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Market Pulse – Raleigh October 2020

by | Oct 16, 2020 | Raleigh

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Autumn weather or not, the Triangle real estate market is staying hot, hot, hot. 

All stats below are based on End of Month in September vs August:

Homes on the market – 4,826 vs 5,436 (down 11%)

Median days on market – 5 vs 5 (no change)

New homes on the market – 4,216 vs 4,432 (down 5%)

Homes sold – 4,181 vs 4,180 (no change)

There are 48% fewer homes on the market, year over year, versus September 2019. The Triangle is experiencing an unprecedented low level of inventory and has not had fewer homes for sale since records began being kept in 2004. In addition, new builds account for nearly half the homes for sale, despite the fact fewer are available than seen since 2015. Overall, this shows many buyers are moving to new builds out of frustration. In an extremely competitive market for buyers, paying more for a new build has become one of the best ways to acquire a new home. This is all very good news for sellers. Homes are selling faster and for more money than ever. 

What should I do as a seller?

New listings in the Triangle are selling super fast – median days on market continues to be only 5 days! And since inventory is so low, you stand a reasonably good chance of being well-rewarded for getting your house out there. 

On the other hand, if your house has been on the market for longer than 30 days, what issues could there be? it’s possible your listing might now be getting overlooked or disregarded by buyers for particular reasons: pricing, staging, location, etc. Make sure you examine this further with your agent. 

Additionally here are a few blogs that might help you as a seller:

What should I do as a buyer? 

Despite the competitive market, 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. 

And you could also be considering capitalizing on a home that’s been on the market for a longer time, or you could even look for an off-market deal where the seller has recently thrown in the towel and given up hopes of selling their home if they’ve been unsuccessful this past summer. Your agent can help you navigate these situations. 

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 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.

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The information contained in this blog is for general information purposes only, and while believed to be accurate, Trelora assumes no legal responsibility for accuracy. Information provided within should not relied upon as legal advice. Please consult with your local advisors for independent information regarding availability and applicability in your market.

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