Every week, we ask an Boston real estate professional for their thoughts on the top trends in Boston real estate.
This week, we talked with Patryce Sarno, a real estate agent with Shilalis Real Estate.
Boston Agent (BA): As a former mortgage professional, what advantages did you have moving into the sales side of real estate?
Patryce Sarno (PS): There are several advantages that gave me an optimal leap from working in the mortgage industry and moving onto real estate sales. One of the strongest advantages is the familiarity in every single process that goes into it from A-Z. Starting from submitting the offer and the process it takes to get to the closing table. On a more personal level, it gives me more confidence and contentment in the process, which makes the transaction a lot smoother. Another huge advantage I have is rather than referring my clients to the conventional banks that have very limited loan programs, I refer them to loan officers instead, which is a substantial advantage for them. They have all the resources and ability to work with several different lenders to help my clients find the best rates and programs, and the absolute optimum and attentive service they need during the process, along with closing their loan faster, and more effectively.
BA: Cultivating an online presence has become an integral part of remaining a top agent. How has social media played a role in your efforts online?
PS: First and foremost, social media has played an immense role in my career. To be honest, when I first started my social media presence it was difficult for me. I did not know where to begin, but I knew it was a necessity to get out there. I would compare it to a puzzle (sounds silly) but it felt like a challenge and every piece of the puzzle is as unique as my clients. Slowly but surely I began to see the pieces coming together. Once it is complete, not only am I social media savvy, but I am able to analyze results. Now, for those that are puzzle enthusiasts, you know that you’re always stepping up your game. I strive to better my tactics and will continue doing so, whether it be via Twitter, Facebook, blogging, etc. Cultivating social media allows me to be in harmony with every client. Each platform yields me in the right direction to market myself, communicate, and finish the masterpiece of each puzzle in this digital age. Consistency is key, and what better way to achieve so than to use the powerful medium of social media!
BA: The latest Case-Shiller Home Price Indices showed that for November, home prices continued to moderate, falling 0.2 percent from one month prior. It’s not a huge drop, but it is encouraging. Do you think prices will continue to fall to more affordable levels as we move further into 2015? Why or why not?
PS: No one can predict the future, right? But lets at least start off by thinking of this as the game of Monopoly. The players in this case are real estate investors, first time homebuyers, and homeowners that are finally able to come up for air and avoid the Monopoly effect if the housing market didn’t evolve. In 2014 home prices skyrocketed and most first time homebuyers stepped away making most of these sales come from investors. Strategically waiting, they saw an opportunity that couldn’t be passed up so they went for it. My prediction for the 2015 housing market is that homes will be more affordable. It’s all about supply and demand. If the supply of housing is limited prices increase. Oversupply creates lower prices for housing. In the next month or so there will be an increased housing inventory that will originate from real estate investors and homeowners who avoided the Monopoly effect. Therefore, first time homebuyers will be able to buy their homes at a more affordable price and are able to choose from a larger inventory. Monopoly is a board game with valued lessons. Keep an open mind and spread yourself across the board wisely, retain cash on hand, keep your focal point on cash flow, and be patient. Patience is a virtue! As long as you keep these lessons in mind, you will be able to make intelligent and successful decisions.