West Cary - 27519 - March 2021 Housing Market Update

Dated: March 3 2021

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Hey West Cary homeowners! Have you been thinking about selling your home but you're wondering if now is the right time? Stay with me because I'm going to give you some key points to consider... So you're thinking about possibly selling your home, but you're unsure if now is a good time. One of the things we like to look at is if it's a sellers market or a buyers market. We generally consider it neutral market if there is six months worth of inventory on the market. More than 6 months, it's probably a buyers market. Less than 6 months of inventory, a sellers market. So if we look at the entire 27519 zipcode right now, currently we're seeing less than 2 weeks of inventory. Yes, I said weeks! In fact, there are only 11 resale listings on the MLS at the time of this recording! That puts us in strong seller market territory. We also like to compare list price to sold price, or how much above or below asking price are homes selling for. Excluding new construction homes, we're currently seeing homes selling at 101.4% to asking price. For the average price home in our zipcode, that equals about $5700 over asking. This indicates there are still plenty of multiple offer transactions happening. Another key indicator we like to look at is what is happening in the financial industry, since mortgage interest rates can have a direct impact on buyer confidence. Interest rates did just tick up slightly, but they are still near historically low levels, much lower than they were just a year ago. So what does all of this tell us? If you're thinking about selling in West Cary 27519, now may be the best time. With spring right around the corner, we will see more and more homes hit the market, meaning the longer you wait, the more competition you'll have. If you'd like to learn more about selling your home, or find out how we get our clients the best price and terms possible in the sale of their homes, reach out to us anytime. We're always here to help. I'm Justin Hemker, Cary-based Realtor with the Namas Team at EXP Realty. And remember, "We want you to love where you live."

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Justin Hemker

Justin Hemker is a Triangle Area Real Estate sales and marketing expert. You will have a hard time finding a Realtor who truly cares for and works harder for his clients, has more passion for his job,....

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