One Repair From Broke: Why North Texas Homeowners Are Facing Serious Financial Pressure

So I am, me personally, am, am encountering sellers who have a desire to move due to some type of financial strain. So it's not necessarily the leisure sellers like, "Oh, I just want bigger home," or, "I don't need all this space." It's more so a, "I lost my job, and we can't afford this," or, "The taxes hit us. We bought new construction, and we can't afford it now because it's just a lot. My escrow account is negative. The bank is saying that I need to supply it." So that type of situation. Insurance go- going up.

Yeah.

Insurance claims. Um, we have horrible foundation issues here in North Texas, and repairs even. One repair bill. A lot of people are one repair bill away.

Welcome to The Real Estate Pros Show, where we interview real estate investing professionals from coast to coast, as well as the service providers that serve the real estate investing industry. Our goal is simple: share what's working now to help you improve and scale your business to the next level and meet the pros that can help you get there. Real Estate Pros is powered by Investor Fuel, America's leader in helping real estate investors and professionals build the business you need to live the life you've always dreamed of. Let's start today's show. Hey, folks. Welcome back to the show. Today, we're joined by Chaston J. Miles, a Dallas-based real estate entrepreneur, licensed Texas agent, TEDx speaker, author, and CEO of Power Unit Coaching. Chaston, thanks for joining us here today.

Thanks for having me. Excited to be here.

What types of deals are coming across your desk these days?

Great question. Actually, the types of deals that are coming across my desk aren't my favorite type of deal. I'll say that to start. But lots of deals where homeowners need to get out of their home. So on the listing side, prices have gone up, the economy has changed, and we have a lot of homeowners who are in positions where they need to get out of their home, and they would prefer to get out of their home quickly. However, we're not in that type of market where homes are moving very quickly, and a lot of them are kinda facing foreclosure. And so lots of pressure, lots of fast-moving parts, but that's what we're seeing a lot these days here on my team specifically.

You mentioned, uh, that prices are going up, and at the same time, it's more challenging to, to sell, uh, homes. And I'm seeing a similar thing. It- it's interesting because you have so many builders ground up new construction happening, that if you have a pre-owned home and you're trying to sell that home, the kind of good reasonable expectation set i- is that there's more competition for this home, and that buyers can be pickier because there's inventory out there right now. Are you seeing the same thing?

Yeah. That's one advantage to the buyers, just the amount of inventory out there. But unfortunately, we don't have a lot of buyers coming out the woodworks either. Interest rates these days are not keeping people in such a favorable position when they're considering buying a home. And just sticker shock, someone seeing a rate of 7%, seven and a half, a quarter, whatever, is a turn-off for a lot of people. And so we have people who