If you’re thinking of upgrading, now’s the time to make your move.
Over the course of 2020, you’ve likely spent more time in your home than in most previous years, and perhaps you’re now thinking about moving.
According to the National Profile of Homebuyers and Home Sellers by the NAR in 2019, homeowners are living in their homes for an average of 10 years—significantly longer than the six- or seven-year average that was the norm for quite a while. Here are a few year-over-year market statistics from the Triangle area that might help you decide whether now’s the time to move:
- Showings are up by 16%
- Inventory is down by 46%
- New listings are down by 3%
- Pending home sales are up by 28%
- closed sales are up 2% year to date
- The average sale price has increased 10%
- The average days on market has dropped from 50 to 44 days
- 13% of all home sales are completed via cash offers
- 63% of all home sales are reporting some kind of financial concession
- 32% of resale homes are selling for more than their final list price
“You can either stay in a home that may be not quite right for the long haul, or buy your dream home for a mortgage payment you may never see again.”
The real estate market has changed in many ways throughout the last decade, and today’s homeowners have been earning much more sustained equity in these latter five years than in those former five years. It’s also worth noting that, a decade ago, homeowners were locking in mortgage rates around 4%, which motivated them to stay in their homes longer than usual. Just recently, though, the average mortgage rate hit another historic low of 2.86%.
The bottom line is that you have a huge opportunity as a homeowner to move up. You’ve had a lot of time to determine whether your current home is your forever home. You can either stay in a home that may be not quite right for the long haul, or buy your dream home for a low mortgage payment you may never see again.
As always, if you have questions about our Triangle area market or would like to start your home buying journey, feel free to call or email me anytime. I’m here to help.