A Perfect Storm for Raleigh Home Sellers and Buyers? 4 Reasons to Act Now! [Free Offer]
Why It is a Great Time to Sell Your Home
So many people ask me – is it a good time to sell my home? Here is why I support Raleigh home sellers getting your home on the market before the end of 2017.
The Perfect Storm: Prices Up and Homes for Sale Down
In Wake County, the Median Home Price for a 4 Bedroom, 2500 Square Foot resale home increased 2.0% in October 2017 compared to 2016. But wait! The increase in Raleigh was 5.3% and in zip code 27617 was 37.7%!
In 27617 zip code, Days on Market was 27, a decrease of 76.1% compared to October of 2016. There are only 24 homes for sale in this category.
Priced correctly and marketed strategically, Raleigh home sellers can expect your home to sell very quickly. A careful analysis of your home’s worth based on recent sales AND competing properties will provide data about the trend in prices and days on market in your neighborhood. Specific features of these properties show what buyers value in terms of floor plan, interior and exterior features and location.
The Advantages for Raleigh Home Sellers: List Your Home for Sale During the Holidays
Most Raleigh home sellers do not want to sell their home during the holidays. This means that there will be even fewer listings available for buyers. For those who choose to sell and take the time to prepare their home and price correctly, there will be a competitive advantage. They will be able to hold firm on price and in some cases, may receive multiple offers.
Buyers who are shopping for a home during the busy holiday season are the most motivated buyers. They are willing to brave the weather and squeeze in showings between holiday shopping and social activities. These folks act quickly and are well prepared to make an offer and stick with it. There are fewer “tire kickers.”
Holiday decorations add beauty and character to your home. Buyers are in the holiday spirit. Cooler weather and online shopping mean that buyers are surfing the web and are likely to find your home online. While out and about, they will add “drive-bys” to their activities. Yours and your neighbor’s light displays will add to the overall ambiance and curb appeal.
Increased Interest Rates Coming Soon
Before the end of 2017, expect the average 30-year fixed-rate mortgage to rise to 3.9% from 3.8%, with 15-year fixed rates reaching 3.2% versus 3.1% now. In 2018, we will be impacted by the Fed’s short-term rate increases and securities-purchase reductions which means a boost long rates by another 0.4 percentage points. It is expected that the 30-year fixed mortgage rate, 4.3%. This translates into lower purchasing power for buyers overall. Savvy buyers who have been “on the fence” will likely take action sooner than later. As a seller, this means that you will have more buyers looking for your home as an option before the end of 2017. AND you can get pre-approved for a mortgage now, identify your next home and take advantage of the lower rates as a buyer.
Call me to receive a complimentary comparative market analysis for your home. 919-600-3208