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:
And always remember, if you buy with us, we split our buyer’s agent commission with you and give you back up to $6,000, and if you sell with us, we give you comprehensive, expert service for a low flat fee. In the meantime, please stay healthy and safe. By the way, in addition to Denver, Phoenix, Raleigh, and Seattle, we can now help you buy or sell your house in Atlanta, Charleston, Charlotte, St. Louis, and Tucson. Tell your friends!
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