If you have been thinking of selling and tossing the possibility of “what if’s” around, now is the time to get off the fence, it’s a great time to sell your house! Not only is it Springtime (historically the busiest selling time of the year) but we are in a sellers market and have been since last year. This means that the demand for homes is higher than the supply. There are buyers LITERALLY circling, waiting to swoop down when that perfect house hits the market…why not make it yours!
Everyone wants to live in North Carolina (and who can blame them).
Consumer confidence is high and the job market will continue to be good. Companies, young professionals and retirees who keep coming into the Carolinas by the 100s every day—keep our economy humming and the demand for housing up.
There is a lack of homes for sale.
Baby Boomers, are living longer and are healthier so they’re not downsizing until an average age of 74. They are also living in the same house they have been in an average of 10 years, the longest span in U.S. history. This is mainly because Boomers have paid for their houses and decided to stay put and save money.
Unfortunately, this hesitation isn’t only about moving, but also about doing the updates and maintenance needed to help their homes sell quickly and at top dollar. These homes are considered “undesirables”, homes not updated or maintained, priced too high and in poor condition. Right now 42% of homes on the market are undesirable. These are the ones you see sitting on the market for over 1 year. Buyers do not want homes that are not move-in ready and flippers need get a rock bottom price to make it worth their time and get their money out of it.
There are a lot of buyers!
Millennials are ready to buy and now number 36% of the buyer’s market. And along with Gen Xer’s and younger Boomers, there are a lot of buyers circling around. Not to mention that interest rates are still historically low and the timing for buying is ripe.
But keep in mind, these generations all want a house that is updated and priced right. Despite everyone’s addiction to HGTV, Pinterest, DIY videos on YouTube, and Houzz, no one wants to actually do the work themselves, they don’t have the time or desire. Buyers want the finished product, but just not the messy middle of getting there. So, the seller that listened to their listing agent, priced it well and has a well maintained, updated house- that’s the one that sold in 1 day…and yes, this is happening A LOT!
These reasons above mean…
This market is HOT if your house fits the criteria, call your REALTOR to find out. Sellers out there, take advantage of the situation and list your house. Help these poor buyers out and give them a place to call home…and at the same time put some cash in your pocket to find your next dream home!
TIP – There is a “sweet spot” in High Point, homes priced below $300,000, especially in the $125k-$200k price range, are moving the fastest. But it is still conditional on the location and condition of the home. Not saying that if your house is priced over $300,000 it’s not going to sell, it just might take a little longer. But even over $300k the same standards remain about condition. The good news is because of the shortage of houses, the average selling time has gone from 6-8 months to 2-4 months, not too shabby!!
Source: Pat Riley, President & CEO Allen Tate Realtors