Almost every day I hear someone say, “It’s a real buyer’s market out there,” or “It’s a great time to sell your house, it’s a seller’s market.” The truth is, with a good real estate agent, any time can be a great time to buy or sell your home. Interest rates fluctuate, neighborhoods rise or fall in popularity, and job outlooks constantly shift, but no matter what is going on in with the market there’s always buying and selling going on in real estate.
That being said, there are definitely trends that we follow in the real estate market. As someone who has been in this business for more than a decade, I’ve seen some ups and downs. I got back in to real estate full time in 2006, which was an exciting time for real estate. I was there to see the market peak in 2007. Then the economy took a nose dive, which affected businesses across the board. I can truly say I weathered the storm, and more than that, I found an opportunity in the eye of the storm. Realty One came into being during that economic downturn in 2010, when my wife Jessica and I decided we wanted the ability to work in a way that lined up with our personal values.
Since then I’ve seen the real estate market bounce back, thanks in part to a booming economy and low interest rates. If you’re looking for real estate in the Winston-Salem area, here’s the inside scoop:
Selling: Right now is a fantastic time to sell your home. Prices are high, inventory is low and homes are selling quickly. In addition, the average sales price in our Multiple Listing service is significantly higher than the previous peak in 2007.
- 2007: Average MLS $177,000
- 2019: Average MLS $198,000
Not only are selling prices good, but the average time a home sits on the market is a mere 52 days. The last time we were close to this low was in 2007, when the average was about 90 days on the market.
Buying: Yes, it can be a great time to sell and a great time to buy all at the same time! Here are a few reasons to buy now:
- Interest rates are incredibly low compared to historic rates, which helps you get more bang for your buck.
- In the Winston-Salem area, more homes than ever are being renovated and revitalized, which means the market has a great choice of move-in ready homes.
- There are also good deals in Winston-Salem real estate for homeowners looking for a deal. We can help you find a great home selling under market value that just needs a little TLC to bring it to perfection.
Even now, with the market booming, people remember the recession and approach real estate with a more “eyes wide open” approach. It’s helpful to understand that home ownership is an investment for the long term. So while you might be wanting to take advantage of a great market, or hesitant to make a change in a down market, sometimes buying a new home or selling your current home is inevitable, no matter what the state of the real estate market. Job changes, relocation, marriage, children, downsizing — there are many different reasons why people choose to buy or sell real estate, and many of them are personal. That’s why I wanted my company, Realty One, to focus on the personal aspects of the Realtor/client relationship. We’re here to help our clients understand the market and walk them through the process of buying or selling a home. The more you work with a Realtor and a company that understands the trends and gives you sound market advice, the more likely you are to protect your investment and build wealth through home ownership.
Our team at Realty One continues to grow every day, with new real estate agents coming on board to join our innovative approach to real estate. I’m proud to say each and every person on our team has a passion for helping people, and we’re more than excited to be experiencing a great market right along with our clients.
—- Eric Munger, owner