Good news for Cary area resale homes in the 500 -800k price range – we are now getting offers on homes in this price range. For the past 18 months, both showings and offers were few and far between.
Why the sudden surge in the 500-800k price range?
First and foremost the number of showings has increased. Showings in general declined in May due to the expiration of the home buyer tax credit at the end of April. Yet showings in the Cary Area 500- 800k price range increased by 34% (compared to May09).
Another reason for the surge is a change in the new home market. New homes in the Cary area have been outselling resales by a large margin over the last 18 months. Now with limited bank funding for new homes and a large decline in inventory, resale homes in this price range are finally gaining some momentum.
What’s happening with Offers?
Now for the offers – they are typically coming in at 10-15% below the current listing price Sellers should be thrilled to get any kind of offer and we at LG Real Estate negotiate very diligently to bridge the gap. The key here is for sellers to price their home realistically and be willing to work hard with any offer that is submitted. Buyers still control the market as they have a large resale inventory to choose from.
Please call us for the latest information on Cary area homes and the current trends in the market.