Raleigh-Durham Real Estate News & Market Trends

Many buyers and sellers are unsure of how the real estate transaction process really works. The articles on this blog will help home buyers and sellers with

  • misconceptions about which realtors are required to have your best interest before their own and which ones are really working for the other guy. 

  • confusion over how the residential listing and offer to purchase contracts work in North Carolina and what funds are at-risk at what times.

  • what buyers should look for when touring a home, what to focus on when speaking to a new home builder and what home improvements get the best results for sellers.

  • unmasking the mystery of home appraisals and why they can be unpredictable.

  • obtaining a market valuation on a specific home and area market reports so you can stay on top of home sales in your area.

  • overcoming hurdles like first-time home ownership, bad credit, low available cash and quick moves.

The blog focuses on North Carolina residential real estate with an emphasis on the Raleigh-Durham triangle and surrounding areas. You can find articles for first-time home buyers, for sale by owners, property valuation information, hints on working with real estate agents, tips for new construction homes and the market in general. So, grab a cup of coffee and enjoy the articles. There is something new with great take-aways for everyone.

Have questions, comments or concerns? Feel free to reach out anytime. We’d love to talk with you!

May 23, 2023

Raleigh Market Report - May 2023


Source: All data from Triangle Multiple Listing Service, Inc.

Median Sale Price Holding Steady

When correctly priced and positioned well on the market, homes are selling right around list price – 97.9% of list price - compared to 105.4% last year. Months of inventory (how long it takes to sell all the homes on the market, normally 6 months) has risen 87.5% to 1.5 months compared to 0.8 months last year. Still no crash in sight but the market has become more buyer friendly compared to last year. These stats really add up when you are selling your largest financial asset–and that’s exactly why you deserve a custom strategic marketing plan.

Less Homes Selling With Multiple Offers

While tight inventory is keeping sellers in control, the craziness we saw last year has been flushed out of the market by a better balance of buyers and sellers. This is giving buyers time to consider their options and to place reasonable deposits. Multiple offers are not uncommon but are reduced from a few months ago. With the right strategic plan, pricing, and positioning for your property and your goals, we can attract the maximum number of offers and get your home sold for the highest possible price in the fewest days on the market.

Raleigh Market Highlights 

Single-Family Home Stats

April ‘23 vs. April ‘22

Analysis

Median Sale Price

Down 3.6%

Median sale price is now $400,000, down 3.6% from $415,000 last year but up 9.3% compared to $387,000 last month indicating a market picking up steam heading into spring. When you price correctly from day one, you can maximize offers and ultimately sell for the highest possible price as quickly as possible.

Average Days on Market

Up 170%

Average days on market are still comparatively low, at 27 days, up 170% from 10 days last year but down 25% compared to 36 days last month. Interest rates stabilizing and the spring buying season have played a major role in keeping sellers in control. Strategic pricing and marketing ensure your home sells for top dollar in the shortest time on market.

Sale-to-List Price Ratio

Down 7.1%

Correctly priced, strategically marketed homes are selling right around list price – 2.1% below list this month compared to 5.4% above list the year prior - making it especially important to start with an expert strategy from day one to sell for the highest possible price in the fewest days on market.

Months of Inventory

Up 87.5%

Inventory is low. With interest rates leveling and the spring season underway, sellers remain in control. Months of inventory this month is 1.5 months compared with a meager 0.8 months last year, further highlighting the importance of correctly pricing and positioning your home from the beginning so you can get top dollar as “best in class” rather than languishing on the market.

Source: All data from Triangle Multiple Listing Service, Inc.

Looking Ahead

Here’s what we’ll be watching over the coming months:

1. Low Supply of Available Homes

Even with inventory rising from 3,122 homes to 4,722 homes (51.2%) month over month, months of inventory remains very low. This month’s inventory of 1.5 months means it would take only 1.5 months to sell all of the homes currently on the market compared with a historical metric of 6 months.  A significant rise in inventory would be a strong indicator that the market is swinging away from sellers and towards buyers. We will be watching for increases in the number of listings as an indication of a market change. Sellers who work with an expert to properly position themselves on the market can generally expect to secure a nice return.

2. Buyers Still Active in Spring

Sanity has returned to the market as buyers are contending with higher interest rates. The spring season is getting more buyers looking to move which, along with low inventory, is keeping median prices essentially level. Regardless of what twists and turns the market takes, to truly maximize your return on investment, it’s crucial that you strategically position your home to buyers.

3. Continued Growth in Raleigh

As Raleigh develops, we’ll continue to see property values increase. Here are just a few things to note:

       Raleigh has a thriving technology sector that is drawing people from across the country. As long as people are moving in, instead of out, demand will remain strong.

