2021 Triangle Housing Market Update

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2021 Housing Update Triangle
So we’ve all heard how crazy the real estate market is right now in Raleigh, Durham and Chapel Hill, but what exactly does that mean? I’ve been selling real estate in the Triangle for 16 years now and I can say that I’ve never seen a seller’s market quite like…

Things You Need to Know About the 2021 Triangle Housing Market

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Market Update 2021
Things You Need to Know About the 2021 Triangle Housing Market Spring is nearly here and already the Raleigh real estate market is in full bloom so to speak.  We are seeing unprecedented multiple offer situations which are sending prices soaring.  This has created unique conditions for both sellers and…

2021 Triangle Housing Market Update

2021 Housing Update TriangleSo we’ve all heard how crazy the real estate market is right now in Raleigh, Durham and Chapel Hill, but what exactly does that mean?

I’ve been selling real estate in the Triangle for 16 years now and I can say that I’ve never seen a seller’s market quite like this.  We’re seeing offers $100k above asking, due diligence fees $20k and above, and up to 30 offers on a single home!  It has been a seller’s dream and a buyer’s nightmare.

On average, Smart Choice has been selling homes for 105% of list price compared to the broader market stats of 102%.  This means we are getting our sellers 3% higher than our competitors and we are charging them less money to sell!  This means on your $415,000 home sale, we will help you get nearly $20,000 more in your pocket at the end of the day (by combining our commission savings and strategy for a higher sales price).Savings with Smart Choice

You may be asking what is this strategy that we’ve found that works and why are we getting higher than our competitors?  It is simple.  We are listing homes for what we think they can appraise for instead of listing them for what we think we can get.  It’s the opposite of how we are used to pricing homes and seems counterintuitive to most people.  Traditional pricing in real estate has always been to price your home at the top price you’d like to get and let people negotiate you down a bit until you meet somewhere just below your asking price.  This new seller’s market has forced us to approach pricing differently because of appraisal shortages.  Appraisals are always working on past numbers and hence cannot keep up with a hot market.  Since most buyers aren’t cash buyers and have to rely on home loans, this becomes a problem for both buyers and sellers.  If the home doesn’t appraise for the purchase price and the bank isn’t going to loan the buyer the extra funds, this means that either the sellers have to reduce their price or the buyers have to come up with the difference.

What we have seen in this seller’s market is that they are not willing to come down to the appraised value.  Why would they when 10 other people are lined up to buy their home?  The key to selling for top dollar in this market is to get the buyer to agree from day one that they are willing to cover the difference of an appraisal shortage.  We do this with a simple addendum stating the seller will not reduce the price if the appraisal comes in low and the buyer agrees to this because they know they are choosing to offer above list price and therefore are taking responsibility for their actions.

One caveat to this and the reason that we do not price above where we think the home will appraise is that IF the home does not appraise for our list price, buyers then come back to us and look for a price reduction.  The reasoning is that we overpriced the home to begin with and that is, therefore, our fault that it didn’t appraise.  It makes sense, right?  If you are a buyer in this market, you expect the home is worth at least what the sellers are asking.  If you choose to go above that price, well that’s on you.  But if the home isn’t even worth what they were asking, well, isn’t that on them?

We are starting to see a small slowdown as sellers are starting to price their homes where they want to end up versus where the home can appraise.  Buyers are simply refusing to make offers on homes they think are overpriced from day one.  This may eventually cause the supply to catch up with the demand and send housing prices downward.  I don’t think this is going to happen overnight but even from my own personal home search, where there used to be only 3 or 4 homes that were on the market matching what I was looking for a few months ago, now there are 26 active listings.

All in all, it is still a great time to sell in the Raleigh, Durham, and Chapel Hill housing markets.  If you are a home seller and would love an extra 4% in your pocket at the end of the day, we’d love to talk to you.  You can schedule a free consult using the link below.  We look forward to hearing from you!

Schedule Now!

Things You Need to Know About the 2021 Triangle Housing Market

Things You Need to Know AboutMarket Update 2021 the 2021 Triangle Housing Market

Spring is nearly here and already the Raleigh real estate market is in full bloom so to speak.  We are seeing unprecedented multiple offer situations which are sending prices soaring.  This has created unique conditions for both sellers and buyers.  So if you’re thinking of buying or selling in the next three months, here’s what you need to know:

 

Sellers:

Plan-Have a game plan for what you’ll do next.  This is sometimes tricky if you need to sell in order to purchase another home. You either need to identify the next home and go under contract on it before putting your home on the market OR you need to be prepared to move into temporary housing if your current home sells and you cannot find the next one before closing.

