Inventory is slowly growing, inching us closer to a balanced market giving buyers and sellers equal footing.
New listings increased 13 percent month over month. Activity is slowing slightly with inventory increases. The average sale price increased 11 percent from this same time last year, from $522,044 to $577,774, average days on market was 58.
Buyers feel the shift and think that we are no longer in a full-price market. Average days on market increasing to 58 days mean homes are sitting on the market. As a result, buyers want to negotiate on price and receive a concession for a rate buydown. Pricing in this market is a science. If a home is priced correctly, or even priced under market, it may still receive multiple offers. However, if the price is slightly high then days on market climb until you find the right buyer, or the right price.
Even if there were a rapid decline in interest rates, we are still slowly inching towards a balanced market. For serious buyers who have their financing lined up, there are a number of opportunities available. The important message is that sellers are eager for qualified buyers to make an offer. It's critical to make sure buyers understand their buying power before they start looking at properties.
As the Carteret County market continues to adjust, there are ways to make this market work for you. FHA loan applications are on the rise, there are first-time homebuyer down payment assistance programs and assumable loans are quickly becoming an advantageous marketing incentive. The key to success in real estate has always been to buy what you can afford and then hold it for as long as you can.
We don't know how long these current market conditions will hold, but at the end of the day, it's always a good time to buy. Having the ability to negotiate on price and terms is a better place to sit than paying 10 percent or more on a home in a competitive scenario while waiving a litany of due diligence dates.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. I’m here to help.
