We’re hearing it from all parts of the country: this spring there is low home inventory levels & high prices. Where does this leave buyers? In a tight spot.
While current market conditions can be discouraging to buyers, waiting around for it to get better could be a mistake. There is a decade worth of pent up demand that is being unleashed, and with every week that passes more and more buyers are jumping into the home search process. This is driving up prices and reducing inventory, according to Lawrence Yun, chief economist for the National Association of Realtors.
The low home inventory levels & high prices in The Triangle can be seen in the most recent Market Report, which shows median prices are up by 9.4% and months supply of inventory is down 42.3% over Feb 2015.
Bob Walters, chief economist of Quicken Loans, says lenders are predicting a very busy borrowing season as buyers rush to take advantage of the low interest rates. With appreciation rates rising at the healthiest level since April 2015, buyers across the country are sensing that it’s time to get off the sidelines and get into the game.
There are many online sources for home searches, such as Realtor.com or Homes.com, as well as our own website home search on StultsAdvantage.com that connects to the Triangle MLS system. (We don’t recommend Zillow, because the info is often out of date or incorrect.) Looking online can certainly be a huge help to buyers for becoming more familiar with prices and availability of homes in their area.
However, in a market with low home inventory levels & high prices, working with a Realtor who is intimately familiar with Triangle neighborhoods is the ultimate tool for having an edge over other buyers. Give us a call today at 919.225.2814, and let us get to work finding the perfect home for you!