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Wake County Real Estate Market Update That Sellers Should Know!

Wake County real estate newsThis past winter has been certainly trying on the Wake County real estate market! Because of the brutal – and lengthy – winter season, not as many home buyers were navigating the market. This impacted local home owners trying to sell their property.

Despite that, however, our incredible team of real estate experts was able to hit the 100 mark for closed and under contract properties for 2014.

And we’re feeling even more optimistic about home sales activity during the spring months.

Today, I’m going to tell you about recent activity we’ve seen on the Triangle real estate market.

Home Sales in Wake County, NC

Here’s an overview of the current state of the market, in Wake County, based on the most recent market data:

  • Homes priced $400,000 and below in North Raleigh, Cary, Apex and Inside the Beltline are selling very fast and often receiving multiple offers when in outstanding showing condition.
  • We believe this is caused by a shortage of supply in this price range, which is leading to prices rising. After all, this is the whole concept of supply and demand at work.
  • Homes priced at $400,000 and below in other areas are much slower, although even those other areas are picking up. Prices are stable.
  • Homes priced between $400,000 and $600,000 in North Raleigh, Cary, Apex and Inside the Beltline that are updated/move-in ready have sold in an average of 54 days.
  • Sales outside this area are very slow. Even with a flawless house you can expect 100 days plus and a little more negotiation.
  • The market average for sold homes on the market is 95 percent of the list price. But those homes that are listed by Linda Craft & Team have sold at 98% of asking price.
  • Homes $600,000 and above are still struggling everywhere. Although the luxury market has picked up, there is still an 8 to 20 month supply of housing in this price range.
  • This kind of housing inventory suggests a buyer’s market. And homes in this price range are competing with new construction and updated homes for home buyer attention.
  • Generally speaking, those homes that are selling fastest in the luxury home market area are completely updated and look brand new or they have a special feature such as water view. For instance, I just sold a $1,450,000 house on a golf and lake lot in 27 days.

Helping You Navigate the Wake County Real Estate Market in All Conditions

The bottom line is that regardless of where your house is located or at what price range, the market continues to improve.

Thus, it’s only a matter of time before you are able to sell your home as well.

Still, you’ll probably have the greatest luck on the local housing market if you’re working with an experienced real estate expert like me, Linda Craft. So contact me today to discover how I might be able to help you!

All the best,

Linda

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