What It Means To Be in a Sellers’ Market- A Look at the Raleigh Durham Real Estate Market
What It Means To Be in a Sellers’ Market
A Look at the Raleigh Durham Real Estate Market
If you’ve given even a casual thought to selling your Raleigh Durham house in the near future, this is the time to really think seriously about making a move. Here’s why this season is the ultimate sellers’ market and the optimal time to make sure your house is available for buyers who are looking for homes to purchase.
The latest Existing Home Sales Report from The National Association of Realtors (NAR) shows the inventory of houses for sale is still astonishingly low, sitting at just a 2-month supply at the current sales pace nationally. When we break it down to a more local Raleigh Durham market we are looking at a way smaller month supply…0.7% as of February 2021!
Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (See graph below):When the supply of houses for sale is as low as it is right now in the Raleigh Durham real estate market, it’s much harder for buyers to find homes to purchase. As a result, competition among purchasers rises and more bidding wars take place, making it essential for buyers to submit very attractive offers. There are so many multiple offer situations in the triangle that the average Raleigh Durham area are selling for an average of 100.5% of their list price. Keep in mind this is an average with many homes selling 10-20k above their initial listed price. Whoa.. talk about a super sellers market here in Raleigh Durham.
As this happens, home prices rise and sellers are in the best position to negotiate deals that meet their ideal terms. If you put your house on the market while so few homes are available to buy, it will likely get a lot of attention from hopeful buyers!
Today, there are many buyers who are ready, willing, and able to purchase a home. Low mortgage rates and a year filled with unique changes have prompted buyers to think differently about where they live – and they’re taking action. The supply of homes for sale in Raleigh Durham is not keeping up with this high demand, making now the optimal time to sell your house.
Home prices are appreciating in today’s sellers’ market. Making your home available over the coming weeks will give you the most exposure to buyers who will actively compete against each other to purchase it. Contact us today to get an idea of what your home is worth in today! We would be honored to be your Raleigh Durham realtors.
Zach & Cindi Honeycutt, Realtors, Movil Realty, 919-730-0777
What’s the Difference between an Appraisal and a Home Inspection?
Raleigh Durham Real Estate News- What’s The Difference Between an Appraisal and a Home Inspection?
If you’re planning to buy a home in Raleigh Durham, an appraisal is an important step in the process. It’s a professional evaluation of the market value of the home you’d like to buy. In most cases, an appraisal is ordered by the lender to confirm or verify the value of the home prior to lending a buyer money for the purchase. It’s also a different step in the process from a home inspection, which assesses the condition of the home before you finalize the transaction. Here’s the breakdown of each one and why they’re both important when buying a home.
The National Association of Realtors (NAR) explains:
“A home purchase is typically the largest investment someone will make. Protect yourself by getting your investment appraised! An appraiser will observe the property, analyze the data, and report their findings to their client. For the typical home purchase transaction, the lender usually orders the appraisal to assist in the lender’s decision to provide funds for a mortgage.”
When you apply for a mortgage, an unbiased appraisal (which is required by the lender) is the best way to confirm the value of the home based on the sale price. Regardless of what you’re willing to pay for a house, if you’ll be using a mortgage to fund your purchase, the appraisal will help make sure the bank doesn’t loan you more than what the home is worth.
This is especially critical in today’s sellers’ market where low inventory is driving an increase in bidding wars, which can push home prices upward. When sellers are in a strong position like this, they tend to believe they can set whatever price they want for their house under the assumption that competing buyers will be willing to pay more.
However, the lender will only allow the buyer to borrow based on the value of the home. This is what helps keep home prices in check. If there’s ever any confusion or discrepancy between the appraisal and the sale price, your trusted real estate professional will help you navigate any additional negotiations in the buying process.
Here’s the key difference between an appraisal and an inspection. MSN explains:
“In simplest terms, a home appraisal determines the value of a home, while a home inspection determines the condition of a home.”
The home inspection is a way to determine the current state, safety, and condition of the home before you finalize the sale. If anything is questionable in the inspection process – like the age of the roof, the state of the HVAC system, or just about anything else – you as a buyer have the option to discuss and negotiate any potential issues or repairs with the seller before the transaction is final. Your real estate agent is a key expert to help you through this part of the process.
The appraisal and the inspection are critical steps when buying a Raleigh Durham home, and you don’t need to manage them by yourself. Let’s connect today so you have the expert guidance you need to navigate through the entire home buying process!
Zach & Cindi Honeycutt, Raleigh Durham Realtors, Movil Realty, 919-730-0777
Ways to Liven Up Your Time at your Raleigh Durham Home During COVID-19
Looking for some ideas for your home life during this pandemic? We have some ideas for you! Even though you can’t leave the house, you can still make positive memories and have some fun with your families when you try out these five ideas. From world-class cooking to DIY art projects, you’ll provide your relationships with creative ideas to have some fun at home. Ready to make a move in Raleigh or Durham? Give us a call! We are working during this pandemic.
Cary Home For Sale!
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Wooded private treehouse retreat in the heart of Cary! This Kildaire farms contemporary home has three full bedrooms & bathrooms on one level! The living room boasts a beautiful stone fireplace and built in shelving. There is a beautiful light-filled sun room at the back of the home overlooking tranquil woods. The perfect spot for morning coffee! This virtual mountain retreat is just moments from Trader Joes & highways, yet you can enjoy all nature has to offer right in your yard. Best of both worlds!
License #: 294963