As we get ready to close out the month of February, we are starting to see a slight increase in resale listings come on the market. This is much needed inventory for buyers. Sellers who wanted to wait until after the holidays are now ready to list their homes for sale. Wake and surrounding counties re-main in a strong seller’s market in many price points, though not in all.
This is the 4th year in a row that we are starting the spring market with more buyers than available homes to purchase. The inventory shortage that was present throughout 2017 is continuing into 2018.
As of this writing there were 1,301 resale homes and 1,546 new construction homes for sale in Wake County. The median sales price for the resale homes were $410,900, while the new construction homes had a median sales price of $409,900. There were 850 resale homes sold in January with a median sales price of $265,000, while 271 new construction homes sold with a medi-an sales price of $354,980.
So how can you prepare for our spring market? If you plan to buy a home and need to get a mortgage, contact a lender now to get pre-approved. In our market, a pre-approval letter is a requirement with any offer (unless pay-ing cash). Contact me if you need a recommendation for an experienced, lo-cal lender. If you are thinking of selling your home, know that buyers are looking for a home that is in top condition and move-in ready. Most buyers prefer to have all updates done verses receiving an allowance at closing. Con-tact me if you need a contractor recommendation.