There is some debate at to whether it’s worth it to hire a realtor when buying/selling your home. There are many websites that will help you list your house, and you can be your own seller, and you can also be your own buyer.
If you’re the type that would appear in court as your own legal representative for offenses beyond a seat-buckle violation, you may also be the type to self-represent when selling or buying your home. We asked Apex resident, realtor and builder Jake Kaplan two simple questions: How’s the Apex market, and is it strong enough to not hire a realtor?
Here’s his response:
A Little Background
As a local homebuilder and Realtor, you would think I could recite facts about our local real estate market as easily as I rattle off the names of my children. But when asked the question, “What’s the market like?” I find myself trying to find just the right words to articulate a complicated web of factors. Overall, those factors add up to a market that is ‘very good’ maybe even qualifying as ‘insanely good.’ But, it’s important to note, those factors also include a list of disclaimers inspired by lessons learned and observed the hard way.
I have lived in Apex since 2005. I built my home with a large national builder that acquired 39 homesites in the back of a well-established community. Being in the business, I knew to show up early on the very first day in order to get the best pricing. I brought my sister along too. We both reserved home sites that day along with 7 other buyers. At the time, the idea of the market turning sharply and wildly over the next few years was far from our minds. We bought near the height of a hot market, yet, the value of our homes rose steadily during construction and continued to rise (although very modestly) throughout the downturn.
Apex felt like a well-kept secret back then. Cary was the place to be for relocated Yankees like us, but Apex felt more like home. While I’ve dreamt of moving and rebuilding several times, I remain rooted to our spot for many reasons. Some financial. Some sentimental. The remaining reasons come from my children who just flat out refuse.
Apex is special. In 2015, when Money Magazine proclaimed our town the #1 Best Place to Live, I think most of us uttered a collective, ‘tell me something I don’t know!’ Apex offers the promise of the Peak of Good Living and I have to say it rarely fails to live up to its promise. From our quaint downtown street that opens its arms to us every Halloween, Christmas and PeakFest to all the new things our growth affords, like Costco and a Starbucks with a drive-thru. I don’t know about you but that sure feels like the peak of good living to me!
So, what does all that mean for our real estate market in general?
Well, it means it’s a good market for some and a tough market for others. In short, it’s highly competitive. Our supply of homes remains low and our demand for homes remains high. As a result, prices continue to climb. Data pulled from the MLS for Apex zip codes 27502 and 27539 shows we have a 2.5 month supply of inventory. Which sounds like plenty, right? Not exactly. A balanced market is considered 6 months of inventory. That leaves us 3.5 months short. Combine that with the fact that the median sales price is $348,000 compared to just $266,500 in January of 2015 and the price per square foot has increased from $125/ft to $151/ft over the same period. All that adds up to a level of intensity that requires buyers and sellers to come to the table with all available reinforcements.
If you are a seller, you are probably very excited about the possibility of multiple offers. Conversely, if you are a buyer you are probably not as excited about the possibility of multiple offers. If you sell your house, there is a chance you are going to buy another one which makes you both a buyer and a seller. Lucky you! Never fear, there’s a way to successfully navigate this market and it could start with hiring a good agent.
I believe the importance of representation cannot be overstated. Imagine falling in love with one of the few houses on the market today only to lose out time and time again in a multiple offer scenario. It’s heartbreaking, exhausting and frustrating. It’s potentially unavoidable. While a good agent cannot fix everything, a good agent can make the difference between a miserable experience and a well-executed strategy to get the house that’s right for you.
The expertise, wisdom and guidance of a licensed real estate professional could be a key factor for successfully navigating this highly competitive market. If you want to survive and thrive in this market, you may be best to find someone to represent your interests, protect your budget and tell your story.
I say to tell your story because when sellers are trying to decide between multiple offers, it’s not always about the highest price. Sometimes the best offer is one that offers some intrinsic value to the seller. A home is a sacred space. Savvy agents know how to prioritize and capitalize on the value of an emotional connection between buyer and seller. Call me sentimental but there is nothing like walking through the front door of a house and knowing it’s the place you want to call home.
So, what about new construction? Homebuilders have their own agents who represent them, not you. Most are licensed and bound to a code of ethics but some are builder’s employees, which doesn’t require an active real estate license. The complexity and extended timeline of a new construction build requires even greater guidance along the way. Having an agent can significantly improve the quality of the experience for both the buyer and the builder.
If all this information has you feeling overwhelmed, do not despair. Help is out there. Find yourself a great agent because chaos creates opportunity and this market is not short on chaos.
The bottom line is that you don’t need a realtor to buy or sell a home, but you’re much better off if you get one. Realtors have access to a lot of information that most individuals don’t. When trying to decide if you want to get a realtor involved, consider the value, not the cost.
The realtor we spoke with, Jake Kaplan, is the Director of Innovations for the Go School of Real Estate.
