I get that question a lot. Wake County is experiencing a seller’s market right now. Basically this means that there are more people looking to buy homes than people selling their homes. This is particularly true for homes priced on the lower end of the market-say less than $300,000. This is why you may hear things like “there is not a lot of inventory,” or homes are getting “multiple offers.” That’s because there is more competition for people hoping to buy in that price range. Higher priced homes, however, are not necessarily experiencing the same phenomenon. There are not enough buyers in that category, so more expensive homes may sit on the market for a longer period of time.
What does this mean? For buyers- be patient and start early. You may not get the first home you put an offer on. You should also be prepared to offer more than what the home is listed for, so don’t pick something at the highest end of your budget. Give yourself some wiggle room.
Sellers need to work with their realtors to create a solid pricing strategy. If you price too high, or if your home is worth more, be prepared for your home to not sell immediately. On the flip side, know that at the right price point it may sell in under a week which could put you in a new place in a month or less. Just be flexible and prepare for multiple scenarios!