Anyone who has been following the real estate market here in the Raleigh/Durham/Chapel Hill area of NC, knows that we have had a severe shortage of houses considering the demand from folks wanting to relocate to this area. This shortage has caused a fast moving seller’s market that has been almost breathtaking! Meaning that… buyers and realtors and sellers have hardly had time to catch our breath because new listings were selling so fast and for 105%, 106% and even 110% of listing price! Whew!!!
Just in the past 3 weeks we have noticed that new listings are taking longer than 1 or 2 days to go under contract. New listings are sitting for a week, or two or three before selling. Even though the previous whirlwind was fun, it was also exhausting. It is nice for buyers to not have to buy in a frenzy and for sellers to have a little time to make plans for moving and relocating.
The real question is… has the inventory caught up with the demand or is this just a summer lull due to school being out and folks enjoying vacationing and traveling? It seems like every other week some town in the Triangle area of NC shows up in a top-10 list for something positive. The things this area has to offer seems to only get better, so I don’t think the demand has waned or quelled. Builders are building new homes like crazy and as more and more new homes come online, that certainly adds to the argument that inventory is catching up. Only time will tell.
After school starts back next month we will see if this is just a summer lull or if the inventory truly has caught up with demand. While we are waiting to see, keep in mind that we are still in a seller’s market, just not as severe as it was 2 months ago so sellers should enjoy that fact and take advantage of it while it lasts. If you are thinking of selling in the near future, I suggest not waiting much longer or you may miss the wave.
I cover the whole Triangle area, so whether buying or selling, I would love to assist you through the process. If selling, I offer a free (no obligation) comparable market analysis to help you understand what your home is worth in this current market. If buying, keep in mind that having an agent working on your behalf doesn’t cost you anything at all. You can always reach me at (919) 889-1766 or at firstname.lastname@example.org. Feel free to visit my web site http://www.kevinburrushomes.com for more information.