Market Update: Goldman Chavez Group with BOLD Real Estate

The mornings are chilly, the leaves are starting to change colors, and the real estate market has officially entered its next chapter. If you were waiting for the market to suddenly become “normal,” we have some news: normal is apparently a moving target.

But here’s the good news: the Triangle real estate market is giving buyers more choices than they’ve had in a while, while sellers still have plenty of opportunity if they understand what today’s buyers actually want. In other words, this is not a market for guessing. It’s a market for strategy. 

Across the Triangle, we’re seeing more homes come onto the market, but the change is not happening evenly everywhere. Chapel Hill/Carrboro and Orange County saw new listings jump about 40% year over year in September, while Durham isn’t up at all. Wake county, meanwhile, saw new listings up about 1%. Translation? You really cannot talk about “the Triangle market” as though it is one giant, identical market.

Neighborhood, price point, condition, new construction and location all matter, and buyers are noticing. They have more opportunities to compare homes, which means sellers need to get the basics right: pricing, presentation, condition and a marketing strategy that actually makes someone want to walk through the door.

The days of putting a house on the MLS and waiting for 20 offers are not the market we are in. But that does not mean buyers have all the power either. The right house, at the right price, can still move quickly.

So... Are Rates Ever Going Down?

Everyone wants to know when mortgage rates are going to drop. The current 30-year fixed rate is hovering in the low 7% range, depending on the loan, borrower and market conditions. Local rate quotes this week are around 7.3% for a conventional 30-year fixed scenario.

And while we would love to tell you that rates are about to magically fall, we aren't going to do that. Because nobody knows. 

The more useful question is: Does buying or selling make sense for you at today's numbers?

Sometimes the answer is yes. Sometimes the answer is not yet. And sometimes the answer is yes, but only if we structure the deal differently, that is where strategy comes in.

Buyers: You Have Something You Haven't Had in a While ­ Choice! More inventory means you can take a little more time. You can compare properties, you can negotiate, you can think about whether the house works for your life instead of deciding whether you're willing to waive every possible contingency just to get a chance. That doesn't mean you should wait forever. If the right home comes along, the goal is not to perfectly time the market. The goal is to make a smart decision based on your finances, your timeline and the home itself. And don't forget about new construction. Builders are still competing for buyers, and incentives can make a meaningful difference in the overall cost of a purchase. Sometimes the best deal isn't the house with the lowest price. It might be the house with the better rate, closing-cost contribution, upgrades or other incentives. Let's do the math before you decide.

Sellers: Your House Isn't 2021 Anymore ­ We love your house, the market might love your house too, but today's buyers are comparing it to everything else available. That means pricing based on what your neighbor got three years ago probably isn't going to work. Neither is pricing based on the amount of money you need to make. Your home's value is determined by what today's buyers are willing to pay for in today's market. That doesn't mean you need to give your house away. It means we need to be strategic from day one. The right pricing strategy, thoughtful preparation and strong marketing can make a huge difference. And if your house takes more than 30 days to sell? That is not automatically a bad thing. We are in a market that is taking longer to make decisions. The goal isn't necessarily to sell in 48 hours. The goal is to sell on terms that make sense for you.