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…

How’s the Market Doing During the Coronavirus

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Covid 19 and Triangle Real Estate Market
Obviously everyone is wondering how we’re doing during the virus outbreak. I wanted to share what we are seeing right now in the Triangle Real Estate Market. For Sellers. Homes are still selling quickly and most sellers are getting at or above list price. The average days on market is…

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

How’s the Market Doing During the Coronavirus

Covid 19 and Triangle Real Estate MarketObviously everyone is wondering how we’re doing during the virus outbreak. I wanted to share what we are seeing right now in the Triangle Real Estate Market.

For Sellers.
Homes are still selling quickly and most sellers are getting at or above list price. The average days on market is still holding strong at 25 days on the market with the median coming in around 7. While we are seeing fewer showings, the buyers who are looking are serious about buying so the offers are still coming in after only a couple of showings. I think this is a great opportunity for sellers to sell with less competition on the market and still strong demand from buyers with interest rates staying low.

For Buyers.
While it is still a seller’s market, there are fewer buyers competing for the same homes. So where we were having 8 offers on a home before the pandemic, we are now seeing around 3. This is a great opportunity for buyers who kept missing out because they have less money to put down or are using VA 100% financing.

Here’s how Covid-19 is affecting each county specifically.
We are all governed by the rules that have been set in place by the county. For Orange and Wake Counties, Realtors have been deemed as essential to keep the economy going. Because of this, we are still allowed to show and sell homes. However, in Durham County, they are only allowing virtual tours for buyers and no in-person showings by agents. This is certainly a stumbling block for getting homes sold.

Virtual Tours.
Because of the epidemic, we’ve seen a rise in homes featuring “virtual tours”. The truth is, no matter how nice the virtual tour is, it doesn’t replace the need for someone to walk through the home in person. We all know that pictures can be deceiving and a virtual tour is no exception. For this reason, I wouldn’t advise anyone to spend their money on a virtual tour. Get your professional photos like normal and you’ll be fine.

To List or Not to List.
If you’re in a position where you need to sell, then go ahead and list your home, especially if your home value is under $500,000. If your home value is higher than $500,000, we have seen a slow down in this price range, so I would suggest waiting if you can. If you’re considering waiting to list your home, here are some helpful tips for getting your home ready in the meantime.

As always, contact us with any questions or comments. We are offering virtual consultations to clients who are not comfortable meeting in person.

Stay safe and be well!

How’s the Market Doing During the Coronavirus

Obviously everyone is wondering how we’re doing during the virus outbreak. I wanted to share what we are seeing right now in the Triangle Real Estate Market. For Sellers. Homes…
Covid 19 and Triangle Real Estate Market
Covid 19 and Triangle Real Estate Market

How’s the Market Doing During the Coronavirus

Obviously everyone is wondering how we’re doing during the virus outbreak. I wanted to share what we are seeing right now in the Triangle Real Estate Market. For Sellers. Homes…
Covid 19 and Triangle Real Estate Market

How’s the Market Doing During the Coronavirus

Obviously everyone is wondering how we’re doing during the virus outbreak. I wanted to share what we are seeing right now in the Triangle Real Estate Market. For Sellers. Homes…
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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