What is happening in the Triangle real estate market? Are we in for a shifting market this year?
Now that we’re almost through February, let’s take a moment to look back on the market in January 2018.
Our MLS encompasses a wide range of counties, including Johnson, Hornet, Orange, Durham, Franklin, Bullitt, and many more. Last January, we actually sold about 10% more homes countywide than we did for January of 2019. We started out a little bit slower in 2019—is that a forecast of things to come?
It’s worth noting that across the United States, there have been many headlines talking about a shifting market. The Triangle housing market has always been the last to come to the banquet of the slowing real estate sales, so I’m not too concerned that we’re going to have a bad market this year.
However, the competency of the agent you choose is going to be more important than ever before. You’ll need to find an agent who is going to add value when you buy or sell a home. There are a couple of questions to ask yourself in order to determine if an agent is in such a position to add value to your transaction:
- Would your agent know how to pick the best offer? There are a lot of things to evaluate when it comes to an offer, which is especially true when there are multiple offers on a home. Would your agent know how to help you pick the strongest offer?
- Will your agent be able to fight to increase your appraisal if it comes in too low? If your appraisal is lower than your sales price, would your agent know what steps to take?
- Will your agent know which mortgage companies are the easiest to work with? There are so many mortgage companies, and many of them have a lot of red tape.
- Will your agent know when it’s better to take a lower offer for the better conditions? In other words, would your agent know when a lower offer should be considered because of its higher chance of actually closing versus one with a higher sales price but more conditions that would impede the closing?
- Will your agent know how to structure an offer if the appraisal comes in too low? If the appraisal is likely to come in low, you’ll want an agent who knows how to form an offer such that you would still be able to close at the above-appraised value of your home.
- Does your agent sell enough homes to understand what’s going on in the market? Your agent should be involved in over 50 home sales per year in order to be able to keep up with the pulse of the changing market. There’s a lot to know about real estate, but the most important fact of all is that it changes every single day.
RE/MAX One Realty knows how to do all the above, and we’d love to help you with your next transaction. Don’t hesitate to reach out to us; we’d love to show you what the spring market is going to yield and give you the best chance to net the highest price when you sell your home.