Sales for $300K or less homes Sweet Spot

$300K or less homes are in the sweet spot for the Cary Raleigh real estate market — low inventory with high demand…average days on market dropped. The move-up market for houses between $300K-$500K is closer to historical average of around 6 months of inventory. The higher end homes might take longer time to sell.

“The Triangle housing market was on a tear in June as home sales bumped up 8 percent compared to the year prior, and the available inventory of homes priced at under $300,000 dropped to next to nil.

Owners of homes in the $300,000 and less price points have, for most part, been able to set their own asking price once they get ready to sell – at least within reason, says Bo Bromhal, a real estate agent with Fonville Morisey in Raleigh. Upon further review of the June monthly report by Triangle Multiple Listing Service, Bromhal says the average days on market for homes dropped to an all-time low of 11 days for houses priced under $300,000. For those homes in Wake County, the median wait was about six days…

…“If you are representing a buyer, the best thing I can tell you to do is get first in line with your highest offer,” Bromhal says. “We had this period where people were afraid to sell because they would thought they wouldn’t be able to break even on the deal. Then, people were afraid to sell because there was nothing for them to buy. We’re now starting to see easing in the move-up market where people are more comfortable with what’s going on.”

The move-up market for houses between $300,000 and $500,000, he says, is closer to the market’s historical average of around six months of inventory with a little bit longer wait time for the right buyer. Pre-housing downturn in 2008, the average days on market for a home in the Triangle was around 120 days. In June, the average days on market was around 43 days for all price points.” excerpt from the TBJ article.

http://www.bizjournals.com/triangle/blog/real-estate/2016/07/average-time-to-sell-a-triangle-home-drops-to.html

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