-Don’t sell to IBuyers, friends, family or for sale by owner!  Why?  Because you will get your best and highest price by putting your home on the MLS for every buyer to see.  If your home doesn’t have multiple offers on it, you are doing yourself a disservice.  You may think that you are saving money by not paying Realtors, but if you use a discount real estate brokerage like Smart Choice Realty, you’ll end up getting back what you compensate in Realtor fees plus more!

-Don’t accept the first offer you receive and don’t sell it during your “coming soon” phase.  We are seeing homes come off the market before they technically are even on it because someone gave the seller an offer “they couldn’t refuse”.  Resist the temptation to accept the first offer that comes in because I would guarantee that if you can get one offer in 24 hours, you can get two or more in 48.  Be patient and give all the market time to see your home.  A day or two of patience can earn you thousands of dollars in the long run.

Buyers:

-Be prepared to put up a lot of nonrefundable cash from day one.  A competitive market means more emphasis ischeck given to other terms in an offer in addition to the price.  Sometimes the highest offer may have a lower due diligence fee and hence the seller will go with a slightly lower offer with a higher due diligence fee.  By putting down a high due diligence fee, you show the seller you are serious about moving forward with the deal and aren’t going to be deterred by minor items that might show up on an inspection report.  You also separate yourself from the pack of other offers.

-You may have to use an appraisal addendum to get the home you really want.  When there are multiple offers, nearly all will go above the list price.  When reviewing offers, a $10,000 over asking price offer may look nice, but if that buyer isn’t paying cash, that means the home has to appraise for that amount in order for the bank to finance it.  The trouble is that appraisers are always working on past numbers, so they have a hard time keeping up with a fast-paced market.  Rather than hoping the home will appraise for the purchase price, help reassure the seller you’re serious about the home regardless of the appraised value by including an addendum that says you’ll cover the difference between purchase price and appraised value.  Ultimately the market determines value-what a buyer is willing to pay and seller willing to take.  An appraisal is one person’s opinion at one specific point of time.  If you’re serious about purchasing in this market, you’re going to have to accept that you are paying top dollar.

-Interest rates are helping you afford more.  With that said above, while you are paying more for the homes in this market, the extremely low interest rates still make it a good financial decision.  We’ve been saying for years that interest rates are bound to rise and of course they eventually will.  Take advantage of the fed lowering the rate and buy a home you’ll be happy in for the next 5-8 years.  That way, if there is a slight downturn, you’ll be content in your space and can ride it out.

For more professional advice on buying or selling in today’s market, feel free to contact me or schedule your complimentary listing consultation to learn more about our discount broker services in Raleigh, Durham, Chapel Hill and surrounds.

By Samara Presley Samara Presley Flat Fee Realtor Charlotte and Raleigh
Smart Choice Realty
919-883-7451
sam@smartpeoplelivehere.com

2021 Triangle Housing Market Update

So we’ve all heard how crazy the real estate market is right now in Raleigh, Durham and Chapel Hill, but what exactly does that mean? I’ve been selling real estate…
2021 Housing Update Triangle
2021 Housing Update Triangle

2021 Triangle Housing Market Update

So we’ve all heard how crazy the real estate market is right now in Raleigh, Durham and Chapel Hill, but what exactly does that mean? I’ve been selling real estate…
2021 Housing Update Triangle

2021 Triangle Housing Market Update

So we’ve all heard how crazy the real estate market is right now in Raleigh, Durham and Chapel Hill, but what exactly does that mean? I’ve been selling real estate…
Spectrum News Channel

