The Buyer-Seller Paradox with CJ Pace

Host: David Wharton

Episode Title:: The Buyer-Seller Paradox with CJ Pace

Duration: Approximately 8 minutes and 24 seconds

Episode Summary:
In this episode of MP Access, we sit down with Christy “CJ” Pace of Pace Property Asset Management during the FORCE Velocity Conference in Fort Worth. A 26-year industry veteran, CJ shares her observations on the unusual dynamics shaping today’s real estate market—where low inventory suggests a seller’s market, but buyer behavior tells a different story. She explains how affordability, inflation, and shifting consumer expectations are reshaping how business gets done. CJ also emphasizes the importance of diversifying income streams and adapting to technological and market shifts to thrive in the years ahead.

Key Topics:

• Why the current market behaves like both a buyer’s and seller’s market
• The impact of affordability and inflation on buyer expectations
• How corporate ownership is reshaping homeownership opportunities
• Advice for agents: diversify beyond traditional REO
• The value of industry connections in intimate conference settings

Resources & Links:

• MortgagePoint Magazine
• Contact Us

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Transcript

Welcome. We are here at the Velocity Conference for the force here in Fort Worth. We are talking to some of the speakers and the luminaries that are here on the floor with us today. Right now we are going to speak to Christy Pace from Pace Property Asset Management. Christy, thank you so much for joining us today. Thank you.

Now, a lot of people know me as C.J. and I don't know why they didn't put that on my tag and stuff, but, yeah, it's pretty much known as C.J. in the industry. So, C.J., it will be wonderful. Well, C.J., starting out kind of broadly, obviously there's a lot going on in the market right now. There's a lot to keep track of.

There's a lot happening in Washington. A lot to just keep a keep on top of. So from your perspective, in your day to day, what are some of the main trends you're seeing, some of the main headwinds you're dealing with, and how are you working to kind of navigate off that? Yeah, it's I've been down this for 26 years, and this has been the most interesting market I've seen.

What I'm seeing is statistically. Numbers wise, we are in a shortage of inventory, as everybody just seems to be is. And it's still shows. It's a seller's market. But and as Laura I say, it's so interesting. The buyers behavior is as if we are in a buyer's market. So I see this, duality occurring that has never occurred.

What the statistical position that we're in. And that's very interesting to navigate. I'm seeing because of the rates and the buyers ability to purchase their limited and what they can do, and therefore they're demanding a lot more. And in the last, I'd say 7 to 8 months, especially in our market, they are no longer settling. They are no longer just buying the bullet and going.

They're demanding inspection. They're demanding very high end concessions to get in. And the buyer or the sellers pool doesn't know how to react to that because they've seen it for how many years? That well, I can get what I'm going to get whatever I want, and I'm going to add multiple offers and I'm going to be okay. So there's a big shift occurring with the behaviors, but I've never seen a seller's market with the buyers behaving as if it's a buyer's market.

What do you think is is driving that? Is it just kind of this place that we've been at for a while where we're seeing kind of a lot of the same factors for a sustained period since we came out of Covid, of just like the interest rates are not going down to where, you know, people want them to.

But yeah, I think it's a combination. We've got such high inflation rates. So we've had extreme, extreme, debt increase, credit card debt increase. And with Alex, while extensive, I won't say extreme, but we got extensive, savings deflation. So you've got less savings, you've got higher debt to income ratios. You've got higher interest rates and you've got record high prices.

So yeah, it's not one factor. And I don't think it can be corrected by one factor. I think several factors have to adjust. And I'll be the one that people won't agree with in some ways, but I think it needs to adjust because your cost of living is not allowing homeownership. I think the latest study was that average first time home buyer age is now 35.

I'm sorry, but that's deemed a shameful because real estate is supposed to be the American dream. I do also feel like again, I probably will read some shoulder wrong with this statement, but I believe that the corporate buyouts, the corporate buying, the corporate uptake of, real estate is creating a huge problem as well. I truly do. The, when we're seeing more and more of we're more housing developments that are being built or 100% rental, not home ownership.

What what's happened to us as a as a country that's we shouldn't be there. Well, you kind of talked about what all you're seeing across the, the marketplace right now. What advice would you give for people working in the industry right now, whether that be some of our real estate agents or people working on asset management side like yourself?

Could be anything from just tips for now to just general career advice from your career. That kind of goes into the panel that I was on and we talked about diversification. It it's it's it's you cannot be just an Oreo agent anymore. You cannot be just an agent anymore. You cannot be it. It's not going to work like it used to.

So I think diversification is very important. And as we talked about on the panel here, real estate being the core, the engine off of that engine, you've got spindles going in all directions that come off of real estate. Being able to find one of those spindles that you have a passion for or a like, something that you would navigate towards and, you know, fairly nor, you know, what's the word I'm looking for navigate to originally or organically.

There we go. Navigate. Okay. Organically towards pick it up. And I think we discussed on the panel that you need you need for income streams. So if you only got 1 or 2, I highly recommend that you expand that. And if you can't find it in real estate, don't be totally afraid to step outside of that a little bit, because the skills that we acquire doing what we do transposed very easily into a lot of other different fields and industries.

So if you have a passion, go after your passion. If it's not a real estate, but do keep your core real estate. I think Eric said that, at 27% of GDP, the real estate real estate industry is. So there is a lot of money to be made. But with the shifts that we've been seeing in the industry as a whole, it is going to continue to shift with AI and everything else coming.

We don't know where it's going to level. So being proactive versus reactive, but it's us all in a better position. We're obviously about halfway through the the conference here. Conference day. So you talked a little bit about your panel and some of the takeaways there. Which is great. What have been some real highlights from the conference this time around, whether it's people you spoken with or just moments in other panels, things you've learned, what what sticks out for this time otherwise, like the Velocity Conference.

I've been several times. I think I was even at one of the first ones that were ever done, and I think we had like 50 people at it. It was very, very small. But but what I like about the velocity especially is it's very intimate and it allows us space to really connect with people. And that's hard to do at the Oreo conferences.

You end up connecting, you know, at the bar, but that's when you're connecting all through the day with multiple people because of the size. I think that's my biggest takeaway for velocity is that you have that opportunity. Awesome. Well, thank you so much for giving us a few minutes of your day. I remember thank you. Do you have a website or anything you'd like to plug?

Yes. Pace Property Asset Management is my company, and it's, PRM dot real estate. No.com people am dot real estate. Awesome. Well, thank you so much. And thank you everybody for watching. Thank you.