By Jill Mertens
We all know that this is a wonderful place to live- and the rest of the world is certainly catching on. Approximately 63 (net) people move into Wake County every day. I am also starting to see more non- residents come in to invest in residential and commercial real estate in the area. We all see the building going on every day in each of our cities. It is a good thing, too, because we have less than 3 months worth of inventory for sale (and according to the FindWell real estate dictionary, anything less than 6 months of inventory is considered a seller's market). All told, I continue to believe that our investments in local real estate make strong financial sense.
We are beginning to see some signs of slowing, however. It is starting to take a little more time for houses to sell;
- According to Triangle MLS, the YTD average Days On Market (DOM) for Wake County actually increased 20% from 25 in May 2018 to 30 in May 2019.
- The number of crazy multiple offer scenarios also appear to be slowing. Don't get me wrong, good homes priced appropriately and staged to sell are still moving! But things are starting to level out now and we may see prices start to decrease a bit in the coming years.
Because of these factors that we are starting to see emerge in the market, this may be a very good time for you to sell your home if you think you may need to cash in on the equity in your home sometime in the next 2 - 5 years. For this reason, my husband and I recently tore down one of our investment properties and are building a new home to sell early next year. We bought the home as a foreclosure and after holding it for 3 years as a rental, we decided to maximize our profit by acting now before the market softens.
Even though it might be a good time to sell, the challenge is always how to not overpay on the next place as a buyer, since the market is still leaning in the seller’s favor. This is where a professional can help you sort things out and make a plan that takes into account your entire situation. Contact me today if this sounds like the kind of dilemma you are facing.