Market Insight with Lenda
January is traditionally a month when quite a few new listings come onto the market. With the Holidays behind them, clients are beginning to list their homes in anticipation of the usual active spring market. This year so far has been a little different.
Listing Activity in Cary, Apex, and Morrisville
The Triangle MLS monthly indicators report shows that new listing activity in January 2011 decreased 15% in Cary, Apex, and Morrisville compared to 2010. Most homeowners in our area now realize that the market is very different this year and that it’s not coming back to pre-2008 levels very quickly.
The market reality reflects what homes are actually selling for in the last 3 months. Most homes in the Cary market are selling for less than their tax value and close to their 2004/2005 market value. There is a large inventory of both expired listings and withdrawn listings and there have been more short sales and foreclosures in the last 6 months.
“New Home Mentality”
Many of our Cary, Apex, and Morrisville buyers are looking at resale homes but comparing them with a “new home mentality”. With plenty of new homes to choose from offering all types of special financing, upgrades, and buyer incentives, resale homeowners find it difficult to compete in the same price range.
As a seller you should prepare and price your home to compete so that a buyer will choose your home instead of a new home. The most important element in selling your home today is to choose an agent that is experienced and knows “this market” exceptionally well.
Good News about the Market
Now some good news about the current market – for the first time in two and a half years, we are seeing an increase in homes under contract in the 500 – 800k price range. In the last three weeks LG Real Estate has sold four homes in this price range. Why? The condition, location, and price have been appealing and the buyers looking in this price range are getting tired of waiting.
Are you getting tired of waiting to sell your home or buy a different home? Call us today at 919-653-2647 and we will provide you with the latest market information on your existing home or prospective new home.