Alright – so today we’ve got the honor of introducing you to Ryan Gomillion. We think you’ll enjoy our conversation, we’ve shared it below.

Ryan, thanks for joining us, excited to have you contributing your stories and insights. So, let’s start with trends – what are some of the largest or more impactful trends you are seeing in the industry?

Right now, one of the hottest topics in my industry is the higher mortgage rates. After we saw rates sink below 3% during 2021, having them spike to above 8% just over 2 years later is a big shock for buyers and sellers. You’ll see a lot of doom-and-gloom about this on major media sites, but honestly this creates a lot of opportunity despite some negative effects.

First off, <3% rates was not sustainable. It kicked off an incredible real estate boom that the industry could not keep up with. Throughout 2021 and some of 2022, houses were selling within hours sometimes and, usually, for well over asking price. While the lower rates created a favorable situation on the mortgage side, most people were overpaying for their homes.

In the present year, we’re seeing the consequences of this trend. Some sellers and home flippers who purchased properties in the past two years now owe more on their homes than what buyers are willing to pay in the current market. For those who need to relocate due to work, family, or circumstances beyond their control, this can present a significant challenge and may result in a net loss.

The higher mortgage rates do create opportunities, though. First off, home prices have decreased. Since rates are higher, buyer purchasing power has decreased and this is reflected in home prices. On this trend, typically you aren’t seeing raving multiple offer scenarios anymore, and sellers are more open to contributing towards costs that the buyer may have covered in 2021.

Second, housing inventory has increased. Supply has had a chance to catch up due to decreased demand compared to the years 2020-2022. This provides buyers with more options to consider and contributes to lower home prices as sellers face increased competition.

Third, there are incredible deals on homes available right now. New home builders, in particular, are offering concessions to buyers that can be used to lower mortgage rates, cover closing costs, or invest in additional home upgrades. Even resale home sellers are offering cash incentives to help buyers lower their mortgage rates.

In summary, buyers hold more power in the Austin real estate market than they have in quite some time. Yes, rates are higher, but prices are lower, housing inventory is greater, sellers are more open to negotiation, and there is less competition.

One of my recent clients found their dream home, and we submitted an offer below the asking price, while still being competitive with the market. Surprisingly, we discovered that we were competing with another offer. We adjusted our offer slightly, but it remained below the asking price, and we ultimately won the contract. The best part? The seller covered almost all additional contract costs, including title insurance, HOA certificates, and the cost of a new survey if one was needed. This demonstrates how much power a homebuyer wields today, especially when teamed up with a knowledgeable real estate professional.

Ryan, love having you share your insights with us. Before we ask you more questions, maybe you can take a moment to introduce yourself to our readers who might have missed our earlier conversations?

I started in real estate while in college, working for a small brokerage structured around helping students find properties to lease around UT. I was good at it, and I enjoyed the challenge and reward of working with my clients. As I approached graduation, I realized I wanted to make a career out of real estate and chose to join my brokerage full-time as a sales and leasing agent. Over the years, I have gained valuable experience, completing numerous leases and making several successful sales. However, after eight years in the industry, I needed to challenge myself further. In March 2023, I joined eXp Realty, a forward-thinking brokerage that has energized me and provided me with new connections and income sources. I am now even more driven to succeed and make the most of the opportunities that come my way.

I’m known for my patience, hard-working, and empathetic approach to every transaction. My goal is to provide the best service possible and win the future business of my clients, friends, and family. This is encompassed in my brand as the Gomillion Dollar Agent and is where I can be found online, @gomilliondollaragent.

What’s been the best source of new clients for you?

My best source of new clients has always been referrals and personal relationships. That said, this year my social media and YouTube accounts have been attracting new business for me. I’ve been posting consistently across Instagram, Facebook, and YouTube for the past 7 months and it is gaining traction.

More and more people are going to social media or YouTube to begin their housing search and so I’m trying to provide entertaining and informative content to help them out.

Any insights you can share with us about how you built up your social media presence?

The hardest part was starting. The fear of judgement and the fear of failure come together to make it hard to start a social media presence. The secret though is that the whole point of the platform is to be judged, and only the audience that matters will stick around. As much as you try, not everyone will like you and they will naturally weed out of your audience. Once you build a solid base, then you’ll start attracting an audience that aligns with your personality and content.

The second hardest part is staying consistent. Social media content is designed to grow old and cycle out of the content rotation. The algorithms reward those who post consistently by pushing their content in front of viewers. I suggest those wanting to build a solid social media presence to post once a day, leveraging both reels and pictures.

My overall advice is to jump into it and figure it out as you go along. Social media, like most things, is best learned by trying, failing, and adjusting forward. It’s easy to fall into analysis paralysis by trying to design the “perfect” content. I say just start posting and take the feedback as it comes. You most likely won’t be good at it at the start and that’s okay – it is a skill that you’ll improve at over time.

Contact Info:

• Website: https://ryangomillion.exprealty.com/
• Instagram: https://www.instagram.com/gomilliondollaragent/
• Facebook: https://www.facebook.com/ryan.gomillion
• Youtube: https://youtube.com/@gomilliondollaragent?feature=shared

Image Credits
Alexandria Schnell