Is New Construction Or Resale Properties More Valuable in Raleigh, NC? – Sherine Moghazi
On this episode of The Closing Table, we sat down with Sherine Moghazi!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…
Here’s what you missed from Sherine Moghazi…
The conversation began with Sherine, a North Carolina native, unveiling facets of her identity beyond the realm of real estate. Her roots are deeply embedded in the state, she has traversed various cities, including Raleigh, San Francisco, Atlanta, and Dubai. Returning to Raleigh with her daughters, Sherine’s journey into real estate was propelled by an intuitive understanding of the industry. As a single mother of three, she passionately advocates for female empowerment, instilling these values in her daughters. Her love for global exploration fuels her desire to learn about diverse cultures, architectural marvels, varied cuisines, and the essence of different societies.
Delving into the realm of real estate was a natural progression for Sherine, influenced by her family’s investment endeavors. Growing older, she actively engaged in real estate discussions with her family and discovered an inherent intuition for the field. Driven by an entrepreneurial spirit and a desire for independence, she ventured into real estate upon returning from Dubai. While comprehending the fundamental principles of real estate, she quickly recognized the crucial aspect of client acquisition.
Over the course of a decade, Sherine has cultivated a clientele that spans local and international spheres. Initially starting with first-time homebuyers, her expertise has evolved to encompass a diverse portfolio, including international and local investors. Specializing in luxury real estate, Sherine remains steadfast in her belief that all consumers, regardless of the price point, deserve dedicated representation. Her business philosophy revolves around being unwaveringly present for her clients, a principle upon which she has built her successful enterprise.
Sherine operates in an area encompassing several counties, including Wayne, Orange, and Durham counties. The focal point of her market is the Research Triangle Park (RTP), a hub modeled after Silicon Valley, housing pharmaceutical and tech companies. The west side of the counties, where RTP is situated, experiences significant economic activity, with the presence of universities such as Duke, UNC Chapel Hill, and NC State. On the east side, counties like Wayne and Johnston host regular businesses without a major force akin to RTP. Despite being less expensive, prices across the entire region have risen by approximately 10% since January. The area is rich in attractions, from the vibrant culinary scene in Raleigh to the diverse offerings of the local art museum, scenic trails, and Lake Jordan. The community is culturally diverse, drawing in people from around the world due to the universities and RTP. The weather is generally mild, with occasional snowfall and a pleasant climate throughout the year.
Sherine also provides insights into the economic landscape of her market, tracing back to the post-COVID boom in 2021. During this period, non-refundable deposits soared from 5-10k to 50-200k, creating a challenging environment for buyers without substantial cash reserves. While the market still favors sellers, it has become more balanced and realistic for buyers since the beginning of the year. Prices experienced a 10% increase, with an average home spending 53 days on the market. The sale price typically ranges from 98-102% of the asking price, but unrealistic expectations persist due to some agents and buyers overpricing properties. The market continues to grapple with a shortage of supply, particularly in the resale sector, while new construction remains active. Public transportation remains a challenge in the area.
With a profound passion for architectural design, particularly in the realm of new home development, Sherine reflects on two distinct challenges where her expertise played a pivotal role. In one scenario, Sherine collaborated with a custom builder aiming to construct a modern home in a more traditional neighborhood south of Raleigh. Despite initial skepticism about finding a buyer for such a modern dwelling, Sherine recommended listing it at 1.5 million. The house lingered on the market, but eventually, the perfect buyers emerged. To seal the deal, the builder added features like a third car garage turned man cave. The success not only secured a happy homeowner but also positioned the property as the avant-garde gem in the entire suburb, shattering preconceived notions about modern architecture in the area.
Another challenge involved Sherine’s keen sense during a relocation deal. Despite the apparent beauty of an older, renovated home, Sherine persistently detected a natural gas odor. While inspections initially identified and fixed one gas leak, Sherine’s continued concern led to a thorough reevaluation. Uncovering six gas leaks, the situation escalated to the brink of closing. Resolute in prioritizing safety, Sherine’s refusal to proceed prevented potential harm to the buyer and averted a looming lawsuit. This experience underscores her firm stance on the importance of inspections in real estate transactions.
Shifting gears to the dynamic landscape of real estate marketing, Sherine shares her inclination for simplicity and the impact of video content on social media. While acknowledging the typical platforms, Sherine emphasizes the need for educating the audience. Through informative videos, she demystifies the real estate process, debunking misconceptions fueled by popular shows. By engaging her local audience with content that extends beyond traditional buying and selling topics, Sherine establishes a connection that goes beyond transactions, fostering a community of informed and appreciative viewers.
As a real estate consultant with a diverse set of specialties, including collaboration with custom builders and navigating investment properties, Sherine shares insightful experiences that showcase the breadth of her expertise. Recently, Sherine recounts a project where her clients engaged with a custom builder to craft their dream home from the ground up. The process involved selecting a lot, with the builder providing allowances for various aspects like kitchen appliances, molding, and decorative elements. Clients collaborated closely with a designer at every step, ensuring the home reflected their vision. Sherine highlights the importance of finding the right custom builder who aligns with the client’s concept, emphasizing that her clients were thoroughly delighted with the outcome. In doing so, she addresses common misconceptions associated with new construction, emphasizing the need for a compatible builder to bring the client’s vision to life seamlessly.
The conversation wraps up with Sherine exploring the concept of loan assumption, a method where someone takes over the existing mortgage of a property from another party. While acknowledging she hasn’t facilitated a loan assumption transaction, Sherine provides valuable insights into the circumstances where this approach makes sense. She notes that loan assumption was prevalent during times of extremely high interest rates, typically in double digits. Though current rates are not as high, Sherine suggests that if interest rates were to rise significantly, assuming a loan with a lower interest rate could be financially advantageous. While not a common occurrence in the past decade, Sherine encourages considering this option if the potential interest savings are substantial compared to prevailing market rates.
Check out Sherine Moghazi:
Facebook Business Page: https://www.facebook.com/revolverealtygroupnc
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