       According to PayScale.com, the cost of living in Raleigh is 7% below the national average.

       Raleigh is ranked the #1 city for jobs in the US according to Glassdoor, reports WRAL Tech Wire.

4. What to Expect When Selling Your Home

The market consistently evolves–and you deserve to sell for the highest possible price no matter what. The right marketing strategy, pricing knowledge, and negotiation power are what makes the difference when you’re ready to sell your home and embark on what may be one of the largest financial transactions of your lifetime.

Median Sale Price

Average Days on Market



 

 

 

 

Sale to List Price Ratio

Months of Inventory



 

Source: All data from Triangle Multiple Listing Service, Inc.

 

 

Posted in Market Updates
March 21, 2023

Raleigh Market Report - March 2023

 
Source: All data from Triangle Multiple Listing Service, Inc.

Market Show Signs of Leveling

As we enter spring, the housing market in Raleigh has remained level month-over-month. While well-priced homes continue to sell quickly, the market is continuing to slow compared to last year as average days on market rises by 147.1% to 42 days.  This is still relatively low, historically. While the economy is motivating some sellers to sell (increasing inventory) and interest rates push some buyers out (lowering demand), the median sale price rose 2.7% year-over-year to $385,000 level with last month. To capitalize on your investment, you want to work with a real estate expert who understands how to strategically price and market your home so you get maximum return.

Median Sale Price Holding Steady

When correctly priced and positioned well on the market, homes are selling right around list price – 95.6% of list price - compared to 102.4% last year. Months of inventory (how long it takes to sell all the homes on the market, normally 6 months) has risen 220% to 1.6 months compared to 0.5 months last year. Still no crash in sight but the market has become more buyer friendly compared to last year. These stats really add up when you are selling your largest financial asset–and that’s exactly why you deserve a custom strategic marketing plan.

Less Homes Selling With Multiple Offers

While tight inventory is keeping sellers in control, the craziness we saw last year has been flushed out of the market by a better balance of buyers and sellers. This is giving buyers time to consider their options and to place reasonable deposits. Multiple offers are not uncommon but are reduced from a few months ago. With the right strategic plan, pricing, and positioning for your property and your goals, we can attract the maximum number of offers and get your home sold for the highest possible price in the fewest days on the market.

Raleigh Market Highlights

Single-Family Home Stats

Feb. ‘23 vs. Feb. ‘22

Analysis

Median Sale Price

Up 2.7%

Median sale price is now at $385,000, up 3.9% from $374,900 last year but level with last month. When you price correctly from day one, you can maximize offers and ultimately sell for the highest possible price as quickly as possible.

Average Days on Market

Up 147.1%

Average days on market are still comparatively low, at 42 days. Slowing demand due to interest rates and low supply play a major role, especially when compared to last year’s statistic of 17 days. Strategic pricing and marketing ensure your home sells for top dollar in the shortest time on market.

Sale-to-List Price Ratio

Down 6.6%

Correctly priced, strategically marketed homes are selling right around list price – 4.4% below list this month compared to 2.4% above list the year prior - making it especially important to start with an expert strategy from day one to sell for the highest possible price in the fewest days on market.

Months of Inventory

Up 220%

Inventory remains low but interest rates have pushed some buyers out resulting in the market starting to level. Months of inventory in February 2023 was 1.6 compared with a historically low 0.5 the year before, further highlighting the importance of correctly pricing and positioning your home from the beginning so you can get top dollar as “best in class” rather than languishing on the market.

Source: All data from Triangle Multiple Listing Service, Inc.

Looking Ahead

Here’s what we’ll be watching over the coming months:

 1. Low Supply of Available Homes

 Though a 220% increase in months of inventory sounds like a lot, February’s 1.6 months of inventory compares with an even lower 0.5 months the year before. The increase is likely due to rising interest rates reducing the number of buyers. But don’t be deceived, low inventory is keeping prices from declining significantly so we will be watching for increases in the number of listings. With inventory low and the median sale prices holding their own—up 2.7% compared to the year before—sellers who work with an expert to properly position themselves on the market can generally expect to secure a nice return.

2. Buyers are Slowing Down

Buyer activity has slowed from a few months ago but we are starting to see more buyer activity recently and expect that spring will bring a more active market. While a 147.1% increase in average days on market over last year sounds like a lot, this month’s 42 average days on the market compares with only 17 days the year prior. With inventory as low as it is, it’s a great time to sell. Regardless of what twists and turns the market takes, to truly maximize your return on investment, it’s crucial that you strategically position your home to buyers.

