The Scarcity of Sellers in the Triangle Real Estate market

Today is one of the best times in recent memory to sell your home! Sales are up and inventory is down!!!

Today is one of the best times in recent memory to sell your home! Sales are up and inventory is down!!!

If you have been paying attention to the news, you will understand this trend, but how can it be important to you. Currently, the housing market continues to improve, but there is still a lack of homes available for sale. If you currently own a home and have been considering selling, this is a prime time to list your home and get it sold quickly. The downside is your ability to find a home once you have sold your home. Sellers are finding homes selling within days of being on the market with a sales price over the list price.

Just how bad are the inventory levels…very bad. Of course, it all depends on your perspective whether this is bad or good, but inventories at the end of March 2014 was lower than a year ago, though it is slightly up from the past two months. In Wake County, pending sales were up more than 350 over the previous month and the highest since August 2013.

The metric I like to look at is the monthly supply and the odds of selling your home. Across Wake County the monthly supply of homes available is only 3 months, which is similar to the level felt throughout last summer. The odds of selling your home is a 35%, which is the highest since July 2013. Basically, this means that one in three homes on the market sold during the month of March…an amazing figure.

Due to these metrics, we are firmly in a seller’s market where there is a lack of supply (listed homes) to match the demand (homebuyers). What does this mean? If means that if you are selling or interested in selling, this is the prime time to have your home on the market. You would be facing less competition and it could mean that your home would sell for more than asking price. To preface this, not all homes are located in the hot areas that will result in multiple offers.

What’s more impressive is that for March, only half of the homes sold with some concessions…this is the lowest for a March in many years. To put this in perspective, March 2013 had 53% of homes sell with some concessions (Seller paid closing cost) and if you go back even further, March 2010 had 77% of all homes had sold with some concessions. Of those that closed in March, 19% represented cash sales and 60% were new listings and 51% of the resales (not new construction) sold within 30 days of being on the market.

So, what are you waiting for? If you have been considering selling your home to move up to a larger one or downsize, now is the optimal time to get your home on the market. We haven’t seen this type of market in years and the scarcity of listings has continued since the market began to improve in 2012.

For more information about the value of your home, please feel free to contact me at Steven@BackNineHomes.com. I will be happy to talk with you and let you know what your home is worth.

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