There may be a global health crisis changing up the way we do everything from business meetings to dining out, but one thing hasn’t changed too much—home prices. A recent study by the National Association of Realtors (NAR) shows that most sellers are holding steady on price, which ultimately means that listing your home now could actually be a very profitable option.
Listing Your Home Now Doesn’t Mean Cutting Price
Before the pandemic struck, the Raleigh market was experiencing an inventory shortage—that is, there were more buyers than homes for sale. This is referred to as a sellers market, because the conditions are ideal for home sellers.
Now, we’re still definitely in a sellers market, which means you might not have to bend much on price. Here’s why.
Inventory has sunk even lower
Thanks to the social distancing measures in effect throughout the Raleigh area, fewer and fewer sellers are listing, further reducing the available inventory of homes for sale. For you as a seller, this means even less competition. You might find yourself with the only available home in your price range in your location—so hunting buyers likely won’t have a lot of choices. List now, and get the jump on neighbors who are waiting to list until the market picks up more.
Buyers are serious
During typical hot real estate seasons, there are a lot of would-be buyers dropping by open houses, browsing online listings, and requesting home tours—even if they don’t have an agent or haven’t even spoken to a lender. While buyer traffic is always good, buyers who aren’t serious or qualified can be more work than they’re worth if they fail to procure a loan.
On the other hand, buyers who are out searching during a pandemic are probably pretty serious about buying. They’re more likely to be working with an agent, talking to lenders, and already prequalified for a loan. These buyers are likely moving for a specific reason and are motivated to make a deal and close on a timeline.
Thinking of Listing Your Home in the Triangle?
Have you been considering selling your Triangle-area home? Are you concerned with how the current health crisis might have affected your real estate goals? Linda Craft & Team would love to help clear up any questions or concerns! Please contact us at 919-235-0007 to learn more about how we can put our decades of Triangle real estate experience to work for you.