Last December I wrote a blog titled, “Is it a good time to sell or buy real estate?” It seems this question has been asked several times again in the last few weeks in different ways as the weather begins to warm up. Traditionally, sales have been good in the spring and summer months. But let’s get back to the question, “Is it time to buy or sell?” My answer to that is, “It depends.”
Over the last two months I have put an offer on several pieces of property in the Wake Forest, NC area for one of my sons. Most of these homes have been on the market for 1 to 3 days in the $225,000 and under range. But when I called the selling agent to say an offer is being prepared, I am told the seller has already accepted another offer and I could submit one, but it would be a backup offer along with several others. (BTW, I finally got one accepted after being on the market 3 days).
It appears there is a “hot pocket” viz., “sellers market” in certain spots of the Wake Forest area. The inventory of homes in that area is way down, thus driving up prices. It appears there are more potential buyers in the $225,000 and under than the $225,000 and above. Is this a typical situation just in Wake Forest?
Not according to some of the research I did. Keep in mind, just because you have a home valued at $225,000 or less, it doesn’t mean it will be zapped up after being on the market for 1 to 3 days. We have to go back to the three infamous real estate questions about selling, i.e., “location, location and location.”
In talking with some of my in state and out of state realtors and auctioneer friends, it seems each community has that “hot pocket” area. Does it mean the homes above the $225,000 range are not selling? Not at all, it just takes more time to market them as the base of potential buyers are smaller than those in the $225,000 and under range.
What about you? Is it time to sell or buy? Regardless of the value of your home or property, give us a call at 252-257-4822 and let’s talk.