Where Is the Raleigh Market Headed?

10/31/16 • -1 min

Winn Properties Video Real Estate Blog With Bo Winn

Today I’d like to give you a quick update on the Raleigh market, who it’s favoring, and where it’s heading.

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

What’s happening in the Raleigh real estate market? Today I’d like to go over some of the numbers for our market and the surrounding areas to give you a better understanding of where we are and where we’re headed.

Home values have continued to rise due to the shortage of supply. However, trends show that new houses are being built while the resupply market has shown little to no change.

There are close to 6,000 properties on the market, and population growth is still about 30 people per day or 12,000 people per year in the Raleigh area. This means that supply is down because demand is up.

The average house is only on the market for 34 or 35 days, which is pretty amazing in itself. Because demand is high, we are usually seeing houses receive multiple offers, though this really depends on the type of property, where it’s located, and the price of that property.

Houses that are in good shape, are in the range of $100,000 to $300,000, and are in a fairly good location will receive about three to six offers on average. Almost the same can be said about multi-family properties in the two-to-four-unit range.

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Home values are rising due to a supply shortage.

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The short of it is that in some areas, the market will yield multiple offers, which makes it a seller’s market, while in areas with price points of $500,000 or higher, we’re looking at a buyer’s market.

There is potential for housing prices to increase sooner rather than later, so if you’ve been considering making a move, now may be the best time to do so. Also, it’s important to note that first-time buyers looking for a home in the Johnston County area may be eligible for $15,000 in down payment assistance. The best part about this program is that if these buyers stay in the home for five years or longer, that $15,000 will be forgiven!

If you’re looking to take advantage of the Raleigh market as a home buyer or home seller or you have any other questions about our market, don’t hesitate to give me a call or send me an email. I’d be happy to help you!

Today I’d like to give you a quick update on the Raleigh market, who it’s favoring, and where it’s heading.

Selling a home? Get a free home value report

Buying a home? Search all homes for sale

“

Home values are rising due to a supply shortage.

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Next Episode

6 Signs That It’s Time to Sell Your Raleigh Home

How do you know when it is time to sell your home? Here are six surefire signs that now is the time to make your move:

1. You feel cramped but you can’t add on. Your family might not be growing anymore, but that doesn’t mean your lifestyle fits in your current home.

2. You have too much space. Are you overwhelmed by vacant rooms and silence? Saying goodbye to a family home can be difficult, but consider whether or not it is feasible for you to stay. If yardwork or house upkeep is becoming too much to handle or utility bills are cramping your style, it might make more sense for you to move.

3. You’re over the neighborhood. Maybe you can no longer deal with the rigid HOA rules, or your neighbors turned their house into a rental for frat guys. Maybe the 40 minute commute to work wasn’t a big deal the first few years, but now it is. Neighborhood dynamics can change dramatically over time, and your life might change, too.

4. Remodeling won’t offer a return on your investment. Before making significant improvements to your home, you need to study your neighborhood. What are the highest price points in your neighborhood? If your home is already similar in style and condition to the pricier homes in the neighborhood, remodeling might be a bad idea. Consider selling instead.

5. You can afford to sell. You’ve got to spend money to make money, so seller, beware: you’re not going to be sitting around waiting for the cash to roll in from your home sale. You will have to invest some money in order to net more money from your home sale.

6. You are ready to compete. Most of us are living in a seller’s market these days. If that’s the case, you may be enticed to offload your home before the market cools off. However, don’t forget that once you sell your home, you will become a buyer in a seller’s market.

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If your neighborhood dynamics have dramatically changed, it may be time to move.

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If you still aren’t sure whether now is the time to sell your home, just give me a call or send me an email. I would be happy to sit down with you and discuss everything. In the meantime, if you have any other questions, please don’t hesitate to reach out to me. I would be happy to help you!