What Was The Craziest Time In Real Estate In The Last 30 Years? – Georgie Smigel
On this episode of The Closing Table, we sat down with Georgie Smigel!
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 Georgie Smigel…
The conversation began with Georgie taking a moment to shed light on her life beyond the realm of real estate. She identifies herself as a wife, a mother, and a grandmother, sharing her passion for entertaining, cooking, baking, and her extensive involvement in school volunteering.
Shifting to her professional identity, Georgie delves into her real estate career. Having been a licensed real estate professional for 34 years, she humorously quips that she started in the field at the tender age of 12. Her journey in real estate began like many others, seeking the flexibility to balance work and raising children. However, she soon discovered that the world of real estate offers a different kind of flexibility that she embraced wholeheartedly.
Georgie’s career has been marked by remarkable growth and achievements. She transitioned from working as a solo agent to managing a team with multiple assistants. Notably, she managed to sell a hundred homes independently before her business expanded to the point where she handled second-generation clients, a testament to her expertise. To meet the growing demands of her real estate business, she started a team, which now comprises 15 members. They have collectively sold over $100 million worth of real estate, totaling 300 transactions, and proudly stand as the top real estate team in Pittsburgh.
Describing her current market, Georgie emphasizes their ability to service a wide range of areas in Pittsburgh, thanks to the specialization of her team members in various communities and suburbs. While their office is based in Cranberry Township, they extend their services across Pittsburgh, ensuring they don’t turn away any prospective clients. She highlights the transformation of Pittsburgh from its industrial steel mill image to a thriving, rehabilitated city, renowned for its three rivers, sports teams like the Steelers, the sailors, and the Pirates, as well as world-class healthcare facilities such as the University of Pittsburgh Medical Center and Allegheny General Hospital.
Economically, Georgie provides insights into the average sales price in Cranberry Township, which stands at $475,000, with properties spending an average of 32 days on the market. She mentions the current number of active homes in the area and notes the seasonally adjusted market conditions. In Pittsburgh as a whole, the average price point hovers around $175,000 to $200,000, making it one of the most affordable cities in the country, emphasizing the city’s economic appeal to potential buyers and investors.
With her extensive experience and knowledge of the Cranberry Township area, Georgie shares some unique insights and hidden gems about the community that might surprise potential buyers or sellers. She points out the strategic location of Cranberry Township, situated at the intersection of Beaver County, Allegheny County, and Butler County. This geographical advantage allows her to serve clients from four school districts, contributing significantly to her success. Additionally, the opening of direct routes, namely 279 and 79, 25 years ago, has made the suburbs accessible for city workers seeking a suburban lifestyle. Moreover, Georgie highlights the presence of Grand Park in Cranberry Township, a sports field catering to people with disabilities, which attracts visitors from various areas.
When asked about a heartwarming story involving a seller emotionally attached to their home, Georgie recalls a poignant experience from the early days of her career. She had the opportunity to sell a 90-acre farm with historical significance, as it was the original stagecoach stop in the area. The owner of the farm had terminal cancer and implored Georgie to expedite the sale to ease his wife’s burden after his passing. This transaction was challenging, with complexities like well, septic, zoning issues, and Indian burial grounds. Despite these hurdles, they persevered and managed to close the deal just before the owner’s passing. As a touching gesture, the owner’s wife crocheted an angel for Georgie’s Christmas tree, a cherished memento that she still uses every year. This emotional experience left a lasting impact on Georgie.
Regarding a rewarding client interaction, Georgie fondly recalls a recent instance where a couple reached out to her about a listing. During the showing, the clients shared a heartwarming story – when they had first moved from the South, they attended one of Georgie’s open houses. Even though they had been renting in the interim, they always planned to connect with Georgie when they were ready to purchase a home because of her kindness during that initial encounter. Georgie successfully found them a suitable property, leaving both the buyers and sellers delighted. Their relationship didn’t end with the sale; Georgie was invited to their daughter’s graduation party, marking the beginning of a lasting friendship. This story exemplifies the meaningful connections and relationships that Georgie values most in her real estate career.
When asked about a situation involving the purchase or sale of a property with complex legal or zoning restrictions, Georgie draws on her experience of selling farms to developers. In these cases, the farms needed to be rezoned from agricultural to residential, and various changes were required, such as bringing in public water and sewer services and adjusting lot sizes to create a new neighborhood. Georgie notes that she was fortunate to learn from a skilled developer and emphasizes the importance of surrounding oneself with experienced professionals in zoning, surveying, and legal matters. She also highlights the need to ask questions and seek out individuals with the necessary expertise to navigate such complex transactions successfully.
Reflecting on her 30 years of experience, Georgie discusses the cyclical nature of the real estate industry. She acknowledges the unpredictability of the current market and notes that while some properties may take longer to sell, well-maintained homes still move quickly. She mentions the contrast between the 20 offers they received on a property 18 months ago compared to the three offers they currently receive, attributing this shift to rising interest rates and a shortage of available properties. She also recalls 2008 and 2020 as two of the most impactful and tumultuous years in her career.
The conversation wraps up with Georgie sharing the approach she would take to homeownership given today’s resources and knowledge. She emphasizes the availability of various programs from lenders to assist first-time buyers in navigating high-interest rates. She encourages prospective buyers not to be discouraged by the current rates, as renting can often be costlier in the long run, without the benefits of tax deductions and equity. Georgie particularly enjoys helping first-time buyers, as she can educate them about their options and priorities, such as understanding that a solid roof is more important than granite countertops from a cost perspective. She stresses the importance of understanding one’s budget and the potential tax deductions associated with homeownership. Georgie’s advice includes considering adjustable-rate mortgages, making extra payments on the principal to buffer against interest rate increases, and exploring options to get a foot in the door of homeownership, ultimately emphasizing the long-term financial advantages of owning a home.
Check out Georgie Smigel:
Facebook: https://www.facebook.com/georgie.smigel
Facebook Business Page: https://www.facebook.com/TheGeorgieSmigelGroup
Instagram: https://www.instagram.com/georgiesmigel/
Instagram Business Page: https://www.instagram.com/thegeorgiesmigelgroup/
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