Dealing with the Devil: Opendoor vs Zillow

Partnership with the devil. Opendoor vs Zillow. Opendoor and Zillow have partnered even though opendoor just settled with a $62 million lawsuit and their stocks plummeted. How does partnership between Opendoor vs Zillow, affect you as a consumer?

First it’s important to what Opendoor got sued for, which is basically the SAME thing Zillow got sued for in the past; iBuyer Programs that over promised and under delivered. OpenDoor promised that the consumer would earn the same amount of money as if they used a traditional realtor. However, they agreed on a settlement for $62m because the consumer did not make as much money on the sale of their house as if they used a traditional realtor.

It’s my experience that if an offer sounds too good to be true, it normally is! Take time to read the fine print before you sign any kind of listing agreement or buyer agency with an entity that you don’t know like Opendoor vs Zillow.

What’s the takeaway: Always read the fine print before you sign anything. Especially with an entity like Opendoor vs Zillow.

When you decide to buy or sell a home, take a few minutes and do some research on real estate agents in your area. Then you can compare what they have to offer to Opendoor vs Zillow. What should you look for in a real estate agent? My opinion of what’s important when looking for a real estate agent:

• Location. You need a local agent that knows the area, as every market is different.

• Experience. 10 years or more of experience. Then you know that real estate agent has seen all the different real estate markets as they ebb and flow.

• Number of Sales. Minimum of 24 sales per year.

Identify 3 local, experienced real estate agents to interview, to compare to Opendoor vs zillow.  If possible interview them in person. You are hiring this real estate agent to represent you in the largest investment most people make in their lifetime. Take time to know who you are hiring.

What questions should you ask them during the interview, to determine an agent when deciding Opendoor vs Zillow? Here are a few to ask.

• Do you work as a full-time Realtor? Amazing how many real estate agents only work part time.

• Do you have a full-time Assistant? Important to have multiple people to call if you need them, and someone who's in the office daily, to help you with any questions or concerns you will have.

• What area and in what aspect of the market do you specialize?

• How many properties have you sold in the last three months?

• How often will I hear from you after we go under contract?

• May I cancel the agency paperwork,  if I don’t hear from you? 

FOR SELLERS ONLY: Interview questions when you are selling your house. Use the questions above as well as these questions, when choosing a real estate agent over Opendoor vs zillow.

• How do you market properties to buyers? 

• How will you let me know what you are doing to market the property?

• How do you find potential buyers? 

• In what ways do you encourage other realtors to sell my property?

• How do you network?

• What other marketing techniques will you use to get my property sold?

• What can I do to help sell my property?

In sum, be careful before you sign any paperwork with the devil: Opendoor vs Zillow.  Make sure to read the fine print. Take a few minutes to research local real estate agents. Based on your research, identify 3 agents to interview. Set up the interview, and hire an experienced agent for the job of representing you in the largest investment of your lifetime.

If you found this article to be useful - like it. Be sure to catch us LIVE every Thursday at 5:00, to stay current on the local real estate trends.

What You Need to Know About Buying a Home in Wilmington

Wilmington, NC is a beautiful place to be, and more and more people are flocking here to stay. With the influx of buyers coming into the area, we thought we would share some insight on what buying a home in Wilmington, NC entails. Even if you’re an experienced buyer that has purchased multiple properties in the past, you may find that the process of buying a home in Wilmington, NC is a bit different. 

We have a lot of out of state folks that are interested in buying a home in Wilmington, NC, and they have questions. What makes NC so different from other states? Well, NC has a due diligence period and we are able to go from contract to closing pretty quickly in NC. Typically the process takes about 30 days, which is not the case in most states. NC has real estate attorneys to do the deed preparation and the title search, which happens in the background during the due diligence period. 

