Demand for certain locations and corresponding pricing has caused a buyer frenzy in our Raleigh market and made it the perfect time to list your home for sale.
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The latest news from our Raleigh market paints an interesting picture.
Mortgage rates have stabilized and are still below 5%. We’re looking at a two or three-month supply of housing inventory, which a record low or at least close to it. The average days on market is just 47 days.
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The premium properties between $50,000 and $300,000 are usually being sold within two or three days. Demand for certain locations and corresponding pricing has caused a buyer frenzy with multiple offers. We had one offer of more than $20,000 over list price with a promised quick close that still didn’t get the property. Did I mention there were 23 other offers on that property?Now is a great time to put your home on the market.
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Now, sellers are asking for $1,000 to $10,000 in due diligence fees for properties that are less than $500,000. Multi-family properties are even more competitive with even fewer opportunities. The number of market opportunities is down 30% compared to this time last year.
This is a great time to sell your property, so if you’re thinking about listing or have any other questions about our market, don’t hesitate to give me call or shoot me an email. I’d be glad to help.
