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Market Update

by Cynthia LaChapelle

This is an amazing time to get a property on the market. The Triangle area supply of homes for sale is down to historic lows, while prices have been rising. The amount of time required to sell is also down. Here are some facts about the year-to-date statistics:

  • New Listings in the Triangle region increased 2.2% to 4,204.
  • Pending Sales were down 43.2% to 1,752.
  • Inventory levels fell 16.2% to 12,545 units.
  • Prices continued to gain traction. The Median Sales Price increased 10.0% to $231,000.
  • Days on Market was down 11.5% to 54 days.
  • Sellers were encouraged as Months Supply of Inventory was down 22.4% to 4.6 months.

The general division between a Seller’s Market and  Buyer’s Market is at the point of having a six-month supply of inventory. More inventory indicates a Buyer’s Market, less inventory indicates a Seller’s Market. 

Interested in selling?  What will it take to get your home on the market?  We can answer that.  Maybe you're worried about missing out on your dream home in a hot market.  Use our custom search tool so you never miss a listing!

Yes Virginia, This is a Seller's Market...

by Cynthia LaChapelle
If you are in the right place and prepare your home properly
 

The market switches between being a Seller's market and Buyer's market at six months as average time listed on the market. You may know that we entered a seller's market in most parts of our area last year and earlier. You also may have heard rumors recently about bidding wars and houses selling on the first day that they hit the market. Both are true. (By the way, when a house shows a house was listed 2-5 days on the MLS until pending, that usually means that it took that long to negotiate which buyers to take, the final price and get it in the computer.)

The biggest surprise is that the market heated early - in mid-January. That is well ahead of the usual Spring bump in the market. Showings normally are the highest numbers in March and April, followed by the highest number of closings in May and June. (It often takes 30-60 days to complete escrow.) I have been involved in several multiple bidding wars this year in the western wake county area. We're past trying to negotiate the best deal in most instances. We have moved into the market where the broker's job is to be able to get the house for the buyer. I've lost houses because we showed up on Day 2 and others because we didn't bid high enough above List price. Register here to have custom listings emailed to you as they appear on the market http://www.buywakecountyhomes.com/

One caution to the person who is thinking about selling, however. Most of the houses that are sought after and fought over have been put into beautiful condition. They are freshly painted, usually have new or newer carpet, updated kitchens and baths and very little (if any) brass. Often the buyers ask if the sellers are still living in it. The ones that are dirty and need work will still sit a while. They won't usually have more than one offer at a time, which is the way that sellers get higher than list price. People don't want to buy your dirt and mess.There are numerous resources available if you want to know how to fix up your home for sale, including a number of articles on our website.  Interested in getting an idea of how your home compares to others in your neighborhood?  Check out this website http://www.sellingwakecountyhomes.com

However, beware of whether or not you can get the house to appraise in a rapidly rising price market. Houses in short supply go for higher prices than when the buyer has his pick of homes. Most appraisers want to value the homes at least where the buyer has paid, but they do have constraints put on them by the banks who have hired them. (They work for the bank, but are paid by the buyer.) Different types of loans and different mortgage companies put varying restrictions on the appraisers. They do use past data, which will be lower in a rising market. Whether you are a buyer or seller, it is wise to remember that when you win a bidding war, you will still need to be cognizant of the possibility of a low appraisal. The bank will lend only on the amount of the appraisal, not the sales price.

Takeaways:

  • Buyers need to watch for new listings closely and view them immediately
  • Sellers need to spend the time and money to make their homes market-ready
  • A properly prepared home will sell very quickly at a good price
  • Be cautious of appraisal amounts. The buyer may or may not be willing or able to come up with the extra down payment.

We're topping the charts again!

by Cynthia LaChapelle

Money Magazine names Cary #19 on best places to live. 24/7 Wall St. has Cary as the 8th Best City to live in the US. Of course, long time residents already knew that!

Want to find your dream home in Cary, NC?  Click here to search the local listings using numerous parameters.  You can save your search and get automated email updates!

Displaying blog entries 1-3 of 3