3. Continued Growth in Raleigh

As Raleigh develops, we’ll continue to see property values increase. Here are just a few things to note:

       Raleigh has a thriving technology sector that is drawing people from across the country. As long as people are moving in, instead of out, demand will remain strong.

       According to PayScale.com, the cost of living in Raleigh is 7% below the national average.

       Raleigh is ranked the #1 city for jobs in the US according to Glassdoor, reports WRAL Tech Wire.

4. What to Expect When Selling Your Home

The market consistently evolves–and you deserve to sell for the highest possible price no matter what. The right marketing strategy, pricing knowledge, and negotiation power are what makes the difference when you’re ready to sell your home and embark on what may be one of the largest financial transactions of your lifetime.

  

Median Sale Price

Average Days on Market



 

 

 

 

Sale to List Price Ratio

Months of Inventory



 

 

 

Posted in Market Updates
Feb. 15, 2023

Raleigh Market Report - February 2023

 

Market Show Signs of Slowing

 While well-priced homes continue to sell quickly, the market is continuing to slow as average days on market has risen 186.7% year-over-year to 43 days and 30% month-over-month.  This is still relatively low, historically. While the economy is motivating some sellers to sell, the median sale price rose 3.9% year-over-year to $385,000 but down $10,000 month-over-month. So, sellers are taking longer to have their homes sold and getting a bit less money for them on average. To capitalize on your investment, you want to work with a real estate expert who understands how to strategically price and market your home so you get maximum return.

Median Sale Price saw a Modest Decline

 

When correctly priced and positioned well on the market, homes are selling right around list price – 94.7% of list price - compared to 102% last year. Months of inventory (how long it takes to sell all the homes on the market, normally 6 months) have risen 240% to 1.7 months compared to 0.5 months last year. Still no crash in sight but the market is becoming more buyer friendly. These stats really add up when you are selling your largest financial asset–and that’s exactly why you deserve a custom strategic marketing plan.

 

Less Homes Selling With Multiple Offers

 

While tight inventory is keeping sellers in control, the craziness we saw last year has been flushed out of the market by a better balance of buyers and sellers. This is giving buyers time to consider their options and place reasonable deposits. Multiple offers are not uncommon but are reduced from a few months ago. With the right strategic plan, pricing, and positioning for your property and your goals, we can attract maximum offers and get your home sold for the highest possible price in the fewest days on the market.

 

 

Raleigh Market Highlights

Single-Family Home Stats

Jan. ‘23 vs. Jan. ‘22

Analysis

Median Sale Price

Up 3.9%

Median sale price is now at $385,000, up 3.9% from $370,575 last year but down $10,000 from last month’s $395,000. When you price correctly from day one, you can maximize offers and ultimately sell for the highest possible price as quickly as possible.

Average Days on Market

Up 186.7%

Average days on market are still comparatively low, at 43 days in December. Slowing demand due to interest rates and low supply play a major role, especially when compared to last year’s statistic of 15 days. Strategic pricing and marketing ensure your home sells for top dollar in the shortest time on market.

Sale-to-List Price Ratio

Down 7.2%

Correctly priced, strategically marketed homes are selling right around list price – 5.3% below list in January 2023 compared to 2% above list the year prior - making it especially important to start with an expert strategy from day one to sell for the highest possible price in the fewest days on market.

Months of Inventory

Up 240%

Inventory remains low but interest rates have pushed some buyers out resulting in the market starting to level. Months of inventory in January 2023 was 1.7 compared with a historically low 0.5 the year before, further highlighting the importance of correctly pricing and positioning your home from the beginning so you can get top dollar as “best in class” rather than languishing on the market.

Source: All data from Triangle Multiple Listing Service, Inc.

 

Looking Ahead

 

Here’s what we’ll be watching over the coming months:

1. Low Supply of Available Homes 

Though a 240% increase in months of inventory sounds like a lot, January’s 1.7 months of inventory compares with an even lower 0.5 months in January 2022. The increase is likely due to rising interest rates reducing the number of buyers. But don’t be deceived, low inventory is keeping prices from declining significantly so we will be watching for increases in the number of listings. With inventory low and the median sale prices holding their own—up 3.9% in January 2023 compared to the year before—sellers who work with an expert to properly position themselves on the market can generally expect to secure a nice return.

2. Buyers are Slowing Down

Buyer activity has slowed from a few months ago but we are starting to see more buyer activity recently and expect that spring will bring a more active market. While a 186.7% increase over last year sounds like a lot, January’s 43 average days on the market compares with only 15 days the year prior. With inventory as low as it is, it’s a great time to sell. Regardless of what twists and turns the market takes, to truly maximize your return on investment, it’s crucial that you strategically position your home to buyers.

