When I was preparing the post – Buying a home in Raleigh is getting tough! I reached out to some real estate partners that I know and trust and asked them to comment on on the current market condition. The responses were so good that although I couldn’t squeeze them into the original post so I thought I would share them in a separate post.
Here are some comments form the last 24 hours about the real estate market conditions from seasoned professionals who are selling houses every day in Raleigh – Cary and Wake County.
Comments from real estate brokers about the current market in Raleigh-Cary
The bad news is that inventory is actually down 6.9% year over year. Average sales price to list price is running pretty high at 98% these days, and the average days on market has declined year over year from 105 to 98 days. If you have a great home in a great neighborhood, multiple offers are not uncommon. So great news for Sellers and bad news for Buyers; Agents must be on their toes these days to get the best homes. – Sarah Duchon – Broker/Realtor – Fonville Morisey/Inside the Beltline Office
According the National Association of Realtors (NAR) Across America 13,945 houses sold yesterday, 13,945 will sell today and 13,945 will sell tomorrow. NAR revealed that sales had increased 9.1% as compared to 2012 and that it was the market’s strongest performance since 2006. We realize that these numbers are below the record for homes sold during the boom. We also know that we may not see those numbers again for a long time (and that is probably a good thing). Meanwhile here in Raleigh and Cary, we are struggling with inventory. Buyers in Raleigh-Cary and Durham are learning the hard way that it is no longer a buyer’s market. – Edwin Argueta – Broker in Charge – The Force Realty
There are three primary factors which dictate how fast you will sell your home in Raleigh-Cary and Wake Forest today. Those three factors are price, condition and location of which the seller controls two of the three key factors. Price is 80% of the equation with condition and location comprising the remaining 20%. Although a seller can’t control where the house is located, he can control the condition and the price. When sellers are honest with themselves about the condition of the home, then they should also be realistic about the price. If so, the odds of the house selling in less than 60 days increase exponentially! – Brian Pate – Broker –
In quite a few areas of the Triangle, houses are going under contract within 1-2 days..and most of them have multiple offers. The inventory crunch is shaping up to be the same or worse than last year so homeowners are hesitant to put their homes on the market. As a result, the builders are having a field day; they can’t build them fast enough! – Justin Burleson – Triangle Area Real Estate Broker
If the seller prices the home accordingly to similar sales and actual market value, what I’ve been experiencing is multiple offers which in turn will increase the probability of getting higher than asking. – Erika Hudson – Raleigh Area Realtor
Lack of inventory is an ongoing problem in our market. Anything less than five months supply of available homes for sale is considered a seller’s market. You might think this would translate into higher prices, and eventually it will, but getting opening list pricing correct remains critical. Homes that sold within 60 days with no price adjustments have sold at 98% of the original list price. With only one price reduction the days on market skyrockets 150% while the sales price falls to 90% of the reduced price. Essentially, pricing the house too high will cost you in the end. It’s a great time to sell, but a realistic understanding of home values is necessary. Jo Wiles – Fonville Morisey, Triangle Specialists