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The buyer forecast for 2014:
For the past several years, the buyer has been in the dominant position in the local real estate market. With sales dropping and demand slipping, the buyers were in a unique position to skew negotiations in their favor. Distressed sales also contributed to the good times for buyers.
The changes that took place in 2011 also had an affect with the advent of the due diligence period. Now, a buyer can walk away from a deal for any reason during the due diligence, or inspection period, which usually last 30 days. The only thing they lose is the due diligence fee, which in the last few years has typically be $100. Because the market may be becoming more SELLER friendly, that due diligence fee may be increasing. |
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Averages of a sold home in New Hanover County
in 2011: 125 per square foot
in 2012: 122 per square foot
in 2013: 129 per square foot |
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The tide has begun to turn, however. Inventory has been on a steady declne was demand has continue to increase. At certain times in 2013, it was a full on seller's market, with multiple offers coming in the first few days a house hit the market, though this was primarily in the lower price ranges.
Over the course of last year, prices steadily climbed, and I expect that will continue through 2014. If you are thinking about making a purchase, I believe that the sooner you make a move the more affordable it will be. We have already passed the absolute bottom of the market in terms of price, but it is still near the bottom.
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