So what is due diligence, and how does it affect the process of buying a home in Wilmington, NC? NC is a “caveat emptor” state, which means “buyer beware.”  Sellers have no obligation to make any repairs when selling a home. In NC the buyer gives the seller a non-refundable check to take the house off the market for the buyer to conduct inspections and discover anything about the property that may be a deal-breaker. During this due diligence period, the buyer can terminate the contract if they so choose, but they will not get that due diligence money back. However, if we get to the closing table, that due diligence money goes toward the purchase price of the house.  This is one reason it is important to have a seasoned real estate agent to explain this thoroughly before looking at homes, especially in a hot market where you have to move rapidly. 

Let’s talk about what happens during the due diligence period when buying a home in Wilmington, NC.  As soon as we get a buyer under contract, it’s time to get to work investigating the property. With an experienced agent, hopefully the buyer already has an idea of the potential issues, as their agent was able to spot them and point them out before submitting an offer.  We always recommend a home inspection, and get that scheduled pretty quickly into the process. Once we have that report back, we have a better idea of what other types of inspections need to be done. For instance, we may need to have a structural engineer or an HVAC specialist to come evaluate. We always recommend a pest inspection, because we live in an area that is conducive to wood destroying insects. The buyer does pay for these inspections, as it is not the responsibility of the seller in NC to provide them. Writing that non-refundable due diligence check guarantees the buyer the ability to perform these inspections.

Another thing that we’re often asked is “How much due diligence money should I offer when buying a home in Wilmington, NC?” The answer depends on a couple of variables. Generally, due diligence is reflective of the price of the home. More expensive homes attract a higher due diligence. If the home is move-in ready and priced correctly and multiple offers are anticipated,  then a strong due diligence amount will show the seller that this buyer is not likely to be scared off by an inspection report and the likelihood of this closing without issues is high. On the other hand, if the property needs some work and the listing agent indicates that they haven’t received  many offers, then we wouldn’t suggest offering a ton of due diligence. This is another reason that it’s imperative to have an adept agent to help make those decisions. 

With a good understanding of due diligence, buyers also have to decide how much earnest money to offer when buying a house in Wilmington, NC.  This money is refundable if the buyer terminates the contract before the due diligence period ends. Since this money is refundable during the due diligence period, earnest money is a way for the buyer to assure the seller that they are not likely to terminate after the due diligence period has ended. 

For buyers that live out of town wanting to know more about the process of buying a home in Wilmington, NC, here’s what it looks like from start to finish. First, find a reputable agent and discuss your timeline, your payment method, and your wish list. Next, come to town prepared with either a pre-approval letter from a lender or a verification of assets and your checkbook. Once you find your dream home, discuss what amounts of due diligence and earnest money that you’re willing to offer along with a purchase price, and get that offer submitted

. 

Once the offer is accepted, let your agent and their team get to work for you! Buying a home in Wilmington, NC does not need to be stressful for out of towners. You can attend the inspections if you are able to, but having a trustworthy agent that you can rely on to show up on your behalf ensures that everything is being attended to, even if you’re across the country. While your agent is out making sure things run smoothly with the house, their team will be diligently working with attorneys, lenders and the listing agent to make sure the transaction is a smooth one. In the event that you are unable to attend the closing in person, no worries! These days you can sign digitally. 

The key to buying a home in Wilmington, NC is having an advocate that knows the area and knows how to represent you at the highest level. The Jennifer Bullock Team is devoted to providing outstanding service to our clients, and we would love the opportunity to be that steward for you as you consider buying a home in Wilmington, NC!

Selling a Home in Wilmington

A lot of people have considered selling their homes recently, with the current real estate market favoring sellers. However, selling a home in Wilmington is unfamiliar territory for a lot of folks.  We’re here to discuss some things that we recommend in order to get the most money possible for sellers. What does selling a home in Wilmington look like?

First, we cannot stress enough the importance of having an experienced real estate agent to represent you. People often assume that they can sell their house on their own, which may be possible, but they are likely to make some mistakes that could cost them big bucks.  Most people don’t know what their house is actually worth, so they need a professional to guide them to the right price without selling themselves short or overpricing it. Some people have used discount firms online to try and save some money, but that’s a risky move. These firms don’t know the local market, nor do they know the sellers,  so oftentimes things fall through the cracks and the sellers don't wind up netting the amount of money off the sale that they need to. Having a local professional gives you access to resources that you would not otherwise have, such as a trusted network of local vendors and marketing experts to assist with getting you ready to sell a home in Wilmington.    

