As we head into the holiday season, the Raleigh market still thinks it’s summer and is hotter than ever. And with coronavirus cases on the rise, we at Trelora will continue to take the utmost precautions, and we remain committed to serving your needs with safety as our top priority.
All stats below are based on End of Month in September vs October:
- Homes on the market – 4,826 vs 4,571 (down 5%)
- Median days on market – 5 vs 5 (no change)
- New homes on the market – 4,216 vs 4,407 (up 5%)
- Homes sold – 4,181 vs 4,204 (up 1%)
We are still experiencing a massive shortage in inventory in the Triangle area, now down 51% from this time last year. Homes are selling quicker and for more than ever before. Many buyers, frustrated with the lack of options and competitiveness of the market, are turning to new construction in order to secure a home. Builders are now mostly backlogged and have not begun construction on the homes they are selling. This is all still great news for sellers, unless they need to purchase a replacement home in the area.
New builds are still the best option to bypass the difficulty of landing the right home in these times. There is a silver lining, however. When you lock in your price on a home that may not be finished for up to a year, the home is already beginning to appreciate in value. Many home buyers purchasing new builds this year will find themselves walking into a good amount of equity by the time the home is completed. This can be especially helpful for buyers who aren’t quite to the 20% down payment mark who want to avoid paying mortgage insurance.
What should I do as a seller?
If you’re a seller, now is definitely the time to sell. Median days on the market are super low. And we can’t predict what will happen when spring arrives.
And if you’re concerned about moving during the holiday season, we can help you negotiate a Post Closing Occupancy Agreement (Seller Rentback) so that you can close in December but move in January.
However, if your house has already been on the market for longer than a month, it’s possible your listing might be getting disregarded by buyers because of your pricing, staging, location, and so on. Make sure you dig into this further with our agents and fix what you need to fix.
Additionally here are a few blogs that might help you as a seller:
What should I do as a buyer?
If you’re a buyer, we know it’s a competitive market, but keep swinging the bat. Many buyers are going to give up in the next few weeks and will decide to wait until 2021. Be patient and persistent – our agents will help you land your dream home.
Also, you’re still catching a huge break with the very low rates, sometimes as low as (or even lower than) 3% for a 30-year mortgage. That allows your money to stretch much further than it did at this time last year.
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.
Raleigh Market Director
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.