Have you been thinking about selling your home in the Triangle area? If you answered “yes”, then now is the opportune time to take the leap! The market continues to be hot for sellers putting their single-family homes on the market and this isn’t a trend that’s projected to slow down anytime soon. While new listings continue to trend downward, by about 9.4%, median sales prices have increased by more than 8%. The demand remains so high in the area, that homes have only been on the market for an average of 22 days throughout 2021.
There are many reasons why NOW is such an incredible time to list your Triangle area property:
Minimal effort and spending on repairs and updates are a possibility
This just might be one of the most appealing aspects of the market to any potential seller. Due to the hot market and low inventory, buyers are finding themselves with less contingencies and negotiating than before to secure their dream home. The demand that everything is updated; kitchen, bathrooms, etc, have taken a backseat in order to secure the home and put in their personal touches at a later date. With the inventory of homes low, and buyer demand still high, buyers are tweaking their wish lists in order to be competitive. So, don’t stress about that to-do list you’ve made up of all of the things you want or need to accomplish in order to list your home and focus instead on the basics of decluttering, a fresh coat of paint, brightly lit rooms, odors eliminated and deep cleaned. Then choose the BEST real estate agent to partner with you.
The demand to buy continues to increase while inventory remains low.
This means one major thing: homes are continuing to sell at increasingly high rates for top dollar. Endless bidding wars and countless offers have been the trend over the past year and it all goes in favor of the seller. The Triangle area is an ideal location for sellers looking to take advantage of the market because most buyers are looking to get out of major cities, and instead find a home where they can raise their family – in a city that is established but also has a small-town charm and safety net. Chapel Hill, Durham, and Raleigh, all meet this in-demand criteria. As long as inventory remains low, which is projected throughout the rest of the year, your home within the Triangle will continue to be in high-demand to any potential buyer!
Interest rates are at a record low.
Interest rates started to dramatically decline last year, before the pandemic even started. Then, once COVID hit, they continued to fall, making purchasing a home very appealing to almost any potential buyer. Today, the average interest rate for a 30-year fixed mortgage is 3.125%, which is expected to remain, for the most part, unchanged throughout the rest of the calendar year. As long as the interest rate remains low, Triangle homes will continue to be in high-demand.
You’re looking to upsize from your starter home.
A great deal of the record number of buyers looking to purchase a home in the current market is, for the most part, looking for a starter home. While some buyers might define their idea of a starter home differently than others, the concept remains the same: if you are looking to upsize, there won’t be a better time to sell your home than now. The number of entry-level homes is at a record low and these homes are selling at record highs, within days. And, luckily for those looking to upsize, houses in higher price ranges and greater square footage aren’t as hard to come by, making it easier to find a home to grow into.
Need to downsize to a smaller more manageable home.
Are you an empty-nester, or have had a change in living space needs? This is a perfect time to capitalize on the highest price for your property and reinvesting in a home that better suites your current needs. The Triangle area is home to many fantastic Senior Living communities as well and with a Senior Residential Specialist designation, Masha is the best choice to ensure your goals and needs are met.
Regardless of your reason, 2021 remains an ideal time for anyone to list their home on the market in the Triangle and it remains crucial to have a trusted realtor, such as Masha Halpern, to help you get the best price for your home. You can rest assured that, with Masha, you’ll not only sell your home for the optimal price it deserves but, you’ll also find the new Triangle home of your dreams!