No Comments

Looking Forward: The 2017 Housing Market

Written by Nathaniel Birdsong, Realty One Broker-In-Charge


Many people pay more attention to the housing market than they did 10 years ago. I think that’s because most people found out, like I did, that the American dream of home ownership isn’t as simple as it used to be. We can’t just expect to buy a home, live in it for five years, and then automatically sell it to buy a bigger home. We’re not here to talk about the results of the 2008 Housing Market, though. We’re here to talk about what we can expect this year in 2017.

If you’ve been waiting to sell your home now might just be the right time. We saw several things happen in 2016 that, after many years, transitioned the Triad from a buyers’ market into a sellers’ market:

Homes sales went up. When looking at 2016 as a whole, home sales in the Triad increased by over 11%. That’s compared to 2015 for the same area.

Number of new listings went down. The amount of new homes listed last year was 2% lower than the year before. That’s a negligible change but still represents less new listings hitting the market over the previous year.

Supply went down. We measure home inventory in terms of the number of months of supply. If no more homes hit the market, and sales stay the same, how long until we run out of homes to sell? Throughout 2015, that number was just under seven months. At the end of 2016, the number was down to almost four months of available supply.

Conclusion? Homes prices are up (almost 5% over 2015) and homes are selling more quickly (almost 20% faster than 2015). If you’ve been waiting to sell, now is the best time in the Triad since the summer of 2007. In fact, the median sales price for homes in the Triad is now higher than it was before the market troubles of 2008.

Current as of January 10, 2017. All data from Triad MLS. Report © 2017 ShowingTime.

Many home sellers look at a great market like this and wonder if they still need an agent. With lower inventory and homes moving quickly it seems easier than ever to sell your home yourself; and it is. However, there are still many advantages to using a real estate professional to sell your home. While you may be able to sell it quickly yourself, an agent will make sure you sell it for the best value. Studies continue to show that sellers who use a good listing agent take home more from closing than those who don’t.

It’s also a good idea to rely on the expert opinion of an agent to determine the best places to make investments when preparing your home for the market. Not every update or expense will get a good return. A licensed real estate professional will help you have a better overall selling experience and statistically help you take home more of your equity.

 

How long will it be a seller’s market?

That’s not a question anyone can answer with absolute certainty. One nice thing about living in the Triad is that our market changes are historically slower and less extreme than in many other places around the country. We get the benefit of watching what happens around us and knowing that our highs and lows should be less dramatic.

Over time, as more people realize the supply is down, there will be more home sellers hitting the market. Builders are also working harder to fill the gaps and take advantage of the increase in home values. These two factors will eventually balance some of the lack of inventory. As inventory goes up, the demand – and the prices – will level out.

Let’s also consider the impact of mortgage rate increases. You’ve likely heard this for a while now, “mortgage rates are going up!” While this is true, the rate increases have been slow to pick up speed. At the same time, the U.S. Department of Housing and Urban Development is proposing changes to their loan programs to help balance the buying power of families looking to purchase homes.

In short, 2017 is THE year for sellers in the Triad.

If, moving into 2018, inventory has leveled and we have seen the mortgage rates move into the 5% – 6% range, then expect a quick transition back into a buyer’s market.

Now is the time to take advantage of the market. You don’t even need to wait for the “busy season.” The right time to sell your home is whenever you are ready. There are buyers in the marketplace right now looking for new inventory, and Realty One’s agents are always available for free, no obligation, in-home consultations for you to discuss your options to sell in more detail.

 

What if you are buying a home?

If you plan to buy this year, it’s more important than ever to employ the assistance of a great agent. As a buyer, you have more access to home search websites and information than you ever had before. But the market is also more complicated. You have to be more cautious and get advice on the lowest risk homes to buy in a good market.

It can be a good idea to purchase a home that needs minor updates or enhancements. Doing the work yourself over time is a great way to protect the equity you have or to add even more to it.

Having an agent work for you in the State of North Carolina is basically free for you as a buyer, but the value a good agent brings to the table is unmeasurable. If you have thought about buying a home or have begun your search already, contact me for more details on how the process works.

 

Our agents here at Realty One have been working in the Triad community since long before the events of 2008. We have seen the good and the bad, and we are always prepared to apply our knowledge to help you have an advantage in   the market around you. We are looking forward to a great 2017!

No Comments

Welcome to the New Realty One Website!

Written by Nathaniel Birdsong, Managing Partner


Hello and welcome to the new website for Realty One! We have been working towards an upgraded web experience for our friends and clients for a long time and are excited it’s finally here.

I realize some of you reading this might not be familiar with who we are. I’m trying to think of what I can tell you that isn’t contained in the pages of this site. Mostly I just want you to know that Realty One is more than just a business. This site is more than just a list of agents ready and able to help you buy, sell, or invest. We are people who care very much about the community around us. We care very much about our clients and our responsibility when we are entrusted with one of the biggest financial decisions some people will ever make. We are a locally owned and operated business with deep roots all over the Triad. We aren’t a franchise. We aren’t a large corporation. We are passionate hard-working agents who are making a name for ourselves in the community that we grew up in.

Enough about us, though (for now).

Let me give you a few tidbits about this site you can explore:

  • We have a robust search function that is tied directly into our MLS. That means you will get constantly updated results when you want to know whats available on the market. You can then use our Organizer function (located at the top of the page) to save favorites and track the homes you are interested in!
  • Our community pages will give you a closer look at the cities and towns around you or an idea of where you might be moving if you are coming from out of town. The Triad always welcomes new citizens and any of our agents would be happy to give you a tour beyond the overview you can find here. Our community pages will also give you an up to date overview of how the market is performing in each area. Contact any one of our agents for a detailed review of your own neighborhood.
  • We have downloadable content available on several pages that will give you checklists to help through the buying or selling process, information on our 3D tour system, and a list of the vendors and service professionals we recommend the most.
  • Click on the “Our Team” link to see the smiling faces of everyone at Realty One who are ready and able to make your next move a reality. We are here to help throughout the entire process. You can pick one of our agents to work with as early as you like (even if you’re just in the thinking-about-it stages). We are happy to answer any of your questions and help guide you from the beginning all the way to the end and beyond. We never stop being your agents once you decide to work with us!

Take some time to explore our site and learn more about us. Head over to our Facebook community and give us a ‘like’. Watch what some of our agents have to say and see some of our listings on Youtube. Get quick updates from us on Twitter. Read through our many testimonials from clients. Spend some time with Realty One and find out just how much of a difference the RIGHT AGENT will make on your next move.

Welcome to Realty One!