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The market started changing in 2013 and I believe it will continue to improve for sellers. While there are a lot of people out there who would like to sell their home, they are not willing to sell it for what the market wants to pay, so they are sitting on the sidelines waiting on the market prices to move up. New home construction is still not at the levels it was five years ago. These factors have caused inventory to drop to lower and lower levels. Inventory in New Hanover County in 2008 averaged over 3500. It currently stands at less than HALF that amount. Even though demand has remained steady and inventory has fallen, sellers still face other challenges. Fewer buyers can qualify for loans under new rules. New rules with appraisals make it more difficult for home values to increase quickly. Your home may be worth $200,000 to a buyer, but if the last two similar comps sold for $175,000, it is only worth $175,000 to the bank. Your buyer can still buy the house, but the bank is only going to loan the buyer the reduced amount. Still, here's the bottom line: right now it is a better time to sell than it has been for the past five years. Will it continue to get better? I expect it will, but I don't see prices going through the roof anytime soon. I expect to see moderate gains, around 3% per year, for the next few years. So from a financial standpoint, it really doesn't make a lot of sense to wait to sell. Especially if there is somewhere else you want to be. If you are buying in the same market you are selling in, there is no real loss. My motto is, you only live once, you might as well live where you want to.
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Wade Wilson, Realtor Coldwell Banker Sea Coast Realty 1001 Military Cutoff Rd Suite 101 Direct Phone: 910-619-3502 Fax: 910-799-509-1664 NC License #253396 wadewilson@seacoastrealty.com |
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Ashley Wilson, Realtor Coldwell Banker Sea Coast Realty 1001 Military Cutoff Rd Suite 101 Direct Phone: 910-619-0024 Fax: 910-509-1664 NC License #275182 ashleywilson@seacoastrealty.com |
 #1 for 15 years! |