Spectrum News Interview

2015 Raleigh's 15 Best Realtors

15 Best Realtors in Raleigh

2011 Realtor Magazine's 30 Under 30 Samara Presley

Realtor Magazine’s 30 Under 30 Honoree

Spectrum News Channel

Spectrum News Interview

2015 Raleigh's 15 Best Realtors

15 Best Realtors in Raleigh

2011 Realtor Magazine's 30 Under 30 Samara Presley

Realtor Magazine’s 30 Under 30 Honoree

Spectrum News Channel

Spectrum News Interview

2015 Raleigh's 15 Best Realtors

15 Best Realtors in Raleigh

2011 Realtor Magazine's 30 Under 30 Samara Presley

Realtor Magazine’s 30 Under 30 Honoree

Spectrum News Channel

Spectrum News Interview

2015 Raleigh's 15 Best Realtors

15 Best Realtors in Raleigh

2011 Realtor Magazine's 30 Under 30 Samara Presley

Realtor Magazine’s 30 Under 30 Honoree

Spectrum News Channel

Spectrum News Interview

2015 Raleigh's 15 Best Realtors

15 Best Realtors in Raleigh

2011 Realtor Magazine's 30 Under 30 Samara Presley

Realtor Magazine’s 30 Under 30 Honoree

Spectrum News Channel

Spectrum News Interview

2015 Raleigh's 15 Best Realtors

15 Best Realtors in Raleigh

2011 Realtor Magazine's 30 Under 30 Samara Presley

Realtor Magazine’s 30 Under 30 Honoree

Spectrum News Channel

Spectrum News Interview

2015 Raleigh's 15 Best Realtors

15 Best Realtors in Raleigh

2011 Realtor Magazine's 30 Under 30 Samara Presley

Realtor Magazine’s 30 Under 30 Honoree

Spectrum News Channel

Spectrum News Interview

2015 Raleigh's 15 Best Realtors

15 Best Realtors in Raleigh

2011 Realtor Magazine's 30 Under 30 Samara Presley

Realtor Magazine’s 30 Under 30 Honoree

Spectrum News Channel

Spectrum News Interview

2015 Raleigh's 15 Best Realtors

15 Best Realtors in Raleigh

2011 Realtor Magazine's 30 Under 30 Samara Presley

Realtor Magazine’s 30 Under 30 Honoree

Spectrum News Channel

Spectrum News Interview

2015 Raleigh's 15 Best Realtors

15 Best Realtors in Raleigh

2011 Realtor Magazine's 30 Under 30 Samara Presley

Realtor Magazine’s 30 Under 30 Honoree

Spectrum News Channel

Spectrum News Interview

2015 Raleigh's 15 Best Realtors

15 Best Realtors in Raleigh

2011 Realtor Magazine's 30 Under 30 Samara Presley

Realtor Magazine’s 30 Under 30 Honoree

Spectrum News Channel

Spectrum News Interview

2015 Raleigh's 15 Best Realtors

15 Best Realtors in Raleigh

2011 Realtor Magazine's 30 Under 30 Samara Presley

Realtor Magazine’s 30 Under 30 Honoree

Spectrum News Channel

Spectrum News Interview

2015 Raleigh's 15 Best Realtors

15 Best Realtors in Raleigh

2011 Realtor Magazine's 30 Under 30 Samara Presley

Realtor Magazine’s 30 Under 30 Honoree

Spectrum News Channel

Spectrum News Interview

2015 Raleigh's 15 Best Realtors

15 Best Realtors in Raleigh

2011 Realtor Magazine's 30 Under 30 Samara Presley

Realtor Magazine’s 30 Under 30 Honoree

Spectrum News Channel

Spectrum News Interview

2015 Raleigh's 15 Best Realtors

15 Best Realtors in Raleigh

2011 Realtor Magazine's 30 Under 30 Samara Presley

Realtor Magazine’s 30 Under 30 Honoree

Spectrum News Channel

Spectrum News Interview

2015 Raleigh's 15 Best Realtors

15 Best Realtors in Raleigh

2011 Realtor Magazine's 30 Under 30 Samara Presley

Realtor Magazine’s 30 Under 30 Honoree

Spectrum News Channel

Spectrum News Interview

2015 Raleigh's 15 Best Realtors

15 Best Realtors in Raleigh

2011 Realtor Magazine's 30 Under 30 Samara Presley

Realtor Magazine’s 30 Under 30 Honoree

Spectrum News Channel

Spectrum News Interview

2015 Raleigh's 15 Best Realtors

15 Best Realtors in Raleigh

2011 Realtor Magazine's 30 Under 30 Samara Presley

Realtor Magazine’s 30 Under 30 Honoree

Spectrum News Channel
Spectrum News Interview
2015 Raleigh's 15 Best Realtors
15 Best Realtors in Raleigh
2011 Realtor Magazine's 30 Under 30 Samara Presley
Realtor Magazine’s 30 Under 30 Honoree
2016 NC Top 100 Most Influential Realtors
Named one of NC’s Most Influential Realtors
2017 Top Producers MagazineCover
2017 July Cover of Top Producers Magazine
Smart Choice Realty was great. Samara, the listing specialist, shared some statistics when we first met that most sales occur in about 31 days and homes sell for somewhere around 98% of list price. She was right on target with those numbers. Everything was made to very smooth and easy….and they saved me lots of money compared to other realtors. Thanks for the help!

Dave Roach

08/06/2019

Samara and the team were wonderful in the sale of our home. Smart Choice Realty not only saves you thousands of dollars, but they also treat you like royalty through the entire buying and selling process.

Teresa Gance

06/12/2018

Thank You for your service and assistance in selling our home in Louisburg. We had multiple contracts within the first three days of our listing with Smart Choice Realty. The process was simplified significantly by the ability to use the online service throughout the process to include our closing. Smart Choice saved us over $3,000 compared to other Real Estate Businesses. Friendly, helpful service was available throughout. Thank You, Smart Choice Realty!!!!

