Market Pulse – Raleigh November 2020

by | Nov 18, 2020 | Buying, Raleigh, Selling

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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: 

And always remember, if you buy with us, we split our buyer’s agent commission with you, 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. 

Kind regards,

Aaron Meisheid
Raleigh Market Director
Sold over 1,000 homes

Thinking about buying or selling a home?

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