OK what do you all think? Exchange it for another one or keep it and get a setup done?

A thought
 

Any new guitar (see prior advice) is going to need a setup anyway, and the seller is willing to cover the cost on this one, so OP gets the professional setup of his choice at no out-of-pocket. Sounds good to me. It'll get a good inspection done, too. Inspection prior to setup I suspect will tell the tale of whether a setup will solve OP's problem or if something else needs tending to, which OP can then discuss with the seller.

+1.

In addition, you have played the current one. A replacement might not sound as good to you (ignoring the buzz).

Actually I just discovered a high fret using a fret rocker. I think I am going to return it and repurchase from a local shop or a larger seller like Sweetwater or GC. I do like the guitar but am not attached to this particular one.

Well my take on it would be if you
Like it let music zoo pay to have it
Fixed. If you dont like it return it.
Getting a nice setup is worth it
And you may enjoy it even more
After it. Things like truss rod and high
Fret repairs are like brake jobs
On a car. You dont scrap it cause it needs
Brakes.. most big retailers like
Sweet waters and the like dont
Even open the boxes. Factory to you. OP

Well my take on it would be if you
Like it let music zoo pay to have it
Fixed. If you dont like it return it.
Getting a nice setup is worth it
And you may enjoy it even more
After it. Things like truss rod and high
Fret repairs are like brake jobs
On a car. You dont scrap it cause it needs
Brakes.. most big retailers like
Sweet waters and the like dont
Even open the boxes. Factory to you.

Yes but places like Sweetwater don't hassle you for returns and will pay return shipping. All the shops around here have at least a 2 week waiting period for setups and I normally just do the setup myself, which normally involves tweaking the truss rod and/or sanding the saddle if needed. Since this guitar's action is fine (even a bit too high) and the neck relief is fine where it's at, I was hoping it was a humidity issue, but now that I found a few high frets and also it's been almost 4 days and its still buzzing, so I don't think its a humidity issue. I like my chances better with another one.

Thanks to everyone for their comments and great advice!

Since I wasn't attached or overly smitten with this particular guitar, I decided to return in and purchase one from Sweetwater instead. My luthier has a +2 week backlog for getting a setup done and there's no guarantee that it won't need something other than the typical setup. I feel like a new guitar shouldn't buzz if the action and relief are where they should be at. Yes, every new guitar needs a setup (usually), but I had to make a call due to the tight 14 day return window.

Props to "Music Zoo" in NY for the no-hassle return. If any of you guys ever look to buy anything on Reverb, please check them out.

ALL guitars can develop fret buzz, and 99.9% of them can be corrected with a good setup and/or fret work. Returning a guitar because it has fret buzz would be kind of like returning a car because the little indicator light came on telling you that the air pressure was low in one of your tires. It's one of those things that can happen due to changes in humidity/temperature, different strings, or any number of other things, and falls under normal maintenance.

Take it to a tech for a setup.

I agree that a new guitar can need a set up to get it to your preferred set up.

I don't agree that a new guitar should need fret work. It should not have a high fret.

I have bought Gretsch electric guitars that are less expensive than the guitar the OP bought that did not need fret work. I have also seen guitars lesser in price than the Gretsch's that were made in Indonesia that did not need fret work.