REKUC: I will daddy Trevor.
CHAMBERS: Well, okay, cool. Once again, we are going to end another awesome segment of podcast for Olde Raleigh Financial the Soundtrack to a Financial Advisors Life. Thank you so much. We’ll see you -- we’ll have you again, for sure this year. Well, maybe early next year. Thank ya’ll.