Here’s why I’m encouraging homebuyers not to get discouraged right now.
As the weather gets hotter, is the real estate market starting to cool down? Over the past few years, we’ve been in a seller’s market that’s only gotten stronger as time has passed.
I remember writing offers for $5,000 over asking price and winning homes a few years ago. These days, we’re putting $50,000 over and still not winning a lot of the time. The home-buying market is so competitive right now. Buyers are starting to hop out of the market because of this competition and sellers are unsure of where to price.
Since 2011, the home inventory in the Triangle Area has steadily declined. Interestingly enough, inventory rose for the first time since then, a 4.4% increase. This is an important stat to note for homebuyers.
I understand this is a hard market to be a buyer in, but I urge you not to give up. It’s starting to look like we could see a slight shift in supply and demand, which will give you a much, much better chance of winning against multiple offers.
“Inventory rose in April for the first time since 2011.”
If you’re a homeowner who has been waiting for the peak of the market to sell, that’s where we might be right now. Whether you’re looking to buy, sell, or just have any real estate questions, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.