{"id":40114,"date":"2024-10-15T13:48:56","date_gmt":"2024-10-15T17:48:56","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=40114"},"modified":"2024-10-15T13:48:56","modified_gmt":"2024-10-15T17:48:56","slug":"the-real-estate-owned-segment-of-the-industry-is-increasing-in-the-capital-district","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2024\/10\/the-real-estate-owned-segment-of-the-industry-is-increasing-in-the-capital-district\/","title":{"rendered":"The ‘Real Estate Owned’ Segment Of The Industry Is Increasing In The Capital District"},"content":{"rendered":"
\"\"
Tom Trevett has extensive experience with REO (real estate owned) properties.
Saratoga Business Journal photo<\/figcaption><\/figure>\n

By Christine Graf<\/p>\n

During his 37-year career in real estate, Ballston Spa real estate agent Tom Trevett has worked extensively in the REO (real estate owned) sector of the industry. REO refers to property that has been foreclosed upon and is owned by a bank or other lender.<\/p>\n

\u201cI own a full-service real estate company serving commercial, residential, and new construction, but I seem to have found a niche in REO–real estate owned by banks and corporate entities like hedge funds and trusts,\u201d said Trevett, an approved REO broker who works in nine counties throughout the region.\u00a0<\/span><\/p>\n

For the companies he represents\u2014companies whose names he prefers not to disclose–Trevett works as the listing broker, a job he described as labor intensive.<\/p>\n

\u201cCorporate companies and hedge funds demand a lot from you as far as servicing their properties–weekly inspections, monthly status reports, and broker price opinions every ninety days,\u201d he said.<\/p>\n

<\/span><\/span><\/b><\/span><\/span>The REO sector of Trevett\u2019s business took a nosedive at the height of the COVID pandemic. During that time, the government along with many states put foreclosure moratoriums into effect. Although there was a surge of foreclosures when the moratorium expired, the number wasn\u2019t as high expected due to the dramatic growth in home value that occurred during the pandemic. As a result, many homeowners were able to avoid foreclosure by selling their homes in the open market where bidding wars were the norm. \u00a0<\/span><\/p>\n

According to Trevett, it wasn\u2019t until this year that the local REO market began to rebound significantly.\u00a0<\/span><\/p>\n

\u201cBefore COVID, about 80 percent of my business was foreclosures. This year, I\u2019m finding that the inventory for REO bank foreclosures is increasing again.\u201d<\/p>\n

Trevett anticipates that foreclosures will trend upwards, a result of high interest rates and inflated home prices.\u00a0<\/span><\/p>\n

\u201cWith people are paying $30,000 to $50,000 over list price and high interest rates, I think we will see an increase in foreclosures\u2014not immediately but in the future.\u201d<\/p>\n

On the non-REO residential side of his business, Trevett said demand continues to outweigh supply.<\/p>\n

\u201cHere in Upstate New York and the Northeast, we\u2019re very fortunate. We\u2019re still seeing multiple offers on properties. When I list a property, I have multiple offers coming in by the next day, and it usually sells $20,000 to $30,000 over list price.\u201d<\/p>\n

When attending a real estate conference in Dallas last month, Trevett learned that realtors in other areas of the country are not as fortunate.\u00a0<\/span><\/p>\n

\u201cI spoke to a lot of other realtors and brokers from across the country,\u201d he said. \u201cThey are experiencing a slowdown because of the interest rates and because of the new real estate laws.\u201d<\/p>\n

Trevett is referring to changes in real estate laws that took effect in August of this year, changes that are expected to reshape the entire industry. Sellers are now able to negotiate real estate commissions, no longer required to pay a commission to the buyer\u2019s agent. As a result, buyers must sign contracts with their agents, ones in which they agree to pay a commission to their agent if the seller opts not to.\u00a0<\/span><\/p>\n

Industry experts predict that these laws could result in a 25 percent to 50 percent decline in real estate commissions along with an increase in flat-fee and discount brokerages.<\/p>\n

\u201cWe\u2019ll see within the next six months or a year how this works out for both the buyer and the real estate industry,\u201d said Trevett, noting that FHA buyers are likely to be the most significantly impacted. \u201cFirst time home buyers going FHA don\u2019t have a lot of money, and if the seller is not willing to pay a commission to the buyer\u2019s agent, it\u2019s going to be difficult.\u201d<\/p>\n

When asked about the local commercial real estate market, Trevett said it has been lukewarm. \u00a0<\/span><\/p>\n

\u201cThe market has been impacted because more people are working from home. But if the properties are priced right, they usually sell. And again, Upstate New York area is unique because we\u2019re not seeing a slowdown like the rest of the country. I\u2019m happy to be selling real estate in Upstate New York because it\u2019s still a very strong market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

By Christine Graf During his 37-year career in real estate, Ballston Spa real estate agent Tom Trevett has worked extensively in the REO (real estate owned) sector of the industry. REO refers to property that has been foreclosed upon and is owned by a bank or other lender. \u201cI own a full-service real estate company […]<\/p>\n","protected":false},"author":89,"featured_media":40115,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-40114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"yoast_head":"\r\nThe 'Real Estate Owned' Segment Of The Industry Is Increasing In The Capital District - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2024\/10\/the-real-estate-owned-segment-of-the-industry-is-increasing-in-the-capital-district\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"The 'Real Estate Owned' Segment Of The Industry Is Increasing In The Capital District - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Christine Graf During his 37-year career in real estate, Ballston Spa real estate agent Tom Trevett has worked extensively in the REO (real estate owned) sector of the industry. 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