3. Continued Growth in Raleigh

As Raleigh develops, we’ll continue to see property values increase. Here are just a few things to note:

       Raleigh has a thriving technology sector that is drawing people from across the country. As long as people are moving in, instead of out, demand will remain strong.

       According to PayScale.com, the cost of living in Raleigh is 7% below the national average.

       Raleigh is ranked the #1 city for jobs in the US according to Glassdoor, reports WRAL Tech Wire.

4. What to Expect When Selling Your Home

The market consistently evolves–and you deserve to sell for the highest possible price no matter what. The right marketing strategy, pricing knowledge, and negotiation power are what makes the difference when you’re ready to sell your home and embark on what may be one of the largest financial transactions of your lifetime.

Posted in Market Updates
Dec. 16, 2022

Raleigh Market Report - December 2022

A spacious home provides great utility, but when most of the rooms are empty, the financial burden and extra upkeep no longer make sense anymore. That’s when you decide to sell. But selling can be a lot of work.

For most of us, our homes are the largest asset we’ll ever own—so it’s helpful to understand this asset and its value in your market. As you consider selling, you deserve the insight and guidance from an expert in your local market. Here are the top things to know about the Raleigh real estate market right now:

 

Demand is leveling out and Inventory is Improving 

Interest rate increases have started to slow the economy and the housing market is no exception. But with mortgage rates off their highs for the year, we are starting to see more buyer activity. In addition, low inventory continues to keep the Raleigh housing market buoyant as reflected by median sale prices. Median sale prices have modestly increased with November 2022 having a median of $400,000 compared to $368,927 the year prior and $395,000 last month.  We also see this in months of inventory figures (how long it would take to sell all the homes on the marker) where supply, year over year, has risen from 0.8 months to 2.0 months in November, level with last month’s 2.0. With the historical average normally around 6 months, these numbers are still quite low. The sale-to-list percentage (how close the actual sale price was to the original list price) decreased by 5.9% to 96.5% in November compared to 102.5% the year prior. This means, on average, homes are selling 3.5% below list where they were selling 2.9% above list last year. To capitalize on your investment, you want to work with a real estate expert who understands how to strategically price and market your home so you get maximum return.

 

Median Sale Price saw a Modest Increase

When correctly priced and positioned well on the market, homes are selling right around list price while the time it takes a house to sell has risen to 28 days, up 154% from 11 days the year before. While the median sale price has risen to $400,000 in November 2022 compared to $368,927 last year, it is breaking recent trends by rising slightly from last month’s $395,000. This means low inventory is keeping prices from falling sharply, but homes are taking longer to sell. These stats really add up when you are selling your largest financial asset–and that’s exactly why you deserve a custom strategic marketing plan.

 

Less Homes Selling With Multiple Offers

 The craziness we saw last spring has been flushed out of the market by a better balance of buyers and sellers. Multiple offers are not uncommon but are reduced from a few months ago. With the right strategic plan, pricing, and positioning for your property and your goals, we can attract maximum offers and get your home sold for the highest possible price in the fewest days on the market.

As a homeowner, what does this mean for you?

If you’re thinking about selling in the next 12 months, now is the time to start preparing for market.

When I work with my clients, I offer a 360-degree experience. I help them prepare their home so that it’s shown in its best light, competitively price it, and anticipate and plan for potential roadblocks that may appear. My proactive approach, attention to detail, and commitment to service are precisely why my Raleigh area clients trust me with their largest financial asset.

 

If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation 919-446-8484

We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.

Call Today → 919-446-8484

Raleigh Market Highlights

 

Single-Family Home Stats

Nov. ‘22 vs. Nov. ‘21

Analysis

Median Sale Price

Up 8.4%

Median sale price is now at $400,000, up 8.4% from $368,927 in November 2021 and up from last month’s $395,000. When you price correctly from day one, you can maximize offers and ultimately sell for the highest possible price as quickly as possible.

Average Days on Market

Up 154.5%

Average days on market are exceptionally low, at 28 days in November. Slowing demand due to interest rates and low supply play a major role, especially when compared to November 2021’s statistic of 11 days. Strategic pricing and marketing ensure your home sells for top dollar in the shortest time on market.

Sale-to-List Price Ratio

Down 5.9%

Correctly priced, strategically marketed homes are selling right around list price – 96.5% in November 2022 compared to 102.5% the year prior - making it especially important to start with an expert strategy from day one to sell for the highest possible price in the fewest days on market.

Months of Inventory

Up 150.0%

Inventory remains low but interest rates have pushed some buyers out resulting in the market starting to level. Months of inventory in November 2022 was 2.0 compared with a historically low 0.8 the year before, further highlighting the importance of correctly pricing and positioning your home from the beginning so you can get top dollar as “best in class” rather than languishing on the market.

Source: All data from Triangle Multiple Listing Service, Inc.

 

Looking Ahead

Here’s what we’ll be watching over the coming months:

 

1. Low Supply of Available Homes

Though a 150.0% increase in months of inventory sounds like a lot, November’s 2.0 months of inventory compares with an even lower 0.8 months in November 2021. The increase is likely due to rising interest rates reducing the number of buyers. But don’t be deceived, low inventory is keeping prices from declining significantly so we will be watching for increases in the number of listings. With inventory low and the median sale prices holding their own—up 8.4% in November 2022 compared to the year before and up slightly to $400,000 from last month’s $395,000 —sellers who work with an expert to properly position themselves on the market can generally expect to secure a nice return.

 

2. Buyers are Slowing Down

Buyer activity has slowed from a few months ago but we are starting to see more buyer activity recently. The days on market in November were only 28 days compared with a historical average of 6 months. While a 154.5% increase over last year sounds like a lot, days on the market in November 2021 was only 11 days. With inventory as low as it is, it’s a great time to sell. Regardless of what twists and turns the market takes, to truly maximize your return on investment, it’s crucial that you strategically position your home to buyers.

 

3. Continued Growth in Raleigh

As Raleigh develops, we’ll continue to see property values increase. Here are just a few things to note:

       Raleigh has a thriving technology sector that is drawing people from across the country. As long as people are moving in, instead of out, demand will remain strong.

       According to PayScale.com, the cost of living in Raleigh is 7% below the national average.

       Raleigh is ranked the #1 city for jobs in the US according to Glassdoor, reports WRAL Tech Wire.

4. What to Expect When Selling Your Home

The market consistently evolves–and you deserve to sell for the highest possible price no matter what. The right marketing strategy, pricing knowledge, and negotiation power are what makes the difference when you’re ready to sell your home and embark on what may be one of the largest financial transactions of your lifetime.

 

If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation 919-446-8484

 

Posted in Market Updates
Nov. 17, 2022

Raleigh Market Report - November 2022

A spacious home provides great utility, but when most of the rooms are empty, the financial burden and extra upkeep no longer make sense anymore. That’s when you decide to sell. But selling can be a lot of work.

For most of us, our homes are the largest asset we’ll ever own—so it’s helpful to understand this asset and its value in your market. As you consider selling, you deserve the insight and guidance from an expert in your local market. Here are the top things to know about the Raleigh real estate market right now:

 

Demand is slowing and Inventory is Improving

Interest rate increases and seasonality are taking their toll on housing demand as buyers wait on the sidelines for an indication that interest rates are leveling off and the housing market is reaching a new point of stability.  We see this in the months of inventory figures (how long it would take to sell all the homes on the marker) where supply has risen from 0.9 to 2.0 year over year in October, up slightly from last month’s 1.8. With the historical average normally around 6 months, these numbers are still historically low. October 2022 saw the number of new listings decline by 25.9% year over year, further reflecting that homes are staying on the market longer. The sale-to-list percentage (how close the actual sale price was to the original list price) decreased by 5.4% to 97.3% in October compared to 102.9% the year prior. This means, on average, homes are selling 2.7% below list where they were selling 2.9% above list last year. To capitalize on your investment, you want to work with a real estate expert who understands how to strategically price and market your home so you get maximum return.

 

Median Sale Price Continues to Decline

When correctly priced and positioned well on the market, homes are selling right around list price while the time it takes a house to sell has risen to 24 days, up 140% from 10 days the year before and back in line with the 20 days on market in October 2020. While the median sale price is coming down from its highs, it has climbed to $395,000, up from $365,000 the year before but down from last month’s $402,000. This means low inventory is keeping prices from falling sharply, but homes are taking longer to sell. These stats really add up when you are selling your largest financial asset–and that’s exactly why you deserve a custom strategic marketing plan.

 

 

Less Homes Selling With Multiple Offers

The market is reacting to higher interest rates and seasonality. Multiple offers are not uncommon but are reduced from a few months ago. With the right strategic plan, pricing, and positioning for your property and your goals, we can attract maximum offers and get your home sold for the highest possible price in the fewest days on the market.

As a homeowner, what does this mean for you?

 

If you’re thinking about selling in the next 12 months, now is the time to start preparing for market.

When I work with my clients, I offer a 360-degree experience. I help them prepare their home so that it’s shown in its best light, competitively price it, and anticipate and plan for potential roadblocks that may appear. My proactive approach, attention to detail, and commitment to service are precisely why my Raleigh area clients trust me with their largest financial asset.

 

If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation 919-446-8484

 

We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.

Call Today → 919-446-8484

Raleigh Market Highlights

 

Single-Family Home Stats

Oct. ‘21 vs. Oct. ‘22

Analysis

Median Sale Price

Up 8.2%

Median sale price is now at $395,000, up 8.2% from $365,000 in October 2021 but down from last month’s $402,000. When you price correctly from day one, you can maximize offers and ultimately sell for the highest possible price as quickly as possible.

Average Days on Market

Up 140%

Average days on market are exceptionally low, at 24 in October. Slowing demand due to interest rates and low supply play a major role, especially when compared to October 2021’s statistic of a meager 10. Strategic pricing and marketing ensure your home sells for top dollar in the shortest time on market.

Sale-to-List Price Ratio

Down 5.4%

Correctly priced, strategically marketed homes are selling right around list price – 97.3% in October 2022 compared to 102.9% the year prior -  making it especially important to start with an expert strategy from day one to sell for the highest possible price in the fewest days on market.

Months of Inventory

Up 122.2%

Inventory remains low but interest rates have pushed some buyers out resulting in the market starting to level. Supply of inventory in October 2022 was 2.0 compared with a historically low 0.9 the year before, further highlighting the importance of correctly pricing and positioning your home from the beginning so you can get top dollar as “best in class” rather than languishing on the market.

Source: All data from Triangle Multiple Listing Service, Inc.

 

Looking Ahead

Here’s what we’ll be watching over the coming months:

 

1. Low Supply of Available Homes

Though a 122.2% increase in the supply of inventory sounds like a lot, October’s 2.0 months of inventory compares with an even lower 0.9 in October 2021. The increase is likely due to rising interest rates reducing the number of buyers. But don’t be deceived, low inventory is keeping prices from declining significantly so we will be watching for increases in the number of listings. With inventory low and the median sale prices holding their own—up 8.2 % in October compared to October 2021 but down slightly from the $402,000 last month—sellers who work with an expert to properly position themselves on the market can generally expect to secure a nice return.

 

2. Buyers are Slowing Down

Buyer activity has started to slow. The days on market in October were only 24 days compared with a historical average of 6 months. While this is a 140% increase over last year, days on the market in October 2021 was only 10. With inventory as low as it is, it’s a great time to sell. Regardless of what twists and turns the market takes, to truly maximize your return on investment, it’s crucial that you strategically position your home to buyers.

 

3. Continued Growth in Raleigh

As Raleigh develops, we’ll continue to see property values increase. Here are just a few things to note:

       Raleigh has a thriving technology sector that is drawing people from across the country. As long as people are moving in, instead of out, demand will remain strong.

       According to PayScale.com, the cost of living in Raleigh is 7% below the national average.

       Raleigh is ranked the #1 city for jobs in the US according to Glassdoor, reports WRAL Tech Wire.

 

4. What to Expect When Selling Your Home

The market consistently evolves–and you deserve to sell for the highest possible price no matter what. The right marketing strategy, pricing knowledge, and negotiation power are what makes the difference when you’re ready to sell your home and embark on what may be one of the largest financial transactions of your lifetime.

 

If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation 919-446-8484

 

 

 

Posted in Market Updates
Oct. 18, 2022

Raleigh Market Report - October 2022

A spacious home provides great utility, but when most of the rooms are empty, the financial burden and extra upkeep no longer make sense anymore. That’s when you decide to sell. But selling can be a lot of work.

For most of us, our homes are the largest asset we’ll ever own—so it’s helpful to understand this asset and its value in your market. As you consider selling, you deserve the insight and guidance from an expert in your local market. Here are the top things to know about the Raleigh real estate market right now:

 

Demand is slowing and Inventory is Improving

Interest rate increases are slowing buyer activity so inventory supply has increased to 1.8 months compared with 0.9 months last year. With the historical average normally around 6 months, these numbers are still historically low. September 2022 saw the number of new listings decline by 15.3% over the year before, further reflecting that homes are staying on the market longer. The sale-to-list percentage (how close the actual sale price was to the original list price) decreased by 4.8% to 98.2% in September compared to 103.2% the year prior. This means, on average, homes are selling 2% below list where they were selling 3% above list last year. To capitalize on your investment, you want to work with a real estate expert who understands how to strategically price and market your home so you get maximum return.

 

Median Sale Price is Declining Slightly

When correctly priced and positioned well on the market, homes are selling right around list price while the time it takes a house to sell has risen to 21 days, up 110% from 10 days the year before and back in line with the 22 days on market in September 2020. While the median sale price is coming down from its highs, it has climbed to $402,000, up from $352,971 the year before but down slightly from last month’s $405,000. This means prices are still holding, on average, but homes are taking longer to sell. These stats really add up when you are selling your largest financial asset–and that’s exactly why you deserve a custom strategic marketing plan.

 

Less Homes Selling With Multiple Offers

The market is reacting to higher interest rates and seasonality. Multiple offers are not uncommon but are reduced from a few months ago. With the right strategic plan, pricing, and positioning for your property and your goals, we can attract maximum offers and get your home sold for the highest possible price in the fewest days on the market.

As a homeowner, what does this mean for you?

If you’re thinking about selling in the next 12 months, now is the time to start preparing for market.

When I work with my clients, I offer a 360-degree experience. I help them prepare their home so that it’s shown in its best light, competitively price it, and anticipate and plan for potential roadblocks that may appear. My proactive approach, attention to detail, and commitment to service are precisely why my Raleigh area clients trust me to sell their homes.

 

If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation 919-446-8484

 

We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.

Call Today → 919-446-8484

Raleigh Market Highlights

 

Single-Family Home Stats

Sept. ‘21 vs. Sept. ‘22

Analysis

Median Sale Price

Up 13.9%

Median sale price is now at $402,000, up 13.9% from $352,971 in September 2021 but down from last month’s $405,000. When you price correctly from day one, you can maximize offers and ultimately sell for the highest possible price as quickly as possible.

Average Days on Market

Up 110%

Average days on market are exceptionally low, at 21 in September. Slowing demand due to interest rates and low supply play a major role, especially when compared to September 2021’s statistic of a meager 10. Strategic pricing and marketing ensure your home sells for top dollar in the shortest time on market.

Sale-to-List Price Ratio

Down 4.8%

Correctly priced, strategically marketed homes are selling right around list price – 98.2% in September 2022 compared to 103.2% the year prior -  making it especially important to start with an expert strategy from day one to sell for the highest possible price in the fewest days on market.

Months of Inventory

Up 100%

Inventory remains low but interest rates have pushed some buyers out resulting in the market starting to level. Supply of inventory in September 2022 was 1.8 compared with a historically low 0.9 the year before, further highlighting the importance of correctly pricing and positioning your home from the beginning so you can get top dollar as “best in class” rather than languishing on the market.

Source: All data from Triangle Multiple Listing Service, Inc.

 

Looking Ahead

Here’s what we’ll be watching over the coming months:

 

1. Low Supply of Available Homes

Though a 110% increase in the supply of inventory sounds like a lot, September’s 1.8 months of inventory compares with an even lower 0.9 in September 2021. The increase is likely due to rising interest rates reducing the number of buyers. But don’t be deceived, low inventory is keeping prices from declining significantly so we will be watching for increases in the number of listings. With inventory low and the median sale prices holding their own—up 13.9 % in September compared to September 2021 but down slightly from the $405,000 last month—sellers who work with an expert to properly position themselves on the market can generally expect to secure a nice return.

 

2. Buyers are Slowing Down

Buyer activity has started to slow. The days on market in September were only 21 days compared with a historical average of 6 months. While this is a 110% increase over last year, days on the market in September 2021 was only 9. With inventory as low as it is, it’s a great time to sell. Regardless of what twists and turns the market takes, to truly maximize your return on investment, it’s crucial that you strategically position your home to buyers.

 

3. Continued Growth in Raleigh

As Raleigh develops, we’ll continue to see property values increase. Here are just a few things to note:

       Raleigh has a thriving technology sector that is drawing people from across the country. As long as people are moving in, instead of out, demand will remain strong.

       According to PayScale.com, the cost of living in Raleigh is 7% below the national average.

       Raleigh is ranked the #1 city for jobs in the US according to Glassdoor, reports WRAL Tech Wire.

4. What to Expect When Selling Your Home

The market consistently evolves–and you deserve to sell for the highest possible price no matter what. The right marketing strategy, pricing knowledge, and negotiation power are what makes the difference when you’re ready to sell your home and embark on what may be one of the largest financial transactions of your lifetime.

 

If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation 919-446-8484

 


 

Posted in Market Updates
Aug. 31, 2022

Raleigh Market Report - September 2022

 

A spacious home provides great utility, but when most of the rooms are empty, the financial burden and extra upkeep no longer make sense anymore. That’s when you decide to sell. But selling can be a lot of work.

For most of us, our homes are the largest asset we’ll ever own—so it’s helpful to understand this asset and its value in your market. As you consider selling, you deserve the insight and guidance from an expert in your local market. Here are the top things to know about the Raleigh real estate market right now:

 

Demand Remains High but Inventory is Improving

 Demand remains high but inventory supply has increased to 1.6 months compared with 0.8 months last year. With the historical average normally around 6 months, these numbers are still historically low. August 2022 saw the number of new listings decline by 2.4% over the year before, further reflecting that homes are staying on the market longer. The sale-to-list percentage (how close the actual sale price was to the original list price) decreased by 4% to 99.8% in August compared to 104% the year prior. To capitalize on your investment, you want to work with a real estate expert who understands how to strategically price and market your home so you get maximum return.

 

Median Sale Price is still on the Rise

When correctly priced and positioned well on the market, homes are selling at or above list price—often in a short time on market. Median sale prices have climbed higher to $405,000, up from $351,000 the year before but down from last month’s $420,000. Average days on market remained exceptionally low at 16, compared to 9 in August 2021 and 24 in August 2020. These stats really add up when you are selling your largest financial asset–and that’s exactly why you deserve a strategic marketing plan.

 

Less Homes Selling With Multiple Offers

The market is reacting to higher interest rates and seasonality. Multiple offers are not uncommon but are reduced from a few months ago. With the right strategic plan, pricing, and positioning for your property and your goals, we can attract maximum offers and get your home sold for the highest possible price in the fewest days on the market.

As a homeowner, what does this mean for you?

If you’re thinking about selling in the next 12 months, now is the time to start preparing for market.

When I work with my clients, I offer a 360-degree experience. I help them prepare their home so that it’s shown in its best light, competitively price it, and anticipate and plan for potential roadblocks that may appear. My proactive approach, attention to detail, and commitment to service are precisely why my Raleigh area clients trust me to sell their homes.

 

If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation 919-446-8484 

We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.

Call Today → 919-446-8484

Raleigh Market Highlights

 

Single-Family Home Stats

August ‘21 vs. August ‘22

Analysis

Median Sale Price

Up 15.4%

Median sale price is now at $405,000, up 15.4% from $351,000 in August 2021. When you price correctly from day one, you can maximize offers and ultimately sell for the highest possible price as quickly as possible.

Average Days on Market

Up 77.8%

Average days on market are exceptionally low, at 16 in August. Current demand and low supply play a major role, especially when compared to August 2021’s statistic of a meager 9. Strategic pricing and marketing ensure your home sells for top dollar in the shortest time on market.

Sale-to-List Price Ratio

Down 4%

Correctly priced, strategically marketed homes are continuing to sell at or above list price – 99.8% above in August 2022 compared to 104% the year prior -  making it especially important to start with an expert strategy from day one to sell for the highest possible price in the fewest days on market.

Months of Inventory

Up 100%

Inventory remains low but interest rates have pushed some buyers out resulting in the market starting to level. Supply of inventory in August 2022 was 1.6 compared with a historically low 0.8 the year before, further highlighting the importance of correctly pricing and positioning your home from the beginning so you can get top dollar as “best in class” rather than languishing on the market.

Source: All data from Triangle Multiple Listing Service, Inc.

 

Looking Ahead

Here’s what we’ll be watching over the coming months:

 

1. Low Supply of Available Homes

Though a 100% increase in the supply of inventory sounds like a lot, August’s 1.6 months of inventory compares with an even lower 0.8 in August 2021. The increase is likely due to rising interest rates reducing the number of buyers. But don’t be deceived, low inventory is keeping prices rising so we will be watching for increases in the number of listings. With inventory low and the median sale price steadily increasing—up 15.4 % in August compared to August 2021—sellers who work with an expert to properly position themselves on the market can generally expect to secure a nice return.

 

2. Buyers Are Eagerly Searching

Buyers are eager to scoop up the available inventory. The days on market in August were only 16 days. While this is a 77.8% increase over last year, days on the market in August 2021 was only 9. With inventory as low as it is, it’s a great time to sell. Regardless of what twists and turns the market takes, to truly maximize your return on investment, it’s crucial that you strategically position your home to buyers.

 

3. Continued Growth in Raleigh

As Raleigh develops, we’ll continue to see property values increase. Here are just a few things to note:

       Raleigh has a thriving technology sector that is drawing people from across the country. As long as people are moving in, instead of out, demand will remain strong.

       According to PayScale.com, the cost of living in Raleigh is 7% below the national average.

       Raleigh is ranked the #1 city for jobs in the US according to Glassdoor, reports WRAL Tech Wire.


4. What to Expect When Selling Your Home

The market consistently evolves–and you deserve to sell for the highest possible price no matter what. The right marketing strategy, pricing knowledge, and negotiation power are what make the difference when you’re ready to sell your home and embark on what may be one of the largest financial transactions of your lifetime.

 

If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation 919-446-8484