Happy new year! Despite the Covid pandemic and an unusually tumultuous political season, real estate remains a dependable and steady economic guidepost for thoughtful buyers and sellers.
All stats below are based on End of Month in November vs December:
Homes on the market – 4,123 vs 3,634 (down 12%)
Average days on the market – 19
New homes on the market – 3,148 vs 2,856 (down 9%)
Homes sold – 3,816 vs 4,195 (up 10%)
Inventory is still historically low and most homes are selling very quickly. This is causing listing prices to rise, however not all homes are appraising for the contract prices. This is a bit of good news for buyers as it’s keeping prices from getting out of control. It is expected that as we approach spring, many more homes will hit the market which could balance the scales slightly, but probably not to pre-covid numbers. As has been the case for the last many months, it is still a great time to sell a home in the Triangle area and beyond.
What do I do as a seller?
If you list your home tomorrow, there is a good chance you’d be the only home in your neighborhood on the market. Properly priced homes are still getting a lot of attention and are often receiving multiple offers. In years past, most sellers have waited until March or April to list, but given the current state of the market, there is no reason to wait until spring this year. Additionally, some sellers worry that a wave of inventory will hit the market once banks lift their mortgage forbearances and the residual effects of Covid finally catch up to the real estate market here in the Triangle, so you may wish to move quickly.
Additionally here are a few blogs that might help you as a seller:
What do I do as a buyer?
Those buyers that have stuck with it and remained persistent into the new year will be rewarded! Inventory will rise as it does every January, and there will be less competition since some frustrated buyers decided to throw in the towel around the holidays. Interest rates are expected to climb a whole percentage point from current rates of ~2.8% on a 30-year fixed rate mortgage to pre-Covid levels of ~3.8%, so buyers should try to cash in on these low rates while they last.
Additionally here are a few blogs that might help you as a buyer:
When you hire Trelora, you pay just 1% to sell your home. You’ll also get best-in-class customer service, and a team of expert agents who close hundreds of deals per year. And keep in mind, especially if you’re moving or you have friends in other states, that Trelora can help you in Atlanta, Charleston, Charlotte, Denver, Los Angeles, Phoenix, Raleigh, Sacramento, Seattle and Tucson. In the meantime, please stay healthy and safe.
Sold over 1,000 homes
Christopher has been been in the Real Estate industry for 8 years and has had the opportunity to close over 1,000 deals while acting as the Managing Broker for thousands more. Christopher is passionate about continuing to find ways to simplify, maximize, and serve Trelora’s clients exceptionally well and spends his time building teams to deliver high levels of service. When not doing real estate Christopher can be seen training for marathons and ultra relays with his 2 year old daughter, eating pizza, and drinking a steady stream of Diet Coke.