At the height of the housing craze in 2020, where we witnessed highly constricted inventory, a catapultic rise in remote work, and demand for more space, any time of year to list your home, was the right time of year. Now that we see housing conditions normalizing, buyers and sellers are considering timing again. May is the most popular time of year to list a home, but this Spring might give sellers the best advantage.
April Showers May Flowers
According to a ten-year Bank Rate analysis, homes selling in May net a 12.6% seller premium, which is the amount over market value. Indeed, in the Triangle, May is a great month to list, however right now in Raleigh Durham, we are ranked two of the hottest housing markets in the United States. Home sales have decreased due to the cost of borrowing and housing affordability. Where we once were seeing people scramble for housing, the market is adjusting, but in some places more than others. For our sellers, listing in April could amount to April showers, of money.
State of the Triangle Market
Across the US where we are seeing home sales numbers falling, the Triangle is adjusting at a much slower pace. Nationally, home sales fell 37.5%, while in the Triangle, they fell only 30%. Additionally, the median sale prices rose in Wake County, with the median sale price of homes at $462,000 in January 2023 compared to a median sale price of $434,900 in January 2022, which is an increase of 6.2%. We are seeing increases in prices for sellers and would encourage listing this Spring, instead of listing in May.
Spring Sweet Spot for Sellers
Where it is common for Realtors to recommend listing during the high season, we find that following the sales data is the best way to determine when to sell. The Triangle has a strong, sustained demand for housing and shows no sign of slowing. One of the objections we hear from our sellers is, where will I move if everything is priced high. There are a lot of different ways to handle this from doing a rent back or perhaps right/down sizing. If you're relocating out of state, depending on where you go you may also find the market much less competitive or expensive. right now we believe sellers have the following going for them:
- Less competition = higher prices, quicker sales.
- More negotiating power = less concessions you'll need to make.
- Older homes often means premium location and larger lots = more demand and generally higher sale prices.
Even if in the back of your mind have the idea to sell your home, we should strategize and take advantage of the current seller conditions.
My NC Homes has over 60 years of experience in the building and real estate industry. We know how to build homes, sell homes, and are your local experts in real estate. Contact us today!
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