On a recent episode of Remarkable Radio WCKG AM/FM Chicago with Mark Imperial, Brent Wilk, Broker Owner of Wilk Real Estate, discussed Buyer and Seller Tips In A Seller’s Market.
According to Wilk, we are currently experiencing a Seller’s Real Estate Market.
Wilk, said “So what you’re seeing is it’s actually a seller’s market at this time. There’s a surplus of buyers out there but with a lack of inventory you’re going to end up running into higher priced homes. You’re going to run into sellers that may end up sticking a little bit firm with pricing. So the only challenge that you really have is making sure that you do get a good enough deal and that the appraisal comes in for value”.
Wilk recently inked a deal to sponsor brand-new, one-of-a-kind Home Listing Video pages on YouTube and Facebook titled “Naperville Living”. This is now Naperville’s only seller and buyer resource devoted entirely to daily updates of Home Listing Video. Home sellers and buyers both benefit by getting connected through the one-of-a-kind platform. Because video has always been the preferred way to showcase a home listing, “Naperville Living” was created to help busy Agents by creating and promoting listing videos for every home available in that city for them. The publishing team adds video listings 7-days a week.
Visit Naperville Living Pages on Facebook at https://www.facebook.com/Naperville-Living-854467384717595/ and on YouTube at https://www.youtube.com/channel/UC3sVQ9sABaSIygea12Gbd1Q
When host Mark Imperial asked the cause of the current Seller’s Market Wilk answered, “Well, what you actually have is, we went through a pretty much a demise of the real estate market just less than a decade ago. You’ve got a couple of factors now, over a five year period, the U.S. is supposed to be building on average about 3 million new construction homes a year. They were building anywhere between 500 to 700 thousand annually. So what you’re going to end up seeing could be four or five million homes a year (short) for the actual demand for buyers. People are living longer, and there are a lot of people who are still at that point where they think the housing crisis is still going on, and they have the fear that they’re not going to sell for a profit. So what you actually have is, you tie a couple of those factors, and you’re going to end up running into a marketplace where eventually it’ll even out, but at this time, what you’re going to end up seeing is a little bit of a lack of inventory at this time”.
During the Interview Wilk shared how he advises buyers in this current market, explaining, “Well first and foremost is I’m going to give them a consultation on basically being prepared, for once we do find the right house, the steps to end up taking. A lot of my clients that I’m I’m dealing with right now, I’ve seen people where they’ve lost homes two, three, four, and five times because either they’ve delayed their offer or they’ve come in low with the pricing. Those days unfortunately are workable right now, so the one thing you have to do, is if you’re going to tour a home and you really like the property, it’s almost at that point of where you actually react first and write the offer, and think about it afterwards because you do have in the State of Illinois, you have a five day attorney and inspection review period. If you end up basically having cold feet, you can always end up having money refunded back to you. That would be your earnest money”.
Brent Wilk is the Broker Owner of Wilk Real Estate and has been a Realtor for over 14 years, having personally sold over 1,100 homes, with over 300 of these homes in the past two years. This earned Brent the honor of being named in the Top 1% in Sales by the Chicago Association of Realtors in 2014 and 2015. In addition, in the State of Illinois, Brent ranked 67th out of over 37,000 agents with sales over $43 Million.
The interview concluded with Wilk saying “Naperville is a very hot market right now. You’ve actually seen a significant increase in pricing and percentage in growth. You’re almost getting to the point of being landlocked, unfortunately, with regard to new construction. There still is, and you’re going to see more custom construction now with builders. But at the same time as this, the outlying areas are still booming. The markets are really, really good when it comes to the sellers as well, and the buyers are getting a very good deal. We’re almost at that pricing back in 2003, 2004, just before the collapse when markets were were appreciating in almost double digits for a two to three year period. That’s what we’re seeing”.
To listen to the full interview on Remarkable Radio WCKG AM/FM Chicago, visit https://www.wckg.com/remarkableradio/brent-wilk/.
To learn more about Brent Wilk, please visit http://wilkrealestatehomes.com/.
Company Name: Imperial Action
Contact Person: Kathleen Zinser
Phone: (630) 923-5425
Country: United States