How to Be a Competitive Buyer in Today’s Raleigh Durham Housing Market
Some Highlights
With so few houses for sale today in the triangle, it’s important to be prepared when you’re ready to buy a home.
Meeting with your lender early, knowing your must-haves and nice-to-haves, preparing for a bidding war, and keeping your emotions in check are all ways to gain confidence in the homebuying process. If you need a recommendation for a great lender, let us know! We’d be happy to help you get connected wiht someone who can provide you great service.
If you’re looking for an expert guide to help you navigate today’s lightning-fast Raleigh Durham housing market, let’s connect today!
Zach and Cindi Honeycutt, Realtors, Movil Realty, 919-730-0777
https://www.honeycuttrealtors.com/wp-content/uploads/2017/08/honeycutt-team.png00Cindi Honeycutthttps://www.honeycuttrealtors.com/wp-content/uploads/2017/08/honeycutt-team.pngCindi Honeycutt2021-03-23 15:48:442021-03-23 15:48:44How to Be a Competitive Buyer in Today’s Raleigh Durham Housing Market
Spring is almost here, and many are wondering what it will bring for the Raleigh Durham housing market. Even though the pandemic continues on, it’s certain to be very different from the spring we experienced at this time last year nationally. Here’s what a few industry experts have to say about the national housing market and how it will bloom this season.
“Despite early weakness, we expect to see new listings grow in March and April as they traditionally do heading into spring, and last year’s extraordinarily low new listings comparison point will mean year over year gains. One other potential bright spot for would-be homebuyers, new construction, which has risen at a year over year pace of 20% or more for the last few months, will provide additional for-sale inventory relief.”
“Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed. This suggests more inventory will be for sale in late 2021 and into the spring selling season in 2022.”
“Since reaching a low point in January, mortgage rates have risen by more than 30 basis points… However, the rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season.”
“As the housing market heads into the spring home buying season, the ongoing supply and demand imbalance all but assures more house price growth…Many find it hard to believe, but housing is actually undervalued in most markets and the gap between house-buying power and sale prices indicates there’s room for further house price growth in the months to come.”
Bottom Line
The experts are very optimistic about the housing market right now! And we are optimistic about the local market here in Raleigh Durham. If you pressed pause on your real estate plans over the winter, let’s chat to determine how you can re-engage in the homebuying process this spring in the triangle! We would be honored to be your Raleigh Durham real estate agents! Call us or text us anytime, or connect with us on social media by searching @thehoneycuttrealtors
Zach and Cindi Honeycutt, Raleigh Durham Realtors, Movil Realty, 919-730-0777
https://www.honeycuttrealtors.com/wp-content/uploads/2021/03/20210311-KCM-Share.jpg410750Cindi Honeycutthttps://www.honeycuttrealtors.com/wp-content/uploads/2017/08/honeycutt-team.pngCindi Honeycutt2021-03-11 14:30:192021-03-11 14:30:50Will the Raleigh Durham housing market bloom this spring?
In today’s housing market, it seems harder than ever to find a home to buy in the Raleigh Durham area and beyond. Before the health crisis hit us a year ago, there was already a shortage of homes for sale. When many homeowners delayed their plans to sell at the same time that more buyers aimed to take advantage of record-low mortgage rates and purchase a home, housing inventory dropped even further. Experts consider this to be the biggest challenge facing an otherwise hot market while buyers continue to compete for homes. As Danielle Hale, Chief Economist at realtor.com, explains:
“With buyers active in the market and seller participation lagging, homes are selling quickly andthe total number available for sale at any point in time continues to drop lower. In January as a whole, the number of for sale homes dropped below 600,000.”
Every month, realtor.com releases new data showing the year-over-year change in inventory of existing homes for sale. As you can see in the map below, nationwide, inventory is 42.6% lower than it was at this time last year:
Does this mean houses aren’t being put on the market for sale?
Not exactly. While there are fewer existing homes being listed right now, many homes are simply selling faster than they’re being counted as current inventory. The market is that competitive! It’s like when everyone was trying to find toilet paper to buy last spring and it was flying off the shelves faster than it could be stocked in the stores. That’s what’s happening in the housing market: homes are being listed for sale, but not at a rate that can keep up with heavy demand from competitive buyers. In the Raleigh Durham real estate market, it’s common for a home to only stay active for 2 or 3 days and sell over asking price with multiple offers. We have seen some homes receive over 30 offers!
In the same realtor.com report, Hale explains:
“Time on the market was 10 days faster than last year meaning that buyers still have to make decisions quickly in order to be successful. Today’s buyers have many tools to help them do that, including the ability to be notified as soon as homes meeting their search criteria hit the market. By tailoring search and notifications to the homes that are a solid match, buyers can act quickly and compete successfully in this faster-paced housing market.”
The Good News for Homeowners
The health crisis has been a major reason why potential sellers have held off this long, but as vaccines become more widely available, homeowners will start making their moves. Ali Wolf, Chief Economist at Zonda, confirms:
“Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed.”
With more homeowners getting ready to sell later this year, putting your house on the market sooner rather than later is the best way to make sure your listing shines brighter than the rest.
When you’re ready to sell your house, you’ll likely want it to sell as quickly as possible, for the best price, and with little to no hassle. If you’re looking for these selling conditions, you’ll find them in today’s market. When demand is high and inventory is low, sellers have the ability to create optimal terms and timelines for the sale, making now an exceptional time to move.
Bottom Line
Today’s housing market is a big win for sellers, but these conditions won’t last forever. If you’re in a position to sell your house now, you may not want to wait for your neighbors to do the same. Let’s connect to discuss how to sell your house safely so you’re able to benefit from today’s high demand and low inventory. We would be honored to be your Raleigh Durham realtors!
Are you connected with us on social media? We are most active on Instagram and we’d love you to be part of our world over there! You can find us on social media using @thehoneycuttrealtors
https://www.honeycuttrealtors.com/wp-content/uploads/2021/02/20210222-KCM-Share.jpg410750Cindi Honeycutthttps://www.honeycuttrealtors.com/wp-content/uploads/2017/08/honeycutt-team.pngCindi Honeycutt2021-02-25 14:52:012021-02-25 14:55:02Where Did All the Houses Go? Raleigh Durham Real Estate Update!
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