Stuart Vetterick
Brokerage: Hilton & Hyland
Total Career Sales: $300 million
List Ranking: 65
Notable: Has been an agent only since 2015
Stuart Vetterick of Hilton & Hyland started work as a residential real estate agent in 2015, after having held other jobs in the real estate industry.Â
He spoke with the Business Journal about becoming an agent, what buyers want now and his expectations for the year.
What got you interested in real estate?
My interest in real estate began out of necessity when I was working my way through college and needed a job. I ended up getting an internship with a Dallas-based commercial real estate development company, and over the next 25 years I have worked in all aspects of real estate, from development, to acquisition/disposition, to leasing/management, as well as the equity and debt financing side of the business.Â
My career of being a residential real estate agent only began at the end of 2015, after I had moved to Los Angeles. Side note: my mother has been an active residential real estate agent in Dallas for 30 years, so she was very supportive and helpful as I transitioned into the residential world.
How was 2022 for you? How did it compare to other years?
The selling of an Ed Fickett, FAIA, designed Tennis Court Estate in Trousdale, and the acquisition of “The One” were the highlights. 2022 was a year to remember and could prove to be very hard to beat.
Was it a buyer’s or a seller’s market?
2022 began as one of the strongest sellers’ markets in recent memory, but due to rising interest rates, increased inflation pressure, and other geopolitical issues, the market shifted mid-year in favor of buyers, who now had greater leverage on price negotiations.
What do buyers want now?
What buyers want is to buy in the best neighborhoods at the best prices. We are seeing buyers who are willing to take their time and see if the current economic market forces will continue to push prices downward.
Were there any major surprises last year?
The doubling of interest rates, coupled with rising inflation, took many buyers and sellers by surprise, which produced significant market disruption, particularly in the fourth quarter.
How did rising interest rates impact the market?
With the average 30-year mortgage rate slightly over 6%, the prospect of purchasing or even selling a home might be too overwhelming. In fact, according to Redfin, 85% of people who have a locked-in rate below the current rate are holding back the housing market. With the Federal Reserve indicating that it will continue to increase rates, sellers will be dramatically impacted by the market.
What was the most challenging aspect for you as an agent this past year?
Calculating and comparing the value of homes in various areas has been quite complex, with reduced sale transactions and a low inventory across the board.
What are your expectations for 2023?
Increased competition for fewer homes. Home prices are expected to remain stable, if not increase, in 2023 as a result of strong demand for housing; a limited supply of homes for sale due to a lack of new construction; a growing number of homeowners who are choosing to hold on to their properties instead of selling.
Has Measure ULA, also known as the mansion tax, impacted the way people are viewing real estate? Do you anticipate it doing so this year?
Residential properties valued at $5 million or more in Los Angeles County have prompted some owners to list their houses for sale in order to escape the tax’s implementation on April 1, 2023. For those who are unable to evade the April 1 deadline, the tax just serves to discourage them from selling, lowering future potential housing supply. The increased tax has led some buyers to look for properties in locations other than Los Angeles County.
— Hannah Madans Welk
