Navigating The 2024 Real Estate Market Like a Pro
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How Home Buyers Can Navigate the 2024 Real Estate Market Like a Pro

By: Maria Williams

Navigating the dynamic landscape of the 2024 real estate market demands more than just traditional approaches; it requires strategic compromises and expert guidance. In this sit-down, Suzy Minken, a seasoned realtor at Compass, shares invaluable insights into the art of securing dream properties in the competitive and fast paced real estate landscape of 2024. 

Tell us about your background and what sparked your interest in real estate?

SM: Growing up in a 1920’s colonial home at the beach in New York, I developed a passion for interior home design, where the house was transformed with the seasons. Today, we would call this “home staging.”  

After earning a B.S. Degree from Cornell University and an MBA in marketing from New York University, I spent over a decade in corporate consulting in NYC before transitioning into entrepreneurship and launching my own consulting practice.  Like many of my real estate clients, I moved from urban life to the suburbs of New Jersey to raise my family.

My background includes a certification in Feng Shui and establishing a successful home staging business in 2006. This venture naturally paved the way for my career in real estate. Today at Compass, with 14 years of experience as a licensed realtor, I blend my diverse background and passion for architecture, home design and photography to serve the needs of my clients. Whether listing a home for sale or guiding buyers and investors, I excel at recognizing hidden potential in homes and enjoy collaborating closely with builders and architects on various projects. Additionally, through my network of Compass colleagues nationwide, I assist my clients in finding the ideal home, no matter where they desire to move across the country.

In the competitive 2024 market, how crucial is buyer flexibility in search criteria, and why?

SM: Purchasing a home evokes a range of emotions, often starting with excitement which can bring a dreamy vision of the ideal home for buyers. However, in 2024’s sparse housing market, flexibility is key. Buyers with a strong sense of urgency need to be flexible and re-examine their home search criteria.  Certain criteria, such as price and affordability, set the framework for the home buying decision. With wide variation in home styles, overall condition, floor plan, features, etc., buyers need to identify what’s most important to them. The fewer the “must haves”, the more likely to find the home that is just right!

Can you recount a client’s success story with compromise in securing their dream home, including the key factors and compromises made?

SM: When my buyers moved from New York to New Jersey, they sought a 4-bedroom home with a renovated kitchen open to the family room, attached spa bathroom, and great closets. Despite finding a new construction within budget, concerns about the non-private backyard and neighborhood arose. By adjusting their “must haves” and compromises, my buyers found a fabulous 3-bedroom home with expansion potential, large family room, primary bedroom with spa bathroom and exceptional closets. They love their new home and neighborhood, having renovated it just in time for the arrival of their second child!

How do you help first-time buyers identify their compromise areas, especially if they’re unsure of their priorities?

SM: During the initial home buyer consultation, I encourage my clients to share their dream about home ownership and what that feels like to them, focusing on the enjoyment of a new home.  As buyers share their lifestyle vision, we discuss home style, layout, features, property setting, etc. and refine their “must haves” and “compromises” as they see more houses.

How do you help clients pinpoint essential home features under the 80/10/10 principle, and reconsider typical deal-breakers?

SM: Unchangeable features can relate to both the exterior setting of the property as well as interior features. Many buyers do not want to live on a “busy road” and rarely will they compromise. I listed a $1.6 million new construction across from a school which was a deal-breaker for some.  However, the new buyers were swayed because it was an elementary school with “little kids and little voices.” Other buyers have navigated initial preferences for an attached garage when the home they loved came with a detached garage. Another buyer opted for a renovated Cape Cod instead of a colonial design. 

As another example, home prices tend to increase with the number of bedrooms, with an additional bedroom in Northern New Jersey costing approximately $50,000 or more. Some buyers are open to compromising on the extra bedroom if there’s a creative way to designate an area for remote work within the home’s overall design.

In the current tight market, how has low inventory prompted buyers to adjust their search criteria?

SM: The “tight inventory squeeze” has prompted many buyers to expand their search to include adjacent towns just a bit further away. And the search is even wider for some of my New Jersey buyers working in NYC and also house hunting in Westchester and Long Island.

What final piece of advice would you offer to those embarking on the journey to find a place they can truly call “home”?

SM: “Home” holds a unique meaning for each of us, like a warm hug at the end of the day. Discovering your dream home is an exciting, personal journey that unfolds at your own pace. It’s not only a major financial investment but one of the most significant life decisions.  Home extends beyond the house itself into the community and sets the trajectory of your life for many years.  Having a “rockstar” realtor to guide you through the process is crucial in finding a house that truly feels like “home.”

Lastly, how can readers reach you?

SM: Readers can reach out to me at suzy.minken@compass.com or directly at 908-239-9261.  For more information, visit my website: https://www.bestinshowing.com. My Compass office is located at 1200 Morris Turnpike, Suite 3005, Short Hills, New Jersey 07078.

 

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