Safety is also a huge reason to have an agent represent you. Agents have lockboxes that only we have access to. They track who goes inside the house, and when. We have tools that allow us to prequalify buyers and run background checks before we even let them in to see the house. Selling a home in Wilmington l can be stressful, so that added peace of mind from knowing your home is secure is priceless. 

Another thing you get from a skilled listing agent is honesty. That honesty is what is going to get you the most money possible for your house. That may mean not always hearing what you want to hear, but knowing that your agent has your best interest in mind. We’re not trying to be insensitive. It’s our duty to our clients to point out aspects that might be off putting to buyers. Seasoned agents know that getting your home ready to sell includes pointing out what may seem to be insignificant details, that are actually potential deal breakers for some buyers.   

Curb appeal is paramount in selling a home in Wilmington. The outside is so important because local buyers will almost always drive by the house before ever calling an agent to see the inside. If the outside is not appealing, it doesn’t matter how lovely the inside of your home is, because buyers will not care to see it. Getting rid of cobwebs, cleaning windows, pressure washing, and lawn care are all things that can increase the chance of getting more buyers into the home to get it sold. 

Most buyers decide within 30 seconds of entering the home whether or not the house will work for them. Bearing that in mind, an experienced agent will advise you to minimize clutter, possibly rearrange furniture and depersonalize the house so that buyers can envision themselves living there. Also, an honest agent will point out pet odors that sellers are sometimes immune to.  We are happy to provide you with air purifiers to help remove unfavorable odors, which is just one less thing for you to have to tackle while getting your home ready to sell in Wilmington. 

Having an adept agent help with getting your home ready to sell is imperative because they will be ready to tackle unexpected problems, and get ahead of the curve with potential issues that are not noticed by the untrained eye. For instance, we had a listing through our team where the seller had her AC coming in through window units. Luckily for them, they had a seasoned agent that suggested checking out the HVAC unit that was presumed to be broken.  The unit was, in fact, in working condition. We got an HVAC technician out to service it, got rid of the window units and got the windows back into good shape.  That was critical for that seller because it not only made the house more appealing to buyers, but it made lenders more comfortable and willing to finance that particular property, increasing the number of potential buyers. 

Selling a home in Wilmington isn’t just putting a sign in the yard and a lockbox on the door. Right now, especially, pricing the home is so important as this market fluctuates. Housing inventory is still low in Wilmington, but starting to slowly increase.  This is a time when you need an expert pricing advisor to pinpoint a listing price. If it is overpriced people won’t bother looking at it, and if you lower the price because it hasn’t gotten any bites then buyers will assume that the house has issues or something is wrong. Targeting the price that is just right for the market will yield multiple competitive offers which will then yield an above asking sales price. 

The Wilmington real estate market has seen a small shift since interest rates have started to rise, but not much. It’s still a great time to be a seller here, so don’t shy away because of daunting headlines. There are plenty of qualified buyers, and not enough supply to meet the demand. Lenders are getting creative with loan products to boost the purchasing power of buyers, which is keeping the dream of home ownership alive for a lot of folks. If you need help selling a home in Wilmington, look no further than the Jennifer Bullock Team! From start to finish, you can trust that you will receive authentic, reliable guidance to get you top dollar for your house. 

Open Houses Near Me

Click the image above to see all the updated Open Houses happening this weekend! 

Most Expensive Homes Sold on Ocean Isle

Ocean Isle Beach is a small coastal community home to approximately 1,000 residents. Known as the "Gem" of Brunswick County Beaches, this town is the perfect spot for an family-friendly beach vacation or relaxed lifestyle. Over 500 homes have sold on Ocean Isle since the start of 2022, and we have listed the top 10 most expensive ones YTD.

