Oh What a Market! Continuing to be Savagely Unhealthy
Rising sales prices and limited inventory continue to keep many would-be buyers on the sidelines. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. New listings in the Triangle region have decreased 11.5%.
Prices have continued to increase this fall despite softening home sales volume. The lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars on resale and causing homes to sell for above the asking price in some areas. It’s a house-by-house market as condition, location, and availability factor greatly in pricing and demand.
Let’s be honest, few people move just for the sake of moving in current market conditions. Every seller is a buyer somewhere else. There is no motivation to move now except for the customary conditions that don’t care about markets - births, deaths, divorces, job changes.
2024 inventory will not be significantly better. We are a positive job growth area, and we will continue to have pressure for buyers in limited inventory areas such as Chapel Hill and Carrboro. People new to NC or the Triangle will move to where the homes are in their price range. Waiting is not the answer. Be active now and positioned to jump when the right home hits the market.
If you want to control more certainty in your home purchase, look to new construction. The fourth quarter is a great time to go under contract for a new home ready to move in next year (and on a time frame you know). This gives you the opportunity to plan to put your current home on the market for one easy move.
Navigating an “I need to Sell in order to Buy” scenario, I recommend looking into a HELOC (Home Equity Line of Credit). This may give you the advantage of not needing to do a contingent offer on your new home. This will make you a better buyer candidate in a competitive market. For more information, reach out to Whitney at Carolina Ventures. firstname.lastname@example.org or go to www.carolinaventures.com
We are happy to meet with you to talk out strategies and scenarios for your personal situation. Contact the Desiree Goldman Group today at 919.696.5848