Q & A with Dan Filsinger
Today’s real estate market still favors sellers, generally speaking, but there are signs of a shift. This gives hope to buyers—as well as opportunities. For instance, free-for-all race to lock in a home isn’t nearly as intense as it was six or eight months ago. There is less competition. That means buyers have more time to do their research and due diligence, rather than making an offer sight-unseen. Additionally, there is more inventory coming available in the Greater Raleigh-Durham area. With more inventory available—at every price point—sellers no longer have a stranglehold on the market. However, for prospective buyers to take advantage of these recent trends, it is important to work with someone knowledgeable who can not only help you explore your options, but can also turn your vision into a reality. WOLK360 has a history of doing just that. We recently sat down with Dan Filsinger, a friend and partner with Johnathan Wolk. He provides his perspective on the current real estate market in Raleigh-Durham.
Q. Dan, gives us a glimpse of the market in a nutshell.
A. In a nutshell?! (laughs) That may be hard to do because there are so many variables involved but I will do my best. Basically, people need to understand there are opportunities for buyers. For the past year or more, prospective buyers have believed that there was zero inventory and hence zero options. They also were paralyzed because of mortgage rates that kept ticking up and up each month. But today, even though rates are high, the demand has lessened. That means less competition to get into a bidding war with other prospects, which of course plays into the seller’s hands. Also, many people don’t realize all their options, that’s why it is important to work with someone like WOLK360 who can point the way to desirable home options.
Q. Explain that if you would. Give us an example.
A. Ok, let’s say a potential buyer has a budget of $600k. Many make the mistake of looking at houses right around that price point and what happens is that they have no room to go higher. They are already at their limit. Also, even if they get the home, they have nothing left for renovations or upgrades. So, what someone like Jonathan Wolk can do is expand the playing field. As an architect and builder, he can find great home buys in desirable neighborhoods that require a little work but are offered at a significantly lower price point. Just recently we purchased a spec home in BLANK for around $300k, even though our budget was $500k. That extra wiggle room enabled us to do a generous renovation and upfit with the $300k we had left over. Ultimately, we ended up selling the home after the renovation was complete for much more than we put into it. So, buyers need to understand the principle behind this. Jonathan can help you find a “fixer-upper” in a great neighborhood or area, that is well under your budget. With the extra money you have to work with, you can turn that property into your dream home. Again, the key is working with someone like Johnathon who has the experience and knowledge to ensure you are making a wise decision.
Find Out What Wolk360 Can Do For You
Don’t let the market scare you away. There are plenty of opportunities out there right now in the Greater Raleigh-Durham area. Contact us and tell us what you are looking for and what your budget is. Chances are we can lead you to exactly what you are looking for, even if it means pursuing home options that require some work. In the end, you will have the home you want, at a value that will only increase over time.