Linda W

7/20/18

Smart Choice Realty was great. Samara, the listing specialist, shared some statistics when we first met that most sales occur in about 31 days and homes sell for somewhere around 98% of list price. She was right on target with those numbers. Everything was made to very smooth and easy….and they saved me lots of money compared to other realtors. Thanks for the help!

Dave Roach

08/06/2019

Samara and the team were wonderful in the sale of our home. Smart Choice Realty not only saves you thousands of dollars, but they also treat you like royalty through the entire buying and selling process.

Teresa Gance

06/12/2018

Thank You for your service and assistance in selling our home in Louisburg. We had multiple contracts within the first three days of our listing with Smart Choice Realty. The process was simplified significantly by the ability to use the online service throughout the process to include our closing. Smart Choice saved us over $3,000 compared to other Real Estate Businesses. Friendly, helpful service was available throughout. Thank You, Smart Choice Realty!!!!

Linda W

7/20/18

Smart Choice Realty was great. Samara, the listing specialist, shared some statistics when we first met that most sales occur in about 31 days and homes sell for somewhere around 98% of list price. She was right on target with those numbers. Everything was made to very smooth and easy….and they saved me lots of money compared to other realtors. Thanks for the help!

Dave Roach

08/06/2019

Samara and the team were wonderful in the sale of our home. Smart Choice Realty not only saves you thousands of dollars, but they also treat you like royalty through the entire buying and selling process.

Teresa Gance

06/12/2018

Thank You for your service and assistance in selling our home in Louisburg. We had multiple contracts within the first three days of our listing with Smart Choice Realty. The process was simplified significantly by the ability to use the online service throughout the process to include our closing. Smart Choice saved us over $3,000 compared to other Real Estate Businesses. Friendly, helpful service was available throughout. Thank You, Smart Choice Realty!!!!

Linda W

7/20/18

Smart Choice Realty was great. Samara, the listing specialist, shared some statistics when we first met that most sales occur in about 31 days and homes sell for somewhere around 98% of list price. She was right on target with those numbers. Everything was made to very smooth and easy….and they saved me lots of money compared to other realtors. Thanks for the help!

Dave Roach

08/06/2019

Samara and the team were wonderful in the sale of our home. Smart Choice Realty not only saves you thousands of dollars, but they also treat you like royalty through the entire buying and selling process.

Teresa Gance

06/12/2018

Thank You for your service and assistance in selling our home in Louisburg. We had multiple contracts within the first three days of our listing with Smart Choice Realty. The process was simplified significantly by the ability to use the online service throughout the process to include our closing. Smart Choice saved us over $3,000 compared to other Real Estate Businesses. Friendly, helpful service was available throughout. Thank You, Smart Choice Realty!!!!

Linda W

7/20/18

Smart Choice Realty was great. Samara, the listing specialist, shared some statistics when we first met that most sales occur in about 31 days and homes sell for somewhere around 98% of list price. She was right on target with those numbers. Everything was made to very smooth and easy….and they saved me lots of money compared to other realtors. Thanks for the help!

Dave Roach

08/06/2019

Samara and the team were wonderful in the sale of our home. Smart Choice Realty not only saves you thousands of dollars, but they also treat you like royalty through the entire buying and selling process.

Teresa Gance

06/12/2018

Thank You for your service and assistance in selling our home in Louisburg. We had multiple contracts within the first three days of our listing with Smart Choice Realty. The process was simplified significantly by the ability to use the online service throughout the process to include our closing. Smart Choice saved us over $3,000 compared to other Real Estate Businesses. Friendly, helpful service was available throughout. Thank You, Smart Choice Realty!!!!

Linda W

7/20/18

Smart Choice Realty was great. Samara, the listing specialist, shared some statistics when we first met that most sales occur in about 31 days and homes sell for somewhere around 98% of list price. She was right on target with those numbers. Everything was made to very smooth and easy….and they saved me lots of money compared to other realtors. Thanks for the help!

Dave Roach

08/06/2019

Samara and the team were wonderful in the sale of our home. Smart Choice Realty not only saves you thousands of dollars, but they also treat you like royalty through the entire buying and selling process.

Teresa Gance

06/12/2018

Thank You for your service and assistance in selling our home in Louisburg. We had multiple contracts within the first three days of our listing with Smart Choice Realty. The process was simplified significantly by the ability to use the online service throughout the process to include our closing. Smart Choice saved us over $3,000 compared to other Real Estate Businesses. Friendly, helpful service was available throughout. Thank You, Smart Choice Realty!!!!

Linda W

7/20/18

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