Take Warning, Hurricanes Fans...
The Triangle Real Estate Market Has Started to Shift!
It's been an unpredictable two years for the Raleigh real estate market, but sellers won't have much longer to take advantage of this barnburner! List your home now before the market is colder than the PNC Arena on game day—more inventory is going live every week, and prices won't keep increasing for much longer!
What's Happening in the Real Estate Market?
Q. When is the best time to sell my home?
A. The Triangle real estate market has likely reached its peak—and from here, it's hard to know what will happen. Many financial experts are predicting a nationwide price adjustment, not a market crash. But even if we don't see prices decrease soon, they might rise at a slower rate than before. To put it simply, today is the day to list your home if you want to lock in the best possible price. Don't wait to time the market and lose out on your valuable equity!
Q. What is a market shift? When will it happen?
A. A real estate market shift occurs when housing conditions begin to change. For the last two years, sellers have had a huge advantage thanks to rising demand, low mortgage rates, and record-high prices. In fact, home prices increased at their highest rate ever recorded—but as buyers become fatigued and more inventory hits the market, sellers might have to price lower and work harder to sell their homes over the next few months to years.
This isn't necessarily bad news—the real estate market naturally goes through these cycles, and there's still time to take advantage of the sellers' market while it lasts. And if you plan on buying a new home after you sell, you could have an easier time finding your perfect place.
Q. How do we know the market is changing?
A. There are a few key indicators that help agents and real estate experts predict the upcoming market shift. Here are a few stats to keep in mind as you consider listing your home, courtesy of Fortune magazine:
- Since May of 2021, inventory has climbed by 23%
- Housing inventory could rise by another 11% before 2022 as forbearance programs end
- After prices increased by 17 – 24%+ over the last year, sellers can expect their home values to grow by around 3.2% in 2022
- Existing home sales fell by 2% in August
Q. What does this mean for sellers?
A. Now is the perfect time to sell your Raleigh home. As we learned during COVID-19, it's impossible to forecast what will happen with the real estate market. But if you choose to list today, you can capitalize on sky-high prices and get the most out of your home sale. While it might be tempting to hold out until next year, you could lose out if you wait much longer.
Looking for the right agent to list your home? Linda Craft Team Realtors can help. Here's what sets us apart from the competition:
Q. Will we be in a buyers' market soon?
A. While we probably won't see the market shift entirely towards buyers, home-seekers are about to get some much-needed relief! Since 2020, we've seen properties sell for tens of thousands above their initial asking price, and multi-offer situations have become the norm. In fact, some buyers dared to waive all contingencies and still had their offers declined.
As more inventory hits the market, these crazy conditions will likely become a thing of the past. More options means lower prices and less competition over time—but Linda Craft Team Realtors can still help even if you don't want to wait for conditions to change. Here are just a few of the services we offer to our buyers:
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Still Have Questions?
Whether you're ready to list right now or still have a few reservations, you can always contact Linda Craft Team Realtors for the expertise you deserve. We've been aiding Triangle sellers just like you for more than 30 years, and there's nothing we love more than helping our clients get top dollar in any market. And if you're thinking about buying, our team is here to show you all of your options.
Give us a call at 919-235-0007 to get started—we look forward to helping you reach your real estate goals!