The Challenges of Selling a Home in the Triangle Part 2
In part one of this two-part series, the professional homebuyers at Real Estate Solutions Providers discussed two of the challenges of selling a home in the Triangle:
- Adverse weather conditions
- Competition between sellers
Now, we will continue to cover this topic focusing on two timely and pressing challenges that homeowners have very little control over:
- Price Fatigue
- New Construction
Remember, if you’ve been having poor luck selling your home on the traditional real estate market, we can help you sell your house quickly in Raleigh, NC, by offering you a fast, fair cash offer on your home regardless of its age, condition, appearance, or location.
The housing market in the Triangle was on a significant uptick over the last few years, but price fatigue has caused a dark shadow to spread over the area. The News & Observer published an article about price fatigue in the Triangle wherein Stacey Anfindsen, an appraiser responsible for the monthly Triangle Area Residential Realty Market Report, noted that a negative mood had overtaken the market. She believes that rising mortgage rates are responsible.
According to that report, the average 30-year fixed rate on a home costing $325,000 would be $143 more expensive than in 2017. Despite the positive job outlook in the region, an extra $140 a month can be tough to swing. Other studies, such as the quarterly report from Metrostudy, express a similar sentiment — buyer traffic is slowing down as mortgage rates increase. The evidence is clear, selling your home in the Triangle in 2019 is going to present a more significant challenge than in past years. Even more alarming is the fact that wage increases may not be keeping up with the rising prices in the housing market. As buyers pump the brakes, homeowners looking to sell will be hard-pressed to finalize deals without the help of a professional buyer who is prepared to help you sell your house quickly in Raleigh, NC.
While there are many perks to owning property in a growing area like the Triangle, there are also some drawbacks — namely, new construction. Newer houses typically have an advantage over older houses because buyers perceive them as being of higher quality than older homes that have weathered away over the years. While this isn’t always the case, it’s a strong assumption that greatly affects those trying to sell their homes in the area. Many buyers will opt to purchase a more expensive home simply because it’s newer and less likely to need repairs or renovations. If your home is being shunned by potential buyers, it might be time to eschew the traditional real estate market and consult a professional homebuyer.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.