How To Search For Downriver Real Estate Deals In Michigan? – Seth Harvell
On this episode of The Closing Table, we sat down with Seth Harvell!
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 Seth Harvell…
The conversation began with a this or that icebreaker on starter homes, solar panels, and more. Seth introduces himself as a devoted family man who places a strong emphasis on his family life when he’s not immersed in the intricacies of the real estate business.
From a geographical and economic standpoint, Seth’s real estate activities are centered on Southeast Michigan, specifically encompassing Wayne County, Oakland County, and Macomb County. However, his niche expertise lies in the downriver area, where he spent his formative years and has an intimate knowledge of every neighborhood. Over the next few years, Seth intends to channel the majority of his efforts into this downriver region.
In terms of market specifics, properties in the downriver region typically fall within the price range of $200,000 to $400,000, varying depending on the specific city. Homes here tend to have an average listing duration of 15 to 30 days, though move-in-ready properties tend to sell with exceptional speed. Generally, it takes about 2 to 4 weeks before solid offers are received on listings.
A typical day in Seth’s real estate career unfolds as follows: His workday kicks off at 8 in the morning and extends until noon. During this time, his primary focus is on business development. This involves making phone calls to prospect for new listings, following up with potential clients, or searching for clients seeking specific types of listings. Given the fast-paced nature of the current housing market, properties often come off the market almost as soon as they are listed. Thus, if Seth has a client looking for something specific, he aims to secure off-market properties to minimize competition. These off-market properties might be vacant or available for rent but are not currently listed on MLS or Zillow.
Following a brief lunch break, Seth returns to the office, typically from 1 to 3 pm, to handle various transactions, including negotiations and preparing listings for market. His afternoons, from 3 to 6 pm, are dedicated to listing appointments, during which he meets with potential clients to discuss their real estate needs and showcases the properties he can offer.
Seth has recently been involved in hosting public virtual engagements alongside a mortgage loan originator named Steve Frost. He believes that Steve Frost is the best mortgage loan officer he has ever encountered, given Frost’s superior knowledge of mortgage interest rates. Understanding the pivotal role interest rates play in the current market, Seth and Frost frequently engage in discussions about market conditions. These discussions take place on a regular basis, keeping clients informed about market trends, interest rate fluctuations, and projections for the future. These insights help clients make informed decisions about whether it’s the right time to make a move in the real estate market.
Next, Seth emphasizes the advantages of condos as an excellent option for first-time homebuyers. Drawing from his own experiences, he recalls living in a condo during his childhood, which left him with positive impressions. As a first-time homebuyer himself a few years ago, Seth found that condos offered several benefits, particularly for individuals who are just starting to establish their households. Condos are a wise choice because they reduce the burden of home maintenance and yard work, which can be time-consuming and demanding. For young buyers juggling work and family life, condos can provide a more manageable homeownership experience, allowing them to focus on other aspects of their lives.
Seth candidly shares the lessons he learned from his initial real estate transactions. He entered the industry shortly after high school in 2017, took a break, and then returned to real estate about a year ago. His first significant transaction, a listing for a home valued at approximately $275,000, was a referral. In his eagerness, Seth initially overestimated the property’s worth to the client before even seeing it. However, when he visited the property, he discovered that it was in worse condition than he had assumed. This experience taught him a valuable lesson about setting realistic expectations and accurately assessing property values, leading him to adjust the listing price accordingly. It was a valuable early lesson that has since shaped his approach to real estate transactions.
The two then discussed the 7 Common Mistakes post that Seth has on his page. He begins by acknowledging that he previously highlighted seven common mistakes that people make when it comes to real estate transactions. However, he decides to focus on the second point, which is relying on Zillow, a common practice for many, including himself when he was starting out in real estate. He points out that Zillow is often the first place people turn to when looking for property information. Unfortunately, many individuals are unaware of other valuable resources available to them before resorting to Zillow. Seth also highlights the issue of Zillow providing frequently inaccurate estimates of home values, which can lead buyers to develop unrealistic expectations before consulting with a real estate expert.
Seth then shares a bit about his journey into real estate. He explains that he got into the industry while still in high school. Initially, he was involved in buying and selling comics on eBay, which was a successful venture. This experience led him to consider what other high-value items he could handle with greater professionalism. At that time, he wasn’t particularly passionate about comics; he simply recognized an opportunity and purchased bulk comics for resale online, eventually leading him to explore a career in real estate.
When Kevin asked about why Seth took a break from real estate and then returned to it, Seth opens up about his journey. He shares that straight out of high school, he lacked the maturity needed to handle the level of success he could have achieved in real estate. Looking back, he realizes that achieving substantial success at such a young age might have had negative consequences. Seth initially joined one of the largest real estate teams in Michigan, where he learned a great deal. However, he admits that he was young and naive, made poor choices in terms of associations, and found himself on an unexpected path. Eventually, he decided to step away from real estate for a few years to explore other opportunities. Returning to real estate was driven by his desire for a fulfilling career that would provide a better life for his family.
The conversation wraps up with Seth sharing a quote that has impacted him both personally and professionally: Hofstadter’s Law, which states, “It always takes longer than you expect, even when you take into account Hofstadter’s Law.” This quote serves as a reminder that tasks often require more time than initially anticipated, even when one factors in potential delays. It encourages careful planning and realistic expectations, which are crucial in the real estate industry and life in general.
Check out Seth Harvell:
Facebook: https://www.facebook.com/profile.php?id=100085158275601
Facebook Business Page: https://www.facebook.com/profile.php?id=100084784732065
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