Century 21 Action Topsail Island Real Estate News, Helpful Information, & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

March 23, 2021

Top Buying Tips in a Hot Market

Top Tips for Buying in a Hot Market! 

by Scott Erickson, Owner/Broker/President, Century 21 Action, Inc.

The current real estate market is Red Hot and taking advantage of this opportunity is something that most people have at least considered.  With over 50 years in the local real estate market at Century 21 Action, we have some advice to share for these market conditions.

NEW LISTINGS:

If you are in the market for a new home you have likely been scouring the listings nearly everyday.  You have undoubtly seen that most listings are "Going Under Contract" or "Pending" within the first several days of hitting the market.  It makes the home buying experience challenging.  If you're ready to pull the trigger on a new property, be prepared to line up a showing through your Buyer Agent as quickly as possible.  Many property types are getting over a dozen showings the first day on the market with offers coming in by that evening.  If a personal showing isn't possible you might consider a virtual showing through your agent, and while this trend is becoming very popular, some people just aren't comfortable with making an offer without stepping into the property themselves.  Decide your own comfort level and needs; there are not any right or wrong answers.

 

QUICK OFFERS:

As mentioned above, many properties are getting multiple offers within the first 24 hours.  If you're ready to buy, make sure you have your ducks in a row ahead of time so when you find the next dream home nothing is slowing you down.  Getting a pre-approval letter from your lender can help your offer standout; not presenting a pre-approval letter with your offer could cause the seller to select a different offer.  Make sure you're mentally prepared to make a quick offer, it can create little anxiety if feel like you're under pressure to move fast and didn't prepare yourself for that scenario.

 

CLEAN OFFERS:

In a hot market with multiple offer situations, it's important to keep your offer as attractive to the seller as possible.  Extra contingencies, longer closing times, lower Due Diligence Fees or Earnest Money deposits, requesting seller concessions, etc. could cause your offer to be set aside over other offers.

 

BEST OFFERS:

It's very possible that the seller could be in a multiple offer situation, and some may be for better terms (and price).  Seller's are only allowed to "counteroffer" one offer/buyer at a time.  Although the seller could ask every buyer's Highest and Best offer before making a decision, but they may not give everyone that opportunity if one of the first offers was a standout.  Be prepared to make your best offer, your first offer.  You may not get a second chance to improve it and it may prevent a bidding war if your offer is the standout.  Keep in mind that your best offer could mean offering more than the listing price; decide based on your comfort level for the property at hand.

 

Low inventory and Increasing prices

LOW INVENTORY/INCREASING PRICES:

The local market is experiencing one of the lowest listing inventories in a very long time.  Meanwhile both listing prices and especially construction prices have been rising fast.  Our local markets, and most of the nation, is experiencing a housing shortage; both for sale and for lease.  How long this will last is honestly anyone's guess.  Waiting to buy could mean paying more for a similar house later.  Waiting to buy could mean settling for a smaller house for the same price.  Waiting to buy could mean higher interest rates.  Not getting your offer accepted on the current house you've found could result in the above scenarios forcing themselves upon you with the next one.

 

Hire the Right Real Estate Agent

HIRE THE RIGHT AGENT:

In southeastern North Carolina it often joked that there are more real estate agents than grains of sand on the beach.  Picking the right agent is not an easy task, especially considering that about 20% of the agents conduct about 80% of the business.  When selecting a Buyer Agent for you and your property ensure the following:

  • How much experience do they, and their firm, have your property type and location.
  • Do they, and their firm, have extensive local knowledge and experience in your specific market area to help you avoid any legal pitfalls or disclosure issues.
  • Does the agent have good expertise working the buyer side of transactions (versus the seller side...more below).
  • Education, Qualifications, Awards, and ongoing training are important in this quickly changing industry.

In today's market it is becoming less and less common that a single agent handles both "sides" of the transaction.  Buyer's enlist a Buyer's Agent representing their unique needs and Seller's hire a Listing Agent to represent their unique needs.  Although many agents are experienced and properly trained for handling either side of the transaction, but when a single agent handles both sides of the same transaction, both parties lose that agent's negotiation skills on their behalf because they can't legally negotiate for both.  Keep in mind, contacting the Listing agent about a property you're interested in is not typically a buyer's best move.

 

Century 21 Action on Topsail Island

EXPERIENCE MATTERS:

With a hot market, an experienced real agent is even more important than ever.  Experience = Knowledge, Expertise, Integrity, Cool Head, Consulting, Honesty, Education and Training beyond a license course.  A well trained local agent can save their clients countless headaches, thousands of dollars, and lots of frustration that could have been avoided.  At Century 21 Action we are known as the training and education firm, we are known for our quality agents, we are known for our Top Producers.

 

Want to see the newest listings first?  Use our free advanced search tool and save your search.  New listings to your inbox every morning.  Advanced Search

 

About the Author: Scott Erickson is the Owner, Broker In Charge, and President of Century 21 Action, Inc.  Scott has been practicing in real estate for over 26 years with extensive experience in all form and types of real estate sales, real estate training and consulting, vacation rental management, property management, and seminar speaker and panelist.  He has earned the following professional designations, Certified Real Estate Brokerage Manager, Certified Residential Specialist, Accredited Buyer Representative, Accredited Buyer Representative Manager, Recreational and Resort Specialist, Resort Rating Specialist, e-Pro, and REALTOR.  He graduated from the University of North Carolina in 1997 with a double major in Marketing and Management.  Century 21 Action, Inc. has been a multi-year Quality Service Award winning office.

