Spring is just on the horizon, and as the weather heats up, so will the housing market in Durham and Chapel Hill.
While the number of new listings is expected to climb in the coming months, so will buyer demand, as people plan their moves for the end of the school year. Given that contract to close periods last from between 30 to 45 days on average, April is a popular month for home shoppers. Going under contract in April often means a closing in late May or early June, as children are finishing up school for the summer. As of the beginning of March, there are 891 active listings in Durham and Chapel Hill, with an additional 1,088 under contract.
Though interest rates have started to rise slightly, they are still at historic lows, meaning mortgages are still very accessible to buyers.
However, sellers must be careful not to overprice their listings – with interest rates on the increase, buyers in the 2019 spring market don’t have as much wiggle room on price as they’ve had in the past few years. In Durham and Chapel Hill, properties priced around $400,000 and lower are currently in the highest demand. However, there is still strong interest in higher priced homes with desirable updates and in good locations.
When choosing a Real Estate Agent to list your home with, experience counts.
With over 20 years of experience in the Durham and Chapel Hill market, I can help you navigate the listing and closing process and ensure that you end up with the most money in your pocket at closing. If you’re thinking of listing your Durham or Chapel Hill home, give me a call and I’ll talk you through my outstanding marketing strategy. Call Amy for your Shair of the market!