Prices are rising, homes continue to appreciate, sellers are getting above asking price, homes are closing in record time, How many of these phrases have you heard or seen on social media regarding the 2022 housing market? We are a bit of a broken record the past two years, but it remains a sellers market, and if you haven’t sold your home, but have been thinking about it, or planning, we want to discuss whether this spring is the right time for a move.
Let's start by considering inventory. According to NAR, in February, the average home sold got 4.8 offers. We are seeing multiple offer situations in The Triangle and well-priced homes are selling very very quickly. Buyers are making considerations like waiving contingencies, putting in offers over the asking price, making earnest money deposits, and offering sellers post-occupancy agreements to secure the home of their dreams. For sellers, these are all indicative of a truly good time to list your home on the market, consider downsizing, or upsizing as your situation requires.
If you are a seller who also needs to buy and looking for a new house, you may very well feel hamstrung. You are not trapped in home prices that have appreciated above what you think you can afford and there are great homes available for you. Especially in Raleigh Durham, the new home market has so much to offer those upsizing OR downsizing. As you can see from this map, most areas including Raleigh Durham have more buyers than seller. Some words of encouragement come from Danielle Hale, Chief Economist at realtor.com, who says:
"The limited number of homes for sale is a lesson in perspective. This same stat that frustrates would-be homebuyers also means that today's home sellers enjoy more limited competition than last year's home sellers."
Last year was a sellers market, and the inventory was constricted, this year, we are also in a sellers market, with prices appreciating even more. While the interest rates are going up, they are still below 5%. Even if you are wary of buying a new home in these conditions that favor sellers, you should not miss out on the climate for sellers right now.
Our clients right now who are sitting tight waiting for further appreciation, should really consider moving this spring. April is the most popular time to list, and we have seen more homes on the market, and they are moving fast. Buyers presenting favorable, fast, and above ask offers, are not ensured over the next two years and as you make this decision, there are even more factors that may need to be considered for your family.
We are trusted Triangle Realtors who understand that selling your home can be emotional as well as one of the biggest transactions of your life. Our clients consistently refer us and review us as experts in Triangle buying and selling and we hope to help you as well. Call us if you are considering taking advantage of the seller conditions this spring.
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