Here are the answers to some common market questions you may have on your mind.
Here are the answers to some frequently asked questions I get regarding our Triangle market:
1. Why is the current housing inventory an important statistic?
Real estate changes daily, but it always boils down to supply and demand. For example, let’s say you owned a home in Cary and Morrisville worth $650,000. There are currently 10 homes for sale from $600,000 to $700,000, which gives us about a five-month supply.
2. What is the housing inventory at this time?
As of the recording of this video, Wake County has 2,780 listings available, which is a very low number.
3. What is considered a good inventory?
A balanced market has about a six-month supply in any given area and price range. The Triangle Area market has been a low-inventory market for a long time in all price ranges.
4. Does the number of homes on the market affect my home’s value?
Absolutely! If you’re a seller and inventory is low in your area and price range, the deck is stacked in your favor—if your agent knows how to capitalize on this fact.
5. What does the current inventory mean for me and my home?
If you’re a buyer, prices are going up due to long-term low interest rates and inventory. If you’re a seller, you have the opportunity to maximize your home’s profit in this strong seller’s market.
If you do plan on selling, I want to apply for the job of getting you top dollar and the best terms. It’s not just the supply of homes—it’s the supply of buyers that will make the biggest difference in maximizing your sale.
If you’d like to get the ball rolling or have any real estate questions at all, don’t hesitate to reach out to me. I’m here to help.