Anyone who has ever lived in the Triangle Area of North Carolina knows that it is oftentimes a buyer’s market, but the tide is quickly turning for 2014. Sellers can be encouraged that the Triangle area’s market has tumbled to less than four month’s inventory. By definition, a five month’s inventory or less (meaning that the current pace of sales would buy up all homes within five months if no new homes got on the market) indicates that you are in a seller’s market. A low inventory may increase prices, but for seller’s who have been waiting several years to recoup the equity on their home this is a welcome shift. In order to make sure your house stands out among new construction and other pre-owned homes, you need to concentrate on pricing it appropriately.
How Pricing is Affecting Sales Offers
Prices will tend to go up as demand increases, but that doesn’t mean you should price your home at the maximum because inventory is tight. In 2013, the average time on the market was 105 days. In 2014, that figure has dropped to an average of 98 days on the market. This number is significantly lower for many properties priced correctly. The main factor for most houses sitting on the market for too long is price. It’s not unreasonable to assume that you can have a highly efficient sale timeline if you price your home wisely. There are plenty of buyers that need homes to look at right now, giving sellers the upper hand.
Factors Working in Sellers’ Favor
You will need to compete on condition, location and price. With the mass influx of people into the area, new homes are not priced at bargain rates anymore. This is good news for home sellers. Focus on the following to sell:
- Location: Most of the newer communities that remain affordable for a middle-class individual will be outside the Raleigh/Durham/Chapel Hill metro areas. If your home sits within the triangle area, you already have something very valuable to offer.
- Condition: Homes need to be in top-notch condition to show well against new homes in the area. Upgrading the kitchen appliances or remodeling a bathroom can quickly draw interest from new home buyers. Make sure the home is well-maintained and staged to sell quickly.
- Price: Choose a realtor who has experience in the area. They will know what your house should be priced at to sell quickly.
If you’ve been waiting for a time to sell in the Triangle area, you do not need to wait any longer than 2014. For any lingering questions about the real estate market in our area please don’t hesitate to contact us. If you are still researching the selling process, consider taking a look at our Definitive Guide to Selling.