In the past year, home prices have been on the rise. The price of homes nationwide increased by 10.9 percent. That’s great if you're thinking of selling your home in Raleigh. For quite a while, it’s been a buyer's market. Hopefully 2014 will prove to be a different story. In 2013, Clear Capital followed 276 cities to see if home prices would rise throughout the year. After analyzing their data, they found that 225 of those cities did in fact reflect a rise in pricing. According to Clear Capital, “The median price for existing homes were up from $30,000 to $215,000. For people who have waited to sell their home or refinance their mortgage, that's good news.”
Traditional home buyers had a sense of urgency in 2013 that had them hoping they could take advantage of lower home prices. In addition, they wanted to jump in and get one of the lowest interest rates in the market’s history. However, due to limited selections, homebuyers found themselves in bidding wars with cash investors. Oftentimes, homes would sell above asking prices.
Because of the bidding wars, Clear Capital noted that “Almost half of the cities tracked experienced double-digit increases in some home prices.” A few of which had a 32 percent gain. Such spikes reflected a continuing "correction to the overcorrection," says Alex Villacorta, vice-president of research and analytics for Clear Capital. “Buyers and investors rushed in to snap up homes with prices that had fallen too far. Homes continue to be affordable, despite recent run-ups — on average, prices are still 31.5 percent below their 2006 peak.”
As it stands, if you're thinking of selling your home in Raleigh, you can’t pick a better time than now. The market is continuing to get stronger, home prices are the highest they’ve been in years. If you want to sell your home, please contact our Raleigh real estate agents at The Roark Premier Team. We guarantee to sell your home for you.