Triangle Real Estate Market Update January 2014
Interesting news from TMLS reporting the current state of our real estate market in the Raleigh, Cary and Wake County areas. A look at January 2013 to January 2014 shows a decline in inventory and a flattening of pending sales. Closed sales were up 13%, which is in line with the decrease in inventory. In fact inventory has been steadily declining over the past 5 years. New home inventory is up though as evidenced by all of the new construction in the area. With the large influx of people moving to the area and a tight market (closed sales were up 24% last year), this will alleviate some of the pressure.
In general the real estate market is cyclical for "selling seasons". Spring and Summer tend to have the most inventory and the most sales. If you are considering selling your home, now may be a great time to start preparing it for sale.
The overall consensus is that the market is stable and supply and demand are coming into balance. However, demand is still outweighing supply. Homes that are priced well, are in good condition and in good locations sell fast and for top dollar. The reality is that most buyers are looking for the same thing.
Working with an Agent who truly understands the market and its complexities can benefit both a buyer and a seller. One of the main aspects of a successful sale is negotiation and knowing the market plays a major role in ensuring your client is getting the best representation.
Contact Me today if you are looking for an Agent who knows the market and will always look out for your best interest.
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