If you are interested in getting more information on homes for sale in Ocean Isle, please reach out to us at (910) 512-4080! We would love to get you set up on a monthly market report and help you find your dream home! 

Most Expensive Homes Sold on Oak Island

Oak Island is a beautiful beach town home to the famous Fort Caswell and Oak Island Lighthouse. Since the start of 2022, over 400 homes have sold, prices ranging from $125,000 to $2.3 million! We thought it would be fun to list the most expensive homes sold on Oak Island YTD! 

If you are interested in purchasing a home in Oak Island, just let us know and we would love to help! We can set you up with a monthly email report listing all the newest homes for sale in the Oak Island area!  

Most Expensive Homes Sold on Carolina Beach

Carolina Beach is a community that has so much to offer, from its nostalgic boardwalk to its campsites the opportunities are endless. Unlike other beaches, Carolina Beach offers a vast range of homes for sale with a price point that contributes to the diversity. That is why we thought it would be fun to take a look at the most expensive homes sold in Carolina Beach so far in 2022! 

If you are interested in more information on homes for sale in Carolina Beach, feel free to give us a call at (910) 512-4080 and we would love to set you up to receive a monthly market report! 

Most Expensive Homes Sold on Bald Head Island

There are approximately 40 homes that have sold on Bald Head Island YTD for 2022 and over half went for over $1,000,000! I thought it would be fun to share the top 10 most expensive homes sold on Bald Head Island. If you'd like a list of homes for sale on Bald Head Island, just let us know. We can set you up to get monthly emailed updates, with all the homes on Bald Head Island that are for sale.

Most Expensive Homes Sold on Wrightsville Beach

Wrightsville beach was founded by a group of friends in the 1800's and is now home to over 3,000 residents. Even with the years of growth, this five-mile-long barrier island has ensured that its beach remains uncrowded and maintaining the attractive landscape through its architectural rules.

Why is there such a high demand for purchasing a home in Wrightsville Beach? Upon crossing the bridge you are entering a lifestyle that most people dream about. Statistically, homes for sale in Wrightsville Beach have a higher price point than most other North Carolina beaches. This is because these properties are considered a luxury coastal lifestyle, whereas the price point reflects. 

We thought it would be interesting to take a look at the most expensive homes that have sold in Wrightsville Beach in 2022 YTD!

These homes stick around for long, so give us a call if you are interested in more information on homes for sale in Wrightsville Beach! We would love to help you find your dream home!

Most Expensive Homes Sold in Wilmington in 2022

If you’re considering investing in real estate in Wilmington, North Carolina, this blog post is for you. We’ll be discussing the most expensive homes sold in Wilmington during the year 2022. Stay tuned to find out more about these luxury homes and why they commanded such high prices.

The most expensive home sold in Wilmington during the year 2022 was a stunning 5 bedroom, 7 bathroom property located on 10.61 acres of land with a private dock on the Intracoastal Waterway. The price tag? Just under $6 million! This luxurious property boasted amenities such as an outdoor kitchen, heated pool, spa, and private pier with boat lift. But that isn't all that makes this property so special - it also has breathtaking views of Masonboro Island, Atlantic Ocean and Intracoastal Waterway with panoramic views throughout the home.

The second most expensive home sold that year was a 3 bedroom, 2 bathroom home located on a 1.8 acre lot overlooking the Intracoastal Waterway. This property was listed at just over $5 million and featured a not just one lot but two, right outside of Wrightsville Beach, off historic Airlie Road. Location! Location! Location!

The third most expensive home sold that year was a 5 bedroom, 5 bathroom home near Wrightsville Beach, in Bradley Creek Point. l It included 3690 square feet, and sold for a mere $4.4 million.

Whether you're looking to invest in real estate or just curious to know what kind of luxury homes are available here in Wilmington NC – this list provides insight into what kind of properties were selling at top dollar during 2022! Whether you’re interested in waterfront properties or want to stay closer to downtown – there are plenty of options available here in Wilmington NC no matter your budget or preferences. We hope this article has provided some useful information about our local real estate market!