Triangle Area Real Estate News & Information

Thinking about selling in The Triangle? Worried you have missed the frenzy of selling the past two years? Concerned if you come to the market now, you won't get the multiple offers you've heard about with buyers offering tens of thousands over list price? We are here to address the concerns of today's sellers and tell you what it is like to sell in the market right now. It is changing, this is true, but consider that there are many variables that make it still a great seller's market if you make intelligent seller decisions.

Economic Experts on The Seller Advantage and Buyer Demand

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), stated recently, "Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers." While buying demand has receded, as worries of inflation and interest rates have been top of mind, there still is sustained demand for homes. Where we once had bidding wars within hours of a home being listed, we are seeing that trend slow. However, that does not mean buyers are not there. We are seeing moderate bidding wars and less competition among buyers.

Additionally, according to the latest Confidence Index from NAR:

"...39% of homes sold above list price, down from 51% a month ago and 50% a year ago." The Confidence Index also notes the average home is selling in just 14 days. This shows a cooling, nationally, and that homes are taking longer than the instant that they used to sell. This is very normal though and in some ways preferable for those sellers who want to sell, but were nervous to have to move immediately, or worried if they sold, they could not find another place to live.

Home Pricing Principles

We are still in a market where inventory favors the seller. It is a more reasonable pace of home selling and slightly  expanded inventory that also make it a better buying time. Selma Hepp, Interim Lead, Deputy Chief Economist at CoreLogic, explained what's happening and what it means when you sell: "Signs of a broader slowdown in the housing market are evident, . . . This is in line with our previous expectations and given the notable cooling of buyer demand due to higher mortgage rates. . . . Nevertheless, buyers still remain interested, which is keeping the market competitive & particularly for attractive homes that are properly priced." Sellers must price homes according to the market value, as determined by a local real estate expert.

3 Pricing and Expectations for Selling in a Changing Market

1. Price your house correctly. Overpriced homes are not selling. Your home value is relevant to who is looking to buy at a certain time, in a certain place. Your realtor should know precisely what the market is doing based on a comparative market analysis.

2. Be Cool and Objective. The market has cooled slightly so it is not going to be seven offers in five minutes. If your home is priced accurately, it will sell for the market value or slightly above. It is also important to note that the population in The Triangle is exploding, so housing demand continues to exceed supply.

3. Work with a Real Estate Professional. It is true that the market has cooled, but it really varies, block to block and neighborhood to neighborhood. having your home priced and presented correctly and getting high quality online marketing pays dividends for sellers, and can make a big difference in their bottom line.

If you are looking to sell your Triangle area home, this is still a great time. It does not do much good to postulate beyond what the national market is doing, if you have not had a recent comparative market analysis. We suggest starting here, and calling us next!