In our last post, we talked about how despite the rise in home prices inventory levels are still historically low. Our real estate agents in Raleigh take a look at why this may be happening. When home prices started rising in late 2013 it was fairly safe to assume that inventory levels would rise as a result. Why isn't this the case?
According to newsobserver.com, “The simplest answer is that many homeowners here remain underwater – meaning they owe more on their mortgages than their homes are worth.” There experts also think that many who could sell their home without repercussions, did so in 2013. With that being said though, the newsovserver.com believes that this doesn’t “fully explain why so many people are sitting on the sidelines. The Triangle did not experience nearly the wild swings in valuations as some other areas of the country. While some people are surely trapped in their homes, many others are simply choosing not to sell.”
Experts also believe that families that are able to sell their home are choosing not to, because they fear that the home won’t sell for the number they’d like it to. While this is understandable, it’s not helping the housing market. Homeowners must gain the confidence they need to consider selling your home in Raleigh NC, for a price that you're comfortable with. Otherwise, low inventory levels might really start to affect the market.
Newsobserver.com also states that “Rising home prices will eventually lead more owners to sell. The average sales price of the Triangle homes that sold in February was $241,000, up 10 percent compared with the same period last year. Most other price measurements put the region’s rate of appreciation at between 3 and 6 percent. The lack of supply is making it easier for many sellers. The average days on the market of the homes that sold in February was 88, down from 117 days in February 2013.”
Our real estate agent in Raleigh is watching the market very closely. We still feel, despite all of the inventory shortages and home price fluctuation that now is the best time to consider selling your home in Raleigh. If you’d like to speak with us about listing your home, contact The Roark Premier Team, today! We guarantee that once you make the decision to sell, our agency will have it sold in 59 days or less!