Now Is NOT The Time for FSBO

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Hey, this is Buddy Blake here with eXp Realty in Wilmington, North Carolina. I want to wish you a happy Monday, wherever you may be and just give you a quick update of what's going on in the real estate market here in Wilmington. It's been very busy. We just came off our team, a record number of sales in April, and again, a record number of closings coming up in May, which is phenomenal. We're having to work harder than we ever had because of, obviously there are not that many listings anywhere in Wilmington or anywhere in the country to speak of, not many more than that and the surrounding area, so there's a lot of stuff going on and I don't think the average seller knows.

We're seeing some properties go to Zillow, for sale by the owner and things like that and normally we see that happen. They're typically asking for more money than they would get in the MLS, with a realtor, and then they go to a realtor a lot of times. What we're seeing now, I mean, constantly we're seeing things hit the market because I get an automatic update of every for sale by owner that comes out on Zillow. I have that built into my system so that I can see it and we're seeing properties come on the market and quite honestly, home sellers think they're saving money by putting it on Zillow and not paying a commission to the listing agent.

Typically, they're going to have to pay one to the buyer's agent on the buy-side of it, because most buyers are looking with agents, especially once you get over a certain price range. They're putting them out there for cheaper than what the market will bear because they're looking at the comp data and in a normal time, we simply look at the comps, but what's happened now is the comps are just... Are very small rear view mirror and now everything's about the windshield ahead of us, which is much larger than the rear view mirror.

You also, as a for sale by owner, you just don't know what kind of tactics buyers are doing because we're seeing things in this market we've never seen. We see escalation addendums. We see buyers agreeing to pay for costs that the seller might have. We've even seen in some markets, where buyers are agreeing to pay the commission for the seller.

So, it's just the most interesting market I've ever seen in my life. I don't think that sellers if you're not working with a realtor, you don't know about it because there are things you've got to work out because we're seeing some buyers that will go get a few different agents and they'll go try to put several properties under contract and then come to town and look at them and unfortunately, a for sale by owner doesn't necessarily know what's going on in the market because this market shifting, not just monthly, it's weekly and daily, what's going on.I mean, just in the last 60 days, the market has tightened up and got more aggressive. I think we're going to see that all through summer.

In this email, there are some other things I wanted to share with you, the latest statistics, the absorption reports for our areas, and I think you can see from that kind of where the market is. But if you're thinking about selling your house, now is the best time ever to hire a realtor because the buyer's going to pay the commission either way and you're going to get more money with a realtor. There's just no question about it and you've got a much better chance of getting a higher due diligence fee, better terms and just selecting the right offer because, for us, we get several offers. We've seen properties with 20 or 30 different offers on them. So we're presenting things in spreadsheets, just to break them down.

Certain types of loans, you want to just be careful of with a seller now because of appraisal issues and things like that. So I'm just recommending, if you're thinking about selling your house or you've got it out there, getting ready to put it for sale by owner, I would never tell you not to do that but I am going to tell you, you need to have a conversation with an agent because you might think you're saving some money, but as the term goes, you might be stepping over a dollar to save a nickel in this case, in this kind of market. So you're going to leave money on the table if you're trying to sell a property by yourself. Yeah, you might save the commission, but you might lose tens of thousands of dollars.

So anyway, I just wanted to get that information out there. This is a dynamically changing market. I don't know when this thing's going to end. I can't imagine it keep going like it is, but it keeps ongoing. So take a look at the information below. If you'd like more information about a particular area, or if you'd like to learn a bit more about what I'm talking about, I'm happy to have a conversation with you and just share some of our experiences and some of the stories that our agents are going through.

And also, if you are thinking about a career in real estate, we are looking for agents to work with us in other areas now. We're expanding our reach, so if you've got a license or you're getting your license and you'd like to see what that might look like with our team here at eXp Realty, I would love to have a conversation with you because we cover a much larger region than ever before, all the way to the state line. I mean, we're even covering up to New Bern. We're covering up to Jacksonville, Fayetteville. I mean, pretty much to 95 almost. So if you fill in any of those areas for us, we would love to have a conversation with you.

Thank you so much. Have a great week and if we can be a resource in any way, please do not hesitate to give us a call. Thank you.

Schedule a call with Buddy now at HTTP://TALKWITHBUDDY.COM

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