With an ever-changing market and trends that fluctuate, being aware of the current state of real estate is more important than ever.
Meet Cathy Cagle and Sarah Callaway Sulma—top producing agents at Greenwood King Properties. Cagle and Callaway Sulma recently sat down with Community Impact to discuss their experience as well as recent trends in the real estate marketplace.
What is your background in real estate?
Cagle: I had been working on Capitol Hill and wanted to move back to Texas. I got my real estate license and after about six months I was fortunate enough to go to work for Martha Turner. Sarah was introduced to me by Tony and Donna Vallone; she was my assistant for 10 years then she became my partner.
Callaway Sulma: Martha Turner interviewed me and then stepped out of the room and said “I have the perfect person to put you with”, and it was Cathy. We’ve been together ever since.
What brought the two of you to Greenwood King Properties?
Cagle: I wanted to be associated with a company that is locally owned and had a smaller but highly productive and highly trained agents as well as a company with an impeccable reputation.
Callaway Sulma: We really wanted to keep it small and local—it’s just more personal. It’s a boutique real estate company really, it is very high end in every aspect and we thought it would be a good fit for us.
What does the real estate market currently look like?
Cagle: Interest rates are higher than they have been in a long time, however just to put in perspective, when Martha Turner started her company in the ‘80s the interest rate was 18%. Right now they are hovering around 7% which is much higher than a few years ago. As a result two things are happening: 1. Sellers do not want to move from their house as they are locked into a cheap rate. 2. Some buyers are on the sideline waiting for interest rates to fall and for available inventory to come up that is not available because of the first reason.
Callaway Sulma: Even though interest rates have risen we encourage anyone that can afford it to purchase. In the long run when rates go down you can refinance. When rates finally do fall we predict the pent up demand from buyers on the sideline will result in a large demand with less inventory.
Cagle: It has also been frustrating for buyers that can qualify for mortgages but seeing the huge rise in homeowners insurance premiums because of the insurance companies pulling out or limiting their exposure in certain states.
Callaway Sulma: In many instances it can be cheaper to lease than own. However, it is always prudent to be able to have equity in an asset rather than it go towards nothing.
What are some of the trends seen on the real estate market this year?
Callaway Sulma: Almost everyone stages homes nowadays. It’s rare to see a listed home that is just vacant. You’ve got to stage it. People still like open floor plans but just as many are asking for separation of space. Buyers like the option to have a playroom or a study with doors.
Cagle: Not really a trend but more like a tried and true standard—location, location, location and being in a good school district whether or not you have children really does help with long term value.
What advice would you give to a first time home buyer?
Callaway Sulma: The more you get out there and actually get on the ground and look the more you’re going to find out about the market and have a laser focus on what works for you and what doesn’t.
Cagle: Get yourself a good agent. Someone who’s responsive, trained, experienced and can look out for your best interests. Real estate is a long term relationship with your agent. Get someone to help and guide you with making the right decision because it will be a good investment for you in the long term.
Interested in touring with Greenwood King Properties? Visit the website to make an appointment today.
The above story was produced by Community Impact’s Senior Multi Platform Journalist Sierra Rozen with information solely provided by the local business as part of its “sponsored content” purchase through our advertising team.
