If you’ve been in the market for a new home, you’ve likely seen (or been a part of) a bidding war. This is fairly common when you’re in a market like ours; one that’s seller-focused due to a discrepancy between housing inventory and demand.
In short, a bidding war is when two or more parties consistently outbid each other as they compete to purchase the same thing—in this case, a home for sale in Raleigh.
Over the past several years, as inventory decreases and demand goes up, bidding wars have become all the more common. But, if you’re a buyer looking for your dream home in Raleigh, we’ve got some good news!
Bidding Wars are Decreasing
In January of 2018, 53% of houses sold included a bidding war before a final price was agreed upon. In January of this year, that number went down to just 13%.
This is good news for buyers! It means the real estate market is slowly returning to “normal.” While it is still a highly advantageous time for sellers in Raleigh, the scales are tipping a little more favorably towards buyers as well.
Inventory is Increasing
Over the past few months, we’ve seen a steady increase in Raleigh’s housing inventory. More homeowners are choosing to list their homes, because they want to take advantage of the great seller’s market!
This influx of homes being listed is a good thing for buyers. It means they’ll have more options to choose from, and they won’t have to worry about a stressful bidding war breaking out over their dream home.
It’s Still a Good Time to Sell Your Home
If you’ve long been considering selling your home, now is still a great time to list! Although inventory is steadily increasing, it’s still nowhere near enough to match buyer demand.
With the current level of housing inventory for sale, it would take about 3.7 months for all the homes listed to sell if no additional listings came to the market. Whenever this supply amount falls under 6 months, then you’re in a seller’s market.
Whether You’re Buying or Selling, Rely on Linda Craft & Team REALTORS®
Navigating the Raleigh real estate market can be tricky. That’s why it’s so important to have a professional REALTOR® on your side.
When you work with Linda Craft & Team, you’re enlisting the help of local experts with years of experience buying and selling unique properties in the greater Raleigh real estate market. From pricing your home to showing you hidden listings and more, Linda Craft and her team of agents will be there for you every step of the way.
Give us a call today to learn more!