With decades of experience listing and selling homes in the Research Triangle Park, we have been asked annually and repeatedly, is summer a good time to sell? When is the best time to list my home? If you're considering selling your home in Chapel Hill or Durham, this summer, like any summer, it's important to understand the current national and local market conditions. This season however we are seeing fewer sellers listing their houses for sale compared to most, making it a really great time to list, Inventory is constricted, meaning you get the highest value, best terms, and more favorable conditions as a seller. Let's talk more about whether right now, really is The Best Time to Sell Your Home in the Triangle.
April 2020 and Now
Looking back at the data from April in previous years, the only time we saw fewer sellers listing their homes was in April 2020, during the onset of the pandemic, which impacted the housing market. During the COVID 19 pandemic, we saw a wildly constricted market, with years of construction shortages and the sudden interruption in the supply chain realizing increases in housing prices by upwards of 30%. This year we have seen fewer than 400,000 sellers listing their homes in April, which is closer to the 2020 numbers.
Various factors contribute to this trend, but one factor is that some homeowners are hesitant to move when the mortgage rate on their current house is lower than the rates for their next house. This is understandable if you require financing for your move. According to a recent survey by Realtor.com, 56% of people planning to sell within the next year are waiting for rates to decrease. While this wait-and-see approach may be suitable for some sellers, it presents an opportunity for those who are looking to downsize or those who need to move for work or family. In our opinion this is a super sweet time for Triangle homeowners to list and sell their homes.
What Really Happens with Constricted Inventory
With fewer sellers listing their homes, buyers will have limited options, which means your house will receive more attention. This usually leads to multiple offers, especially if you price your home appropriately. Lawrence Yun, the Chief Economist at the National Association of Realtors (NAR), highlights the situation, stating, "Inventory levels are still at historic lows....Consequently, multiple offers are returning on a good number of properties." When you have situations where sellers are handling multiple offers, you may not immediately understand what is a good offer. Many things come into play in these negotiations, that require a reputable and licensed Realtor.
We are consistently ranked as one of the best places to live in the United States and have seen the demand from buyers looking in the Research Triangle Park skyrocket. if you're ready to sell your home, get ahead of the competition, and contact My NC Homes. With years of experience, we really understand street by street, neighborhood by neighborhood, what the market doing. Reach out to us today.
Posted by Larry Tollen on
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