More houses sitting on the market and being sold at asking price, according to new housing data
Raleigh, North Carolina (WTVD) – “Last year at this time it didn't matter what the house looked like, or where it was located. They were sold significantly above list price.”
Dean Scolbino feels he has more buying power now in the Triangle housing market than when he first moved from New Jersey before the pandemic.
He bought his current home in North Raleigh a year ago.
"Especially a year or two ago, you had houses priced at $50,000 over asking (or) $100,000 over asking," Scolbino said
He's getting ready to upgrade to a single-family home and says the overall experience is better, even with a 6.5% locked-in interest rate.
"Luckily now there's a lot more inventory, more options," Scolavino said. "I think the strategy is to buy now why things are a little low, get the high interest rate and the big payment and then in a few years just refinance and hope the market will come back."
Data from April 2023 from Rocket Homes shows that Raleigh, Durham, Cary and Chapel Hill are still sellers' markets, but homes are sitting longer and many are closing below asking price.
Emphasis on data
49 percent of homes in Cary sold below list price and 40 percent in Raleigh.
The number of days on the market is almost three times that in the city of Oaks and Cary.
The data also shows that prices are soaring in Cary as a major development project is currently underway there.
After 20 years of planning, a seven dunam urban oasis in the heart of the city center is nearing completion.
It comes as April numbers show the median house price in Cary is $550,000. That's up nearly $51,000 or 10 percent from last spring.
"If a house is in the right area that's super desirable, it's priced right, and it's ready to sell - ready to move in - we're still seeing multiple offers," said realtor Hilary Kennedy. "But last year as now, it didn't matter what the house looked like, where it was located. They were mined significantly above the list price with several offers."
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