March 23, 2021

Top Selling Tips in a Hot Market

Top Tips for Selling in a Hot Market! 

by Scott Erickson, Owner/Broker/President, Century 21 Action, Inc.

The current real estate market is Red Hot and taking advantage of this opportunity is something that most people have at least considered.  With over 50 years in the local real estate market at Century 21 Action, we have some advice to share for these market conditions.

FIRST OFFERS:

The first offers, over the first day or first couple weeks, are typically the best offers.  Waiting for a better offer is often a mistake, and can cost both time and money.  Today's buyers are hot to trot and are not keen on waiting around.  The internet has changed the marketplace over the last decade and the buyer's that are ready to pull the trigger immediately are pouncing on new listings as soon as they hit the market.  There are typically people waiting for properties like yours to hit the market, and they've been patient.  But waiting to see what else comes in could mean waiting for other's to match your property's characteristics which could take some time.  Meanwhile the hungry buyers have moved on or found (bought) something else.

 

Sales Contract

LISTING LAUNCH:

When the property goes live to the marketplace (via the MLS, Internet Real Estate Websites, Company and Agent Marketing, Etc) it's extremely important that it's READY to go.  Meaning the property is immediately ready for showings, you have waited for quality pictures on pretty days with a top photographer, all the support materials that buyers might request is ready for them.  When it hits the Internet and MLS it is extremely important that a quality presentation is made from the start, because all of those buyers that were patiently waiting for a property like yours will form their opinion as soon as they see it.  Fixing something later often means you've lost your chance with that first round of buyers; they've already formed their opinion and changing their opinions can be nearly impossible.  The old saying rings true...First Impressions are extremely important.  Property website views drop drastically after the initial launch.  And most potential buyers will not look at it online a second time because they primarily focus on new listings...because the other good listings are selling so quickly.

 

MARKET POSITIONING:

What is market positioning?  Setting the Listing Price.  Positioning helps to think about the price of the property in a more realistic mindset.  Every seller wants more "price", who doesn't?  But thinking about the price in terms of "positioning" helps to remember the importance of it all.  Today's buyer's are extremely savvy.  They have likely viewed hundreds of properties on the internet before coming across yours.  If it's overpriced, they are going to KNOW it, and they will move on and you have missed your chance with them.  At the same time, we are finding that properties that are positioned correctly are selling for better overall terms, including price; often with multiple offers (bidding wars) for more than the listed price.

 

HIRE THE RIGHT AGENT:

In southeastern North Carolina it often joked that there are more real estate agents than grains of sand on the beach.  Picking the right agent is not an easy task, especially considering that about 20% of the agents conduct about 80% of the business.  When selecting a Listing Agent for you and your property ensure the following:

  • How much experience do they, and their firm, have your property type and location.
  • Do they, and their firm, have extensive local knowledge and experience in your specific market area to help you avoid any legal pitfalls or disclosure issues.
  • Does the agent have good expertise working the listing side of transactions (versus the buyer side).
  • Education, Qualifications, Awards, and ongoing training are important in this quickly changing industry.

In today's market it is becoming less and less common that a single agent handles both "sides" of the transaction.  Buyer's enlist a Buyer's Agent representing their unique needs and Seller's hire a Listing Agent to represent their unique needs.  Although many agents are experienced and properly trained for handling either side of the transaction, but when a single agent handles both sides of the same transaction, both parties lose that agent's negotiation skills on their behalf because they can't legally negotiate for both.  Because of this, it's extremely likely that the listing agent will not be the one that brings the buyer to the table, but they will be your marketing pro and in your corner through  negotiations.

 

EXPERIENCE MATTERS:

With a hot market, an experienced real agent is even more important than ever.  Experience = Knowledge, Expertise, Integrity, Cool Head, Consulting, Honesty, Education and Training beyond a license course.  A well trained local agent can save their clients countless headaches, thousands of dollars, and lots of frustration that could have been avoided.  At Century 21 Action we are known as the training and education firm, we are known for our quality agents, we are known for our Top Producers.

 

Would you like an idea about your current property value?  Use our free and easy tool.  Property Valuation

 

About the Author: Scott Erickson is the Owner, Broker In Charge, and President of Century 21 Action, Inc.  Scott has been practicing in real estate for over 26 years with extensive experience in all form and types of real estate sales, real estate training and consulting, vacation rental management, property management, and seminar speaker and panelist.  He has earned the following professional designations, Certified Real Estate Brokerage Manager, Certified Residential Specialist, Accredited Buyer Representative, Accredited Buyer Representative Manager, Recreational and Resort Specialist, Resort Rating Specialist, e-Pro, and REALTOR.  He graduated from the University of North Carolina in 1997 with a double major in Marketing and Management.  Century 21 Action, Inc. has been a multi-year Quality Service Award winning office.

Posted in Top Tips
July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates