Dear Neighbor,

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

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

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

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

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

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

Many investors are interested in residential multi-family properties. Some want to house hack by living in one unit and renting the rest. Others want all the cashflow by renting all the units. 

Part of what makes residential multi-family units attractive to investors is that properties with up to 4 units are considered residential and are able to be financed using residential loans rather than more expensive commercial loans.

In the Raleigh, NC market, these residential multi-family properties can be hard to find due to zoning regulations that severely limit where multi-family properties can be built. But that is recently changed with the passage of new zoning regulations which permit multi-family housing to be built where only single family homes were allowed. In the short term, this provides a great opportunity for investors looking to convert a single family home to multi-family. As inventory of multi-family homes increase, investors looking to rent out units will have more choices.

When considering a multi-family investment property:

* More doors means lower vacancy rates - if you have a duplex and one renter leaves you have a 50% vacancy rate. But with a quadplex, one renter leaving is only a 25% vacancy rate.

* House hacking a duplex is not enough doors to fully eliminate rent for the live-in investor. A quadplex is far more likely to cover all the rent.

* When living in one of the units, an investor can qualify the property as their primary residence so additional financial options become available - like FHA mortgages with low down payments.

With inventory of multi-family homes in Raleigh, NC being limited, an alternative to a multi-family property is to buy a single family home and rent out rooms.  This can be very profitable assuming you don't mind living with strangers.

Condominiums ("condo" for short) and townhouses are two very different types of real estate ownership. Their ownership models can impact the property's capacity to increase in value, the rights available to an owner and the ability to be financed.

The largest and most definitive difference between a condo and a townhouse is that in a townhouse the owner owns the land on which the townhouse sits as well as the interior and exterior of the unit, while in a condo the owner only owns the space between the walls and not the building exterior or the land - the homeowners association (HOA) owns the land.

This distinction may seem academic so some people, but the impact is significant:

* Land is a unique and limited resource. While a building can deteriorate due to limited life, land is mostly permanent which gives a townhouse a base value not existing in a condo.

* Since a condo owner only owns the air between the walls, much of their condo value is tied to financial and community strength within the HOA. For example, the HOA must be in good financial shape with a limited number of units being rented to non-owners. If it isn't, the HOA could be considered non-warrantable.

* Should the condo HOA be deemed non-warrantable, buyers will have a hard time getting financing. This is because without the benefit of land ownership and a strong HOA, the lender has very little to back its mortgage other than air between the walls. In essence, both the buyer and the condo must qualify for the mortgage.

* Lending options are also different between a condo and a townhouse. For example, FHA mortgages are not available in the Raleigh, NC area for condos. A different mortgage method would be required with conventional or VA loans being likely alternatives.

Due to these ownership differences, a condo is generally more likely to have a lower sale price, higher HOA dues and include exterior maintenance than a townhouse though some townhouse HOAs do take on exterior maintenance as well.

As a buyer, you should not be dissuaded from purchasing a condo, but you should make sure that you or your agent asks the right questions to ensure you are making a safe investment.