Monday Coffee with Buddy Blake - June 20, 2022
Hi, my name is Buddy Blake and I'm here in Wilmington North Carolina with Waypost Realty, if you are looking in the real estate market to buy or sale. I want to share some information with you, not just local to our area, but nationally real quick.
I'm gonna bounce over to my screen and I want to show you showing time is probably the most use service across the country. And this is systems where real estate companies and MLS systems use to schedule showings for houses. And this is really helpful to kind of see where things are in the market place because there's a lot of people that still think that we're operating at the level that we were a year ago or even six months or even three months ago and I kind of wanted to share what's going on first off. You can see in here. This is the last few years. Covid wrecked havoc in here. It just took off like 2020. You can see showing each line of these represents, showings the orange line is what was going on right now. So for instance, here's june 20th right now. But long story short is, you can see that we're back into a normal pattern now. It's much lower. The number of showings are quite a bit lower than they were last year at this time and certainly way lower than they were two years ago at this time. Just understand it's not the same market that we had a year ago, even months ago Now we're headed in. We're gonna see this little bit here and then we're gonna see the 4th of July drop here just like we always do and then we're gonna see the real activity happen but you can see everything has peaked.
So what does that mean for you? So if you're a home seller and you're thinking about selling your house you need to get in the game now. You don't need to wait anymore. Now if you're not thinking about selling I get it. But if you're thinking about selling, taking advantage of probably the best opportunity in the next several years you need to go ahead and get it done now. You're not gonna get the numbers and have the level of activity and the number of offers that we were seeing six months or even just three months ago. It's just gone okay you can't change it. It's gone. It was a wonderful run for sellers and agents and everything else. But that time is gone now. Does that mean it's bad? No it just simply means things are normalizing and that's a good thing because this thing just couldn't keep on forever.
Now if you're a buyer what does it mean? You need to understand what's going on the mortgage rates. These babies are moving within hours not just everyday. We have an in house mortgage company and it's called Waypost Mortgage and Paul Bowers is our lead mortgage officer and he shared with us just this morning in our meeting that the rates moved four times last friday alone, it was swinging from the fives up to the sevens just depending on certainly credit score and what type of loan and things like that. So what does that mean for you as a buyer? Let me tell you what it means. You need to have somebody that's local to the area you're buying in that you're communicating with a real person, not some automated mess because that automated mess isn't going to call you and let you know that the rates just moved and you need to lock in. You need to have a real mortgage person you trust. And if you're in our area, I highly recommend Paul. And if you don't want to use Paul, I got a few others I can recommend to but you need to be using somebody that knows what's going on, that's watching those rates all the time. Not some automated system because their goal is to lock you as high as they can get you because that's how they make money is to spread of what the feds charging and what the bonds are paying what they're paying and how much they can get from you. So if they catch you at the right time where they lock you at a high rate and the rate drips the next hour. Well they're able to really take advantage of that. Now that's business. I'm not saying it's wrong. I'm just saying is business, but you need to have someone working for you in that situation. So if you're a seller sell your house, if you're a buyer know about the mortgage, what's going on the mortgage rates?
So we're going to see more properties coming on the market. We are seeing more but this is not gonna be 2007 where all of a sudden we see all these bank foreclosures hit the market short sales and all that. We're going to deal with some mess. There's no question about what's gonna head what's ahead. But it's not gonna be the same. So if you're thinking about selling it's past time, get it done or prepare to hunker down or prepare to get less money than what your neighbor did or what your family did or whatever. Somebody's yelling in your ears or what the media said. But that's not bad. It's just you just didn't time it. Well, unfortunately nobody can time this thing right. I do this. I've done this for 25 years and I still can't figure out a time this thing guys. If we can help in any way, let us know there's a couple of tools down below that you're free to use on your own and we'll be glad to help you in any way. We can thank you so much for watching this video. Have a wonderful week. God bless to you and your family.