Here’s the latest news and notes from our Triangle real estate market.
The real estate market across the country is insane right now; we have record-low interest rates, and almost everywhere is experiencing historically low inventory. In our market, we’re seeing incredibly low inventory and high demand, so most properties are receiving multiple offers. We’re often seeing five offers routinely, and sometimes more than 20. Buyers are having to bend over backward to get sellers to notice their offers; they have to put down plenty of earnest and due diligence money, have tight deadlines, and waive the appraisal contingency. (If you have any questions about these terms, please watch my other videos about them).
“Buyers are having to bend over backward to get sellers to notice their offers.”
In the past couple of years, Chapel Hill has lagged behind some of the surrounding areas, but the tide has turned. In Chapel Hill, inventory has decreased by 20%, which is massive. Prices, on the other hand, have risen 34.5%, which is astonishing. Sellers are getting 101% of the asking price, days on market is at about 26, and we have less than a month of inventory on the market.
In Durham, the numbers aren’t quite as extreme. There, inventory has declined by around 11%, prices are up between 6% and 7%, sellers are still getting 101% of asking price, and days on market is at 18. They also have less than a month of inventory on the market.
In Chatham County, inventory has also dropped over 11%, prices have climbed by a little over 14%, and sellers are getting 100.4% of their sales price. Days on market is 37, and their inventory is at about 1.5 months.
There’s been a bit of volatility with interest rates, but they’re still at historic lows, and the lenders I’ve spoken to are not expecting any large changes anytime soon. If you have good credit, the 15-year rate is currently 2.5%, the 20-year rate is 2.75%, and the 30-year rate is 3.125%. If you’re a buyer or seller in this market or are considering entering the market, I recommend sitting down with your real estate agent and composing a strategy. The market is moving extremely quickly, and both buyers and sellers need a great strategy for how to approach it.
If we can answer any questions related to the market or other real estate concerns, we’d be glad to help you. Call or email us, we look forward to being your real estate experts.