What has so far been a very hot summer has turned into an even hotter housing market. The Triangle real estate market has seen a rise in demand that rivals the blistering markets of 2002-2006; only this time the overwhelming demand is for entry level homes. With rents climbing at historic levels, more and more millennials are looking to surrender their apartment keys for a set of their own. If you are a first time home seller, especially in the Raleigh-Durham market, you are likely sitting on an opportunity that only comes around once every decade or so.v
Average Sales Prices
Control Your Destiny
Being a home seller in today’s market means that you enter the negotiation with a significant advantage. Not only are you more likely to get your desired price but you will have greater control of the terms, such as how soon you will close and how much you will spend on repairs. Controlling the terms means that you can negotiate sufficient time into your escrow period to comfortably find your next home; or confidently reject the buyer’s request that you leave your appliances. This is a classic seller’s market.
We Buy Ugly Houses?
You may have seen these signs from time to time, scattered along busy roadsides, advertising one solution or another to offload your unwanted property. As a real estate professional in today’s market, it’s surprising that anyone would reach out willingly to sell their home at a deep discount (or any discount at all!).
For homes priced below $200,000 buyers are having a difficult time just finding property -- let alone finding one with the style and features they want. This lack of inventory forces many buyers to overlook what would have been taboo just eight months ago; things such as roadway noise, stained carpets, steep driveways and old HVAC equipment. What a great opportunity for sellers! Even if your home is a little dated, or worse for the wear, and you do have to concede on price, it’s much less than under normal conditions.
But Where Shall We Move?
This is a commonly voiced concern among those that are wanting to sell but just not ready to list. The fact is that if you are a first time home seller, and wanting to move into a bigger home, you will have a relatively easy time finding your dream home. You’ll find that to be an easier task because the higher priced homes are not seeing the frenzied activity of their lower-priced neighbors. Need a reality check? Visit any open house with pricing below $250,000 and you’ll think they’re giving away free cash inside the house. Some of these homes desperately need valet parking! Next, visit one in a higher price range, say $350,000, and you’ll feel like the agent has been waiting all day for your arrival. You’ll be showered with attention and may be the only person they’ve seen all day. So finding your next home won’t be as challenging and may present you with an opportunity to get a great deal.
Picking your location can also help you on the buy side. By examining the market in slices and comparing their average days on market (DOM), we clearly see this point in action. In the chart below, you can see that there are two markets under pressure in Durham: homes in the $200k-300k price range and those between $500k-$600k. Each had much higher demand than adjoining markets, as evidenced by their very low DOM. When average DOM is low, buyers are acting quickly to snap up available homes. That’s a clear indication that more inventory is needed to correct the imbalance.
Average Days on Market
Shorter marketing time. Better selling price. More advantageous terms. If you are planning to sell your first home, and buy a larger one, now is a great time to act. You can take advantage of recent gains in property values while entering a softened larger home market. It’s the best of both worlds. Call 919-882-6700 or visit daymarkrealty.com/selling and learn how a Daymark Realty agent can get you and your home Ready, Set, Sold.