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- The housing market is as competitive as ever, with the median sale price of an existing home in the United States rising over 23 percent in the year since June 2020.
- Real estate industry expert Steph Ellis from StephanieEllisHomes.com sheds light on the industry and home-buying process for prospective buyers.
- Check out more real estate articles HERE.
It’s chaos out there.
The housing market is so competitive right now, prospective homeowners are doing everything short of pawning off their first-born to sweeten their offers on dwellings they would’ve mindlessly scrolled by in 2018.
The median sale price of an existing home rose to a record high of $363,300 in June, up 23.4 percent in the year since June 2020, no thanks to super low interest rates, federal stimulus, and a coronavirus-fueled urge to leave this earth with some equity in it goddamnit.
Very few know the housing market better than Steph Ellis of StephanieEllisHomes.com, a former Penn State lax athlete turned Compass power salesperson with over a decade of experience servicing the Philadelphia area, a market whereby homes are selling faster and for more money than ever.
We sat down with Steph on our Endless Hustle about the biggest shift in the mechanisms within the real estate business from when she started in 2011 to current day.
Real estate expert Stephanie Ellis on housing market volatility and the importance of consumer experience in the industry.
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“Technology was nowhere where it is today. Everybody knows everything by the time they get to me. They know 35 homes and the stats about all of them.
There are also a lot of agents in the industry and in the state of Pennsylvania as I understand the barrier to enter across the country, it’s very easy to get your license. And you’re not only navigating treacherous markets, but you’re also working with a lot of people that may or may not be particularly qualified. I think we’re seen a few agents exit the business who didn’t do so well, which is helpful because you want to have a good consumer experience.
The market was nowhere near where the market is today in terms of volatility, supply and demand.
But the number one thing is technology. Things are changing at lightning speed and if you are not two steps ahead, you’re already five steps behind.”
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Ellis then details her “home-buying checklist” when meeting with prospective buyers to ensure their goals are reasonable and aligned.
Check out our full interview with Steph below and Philadelphia hopefuls should head over to StephanieEllisHomes.com for the services of a trustworthy real estate veteran.