Walt Dowdy
“The Wilmington real estate market is doing much better than the national trends! Where it used to take 7 days to sell a home, now it takes two to three weeks to sell a home.”
When I heard these words, I laughed.
Not to be mean, but if real estate agents are representing clients who are buying and selling real estate valued in the hundreds of thousands, even in the millions, shouldn’t they know what is happening locally?
The Conversation Behind My Question
A friend at church came up to me to tell me he had met a real estate agent over the weekend who told him how the real estate market is doing here in Wilmington NC. So, curious, I asked him about his conversation.
Here is a short synopsis:
Friend at church: “So I hear about all the bad press real estate is getting right now. How is the real estate market here in Wilmington NC?”
Unknown Real Estate Agent: “The Wilmington real estate market is doing much better than the national trends! Where it used to take 7 days to sell a home, now it takes two to three weeks to sell a home.”
That is where I laughed and said: “If that guy is a real estate agent, he has no idea what is happening in the local real estate market here in Wilmington NC. The average Days On the Market (DOM) are 108 for the first quarter of 2008. That is a little longer than two to three weeks! Not to mention that is only counting the homes that have successfully sold and does not count the homes that have failed to sell.”
So here is my question:
Should a Local Real Estate Agent know what is happening in the local real estate market?
Tell me what you think and why by leaving a comment below. Does it matter if a local real estate agent is on top of what is happening locally in the market? How do you think it helps if they do know and how does it hurt if they don’t know?
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Stay tuned, because I am going to be sharing how the local Wilmington NC real estate market does stack up against the national trends. I will also be sharing some statistics on how things are going so far this year. I will also be posting March and April’s Market Reports on my website. Things have been busy on my end so I am a little behind getting these reports out. Please take advantage of these reports as long as they are FREE!
Filed under: Buying Strategies, For Buyers, For Investors, For Sellers, Housing Market, Investor's Corner, Real Estate, Relocating, Relocating to Wilmington, Relocating to Wilmington NC, Understanding Real Estate Markets, Wilmington NC, Wilmington NC real estate | Tagged: Wilmington NC Housing Market, Wilmington NC real estate, Wilmington NC Real Estate Agents, Wilmington NC Real Estate Market
