Monday Morning Coffee Oct 19 2020
Market Absorption Report
Happy Monday. I just wanted to reach out to you and talk about a recent market report that I was looking at it this morning. This is an absorption report, which we create every Monday morning for price ranges, zip codes, and areas around us. Looking at the Wilmington absorption report and all of the Wilmington area, there are 523 homes available. Now that's across all price ranges. And in some price ranges, there are single digit homes available. I'll give you an example. If you're looking for a house between $900,000 and a million, you have nine choices. That is just unheard of. In all my 24+ years I guess it is I've never seen anything like this and it's causing a problem.
We've got a lot of people wanting to buy houses and we've got a lot of activity going on. I mean, homes are getting multiple offers. Literally a home goes on the market, especially in some of the sub $500k price ranges and you have six, eight showings the first day and throw offers at it. Some buyers go over asking price. Some buyers still believe it or not are coming in way low. But we've got a lot of people on pause. We also have a lot of people would just refinanced their house and they're like, "Okay." Especially the local people, "I'm going to stay where I am and I'm locked in at two and a half, two and three quarter. I'm not going anywhere."
We have very few houses. We almost have as many houses that are currently under contract as are available and that is unheard of. Some of the price ranges under $600,000 we've got less than two months supply. That means if no more houses were listed in the next two months, we'd have zero houses available. That's just unheard of. It's not really a wonderful time to be a real estate agent although people think it is. Yeah, if you've got a listing it's going to sell now, unless it's overpriced.
I'm going to go over this in another video a little more, kind of walkthrough it, but I wanted to just reach out to you and wish you and your family the best in the coming weeks. There are a lot of folks that are really uptight and are really anxious and are really worried. You have got to find a healthy place to put that and it's not burning something down or tearing something up. So for me and our family, it's our faith. We believe that God is much bigger than all of this.
Be a Positive Light
We believe there will be a path forward, but no matter who wins, who loses, hopefully we can come together. I've got folks that are on the different side of the aisle than me that have been my friends for years and they're going to be my friends going forward. We're going to move forward. Because it's all about relationships. It starts with the family and it moves out to your neighbors, your people in school, your people in work. Please don't let the relationships around you get destroyed by the news media, by social media or by the results of an election. And I'm going to also say reach out to somebody and be a positive light and force in their world. Because some folks that are in situations, they don't have anybody positive right now and all they got is what's on TV and what's on social media. That's not really a good place to be right now no matter what you think.
Pie Day 2020
Our agents and our team and our company at Waypost Realty, we're going to be reaching out to folks because we've got a big event coming up in November. It's our Pie Day that we do for our past clients, current clients, and just some of the folks that we're doing business with now, and our close sphere of influence where we give away a delicious apple pie right before Thanksgiving. So you'll be hearing some stuff about it. But that's what we're going to be concentrating on is reaching out to our folks and trying to be a bright spot in the day. Just having a conversation, not trying to sell you something or list your house, but really just how are you doing. Because that goes a long way now. We're seeing folks that sometimes they tell us on the phone that, "Gosh, it's so nice to talk to somebody that's not in my family, that's not a Zoom call, and that is saying something positive or just not being negative."
And so guys, the real estate market is nuts across the country. It makes no sense with the pandemic going on, but it's going well. A lot of folks are moving out of the big cities. They want to go to the smaller, more rural areas. We've seen more demand in places like Burgaw and Curry and Warsaw and Wallace and things than I've ever seen in 20 some years. If we can help you in any way, let us know.
We Can Help
If you're one of those folks that have a forbearance deadline coming up, you've lost your job or you can't afford where you're living anymore and you're in our area and you just want to have a conversation about options. Man, that's what we do. We have more conversations with people that we don't get paid on than you can imagine. And especially in these times, we'll be glad to have a conversation with you to help you have options. Because what you don't want to do, if you're in one of those situations is put your head in the sand and hope it goes away. Because right now if you're in a situation like that, there are opportunities to get out that may not be there six months from now if the market shifts. And we do think there's going to be a significant shift in the market conditions countrywide at some point in the near future.
So anyway, that's a long Monday Morning Coffee, but I just wanted to reach out and just wish some encouragement into your life because it is going to be an interesting coming few weeks. If you want to talk about real estate or talk about any situation you're in, we're happy to chat. Give us a call. And also there's a couple more video links down below. If you want to get a little deeper into the absorption reports I'm talking about, and also about our Pie Day about what's going on with that. So anyway, thank you so much. Thank you for watching this video.