Triangle Home Price Update: Spring 2017

Spring has sprung. Alongside of blooming flowers, warmer temperatures, and the promise of Summer comes the busiest home-selling and home-buying season of the year. Buyers are more likely to shop during this time period, thanks to more daylight and the pressure to get a new home situated before the next school year starts.

If you’re looking to sell your home, there are three recent developments that ensure this spring is a unique, and promising, time to do so quickly. What’s more? You’re likely to get the most for your money as a buyer and seller. Let’s look at Triangle home updates for spring of 2017.

Mortgage Rates Are Stable

Last July, mortgage rates were at a low of 3.41%. The presidential election, like it typically does, shakes the housing market briefly because of impending law changes, administration direction, and uncertainty in the face of a new President. The 30-year fixed mortgage rate hiked up after the election, reaching a high of 4.31% in December 2016.

Despite the increase in 30-year fixed mortgage rates, they’ve stabilized over the past few months which keeps them near historical lows.

If you’re looking to buy a home, this spring is an exceptional time. The current low mortgage rates are advantageous because they allow you to afford more bang for your buck. You’ll be able to afford a more luxurious home, at a better price.

Employment is Up

Throughout the last year, the number of jobs has not only increased, but it has increased in a big way. With 2.3 million new jobs introduced in the last year, the economy reflects business and consumer confidence. The United States Department of Labor Statistics reported 235,000 new jobs in February 2017 alone. As the economy reflects the cyclical nature of employment and the real estate market, new jobs and the decrease of unemployment affects the housing market in a healthy way.

Lower unemployment means less crime, less crime means higher property values. People feel a surge of confidence when new jobs open; unemployment in your area can lead to issues buying and selling homes. Fortunately, employment is up, new jobs are being created at a consistent basis.

Inventory is at an All Time Low

Mortgage rates are nearing a historic low, as is the inventory of homes. February 2017 saw a 17.9% year-over-year decrease in the number of homes on the market. March 2017 marks the 100^th consecutive month of year-over-year declines. This trend dates all the way back to October 2008.

There are fewer houses than ever on the market in the Triangle, right now. Some homes are selling within hours of being on the market. Since the market has an all-time-low inventory, prices are being driven up, as is competition. This is good news for a seller, at least!

How Do These Spring 2017 Updates Benefit You?

The demand for homes in the Triangle is through the roof. Due to the growth in jobs, low and stabilized mortgage rates, and consistent high-ranking of quality of life and education in the area, the Triangle will likely see an even higher and stronger demand for homes.

Take a look at this statistic: in February 2017 homes sold, on average, within 68 days on the market. This is compared to 75 days on the market in February 2016.

Selling your home this Spring means taking advantage of the strong demand and low inventory. You’re likely to see prices increase this Spring, and you’re likely to see top price for your home. On a national scale, February saw a 6% year-over-year rise in home prices. This definitely agrees with the trend around the Triangle, too.

Spring 2017 is a wonderful time to sell your home if you’ve been considering it for some time. This is a good opportunity for buyers to take advantage of low mortgage rates, too. If you’re curious to know how much your home is worth in the current market, try our home valuation tool.