With approximately 75 people moving to the Triangle area each day, house prices and rents have increased steadily since 2013.
An article published in July 2017 says the average price of a house in Wake County is now over $300,000. Wake County includes Raleigh, Cary, Apex, Morrisville, Holly Springs, Wake Forest, Knightdale, and Fuquay Varina.
It’s not the time for Wake County buyers who are considering home ownership to get discouraged, but it is time for those buyers to have realistic expectations.
As prices increase, buyers need to consider moving a little further away from work, consider an older home, or consider a smaller home than what they originally planned.
Homes priced under $300,000 sell quickly and it is hard for buyers to negotiate having sellers pay their loan closing costs because those properties are receiving multiple offers. Buyers need to be prepared to prioritize the most important criteria and be flexible on wish-list criteria and most importantly be able to make a fast decision. Buyers who wait a couple days to see a house or want to go back the next day to see it again may find the house sold while they were deciding.
Why are sellers not waiting for other serious buyers to see the house?
Sellers feel the motivated buyers are prepared to make a strong offer and commit right away. A buyer who hesitates scares the seller, no matter why the buyer is not willing or able to make a quick offer.
My advice to buyers is to do your homework in advance.
Only look at houses in your price range; if you want to increase your price range talk to your mortgage lender first before you look at more properties and get an updated pre-approval letter. Your buyer’s agent should be able to provide you with information about the property and give you comparable sale data quickly. With few houses to choose from under $300,000, buyers are not alone in waiting for the next property to hit the market.
Amy Shair has been an award-winning Realtor in residential real estate in the Wake County area for over 20 years. Hundreds of sellers over the years have trusted her when it came time to sell their home. Amy Shair will work hard for you and will protect your best interests when listing your house for sale. She will take the time to let you know what to expect while your house is on the market and what happens between getting an offer and closing where your house sale is complete. Contact her today for a free consultation.