As we close out a summer marked by rising home prices and limited supply, we’re conditioned to expect the inevitable end-of-season slowdown. But the change of season doesn’t
It's not a Doctor Who reference, I'm talkin' real estate! Homes in the Triangle are selling faster than ever before.
This October, the number of sales in the 16-county area that makes up our MLS were up almost 4% while the average days on market dropped 10% to only 44 days. If you zoom into the Wake/Durham/Orange/Chatham core of the region, that number drops even more to 36 days. And with supply dropping over the winter months, that number might drop even more.
What does all this mean? the "days on market" for a home is the amount of time that a home is actually available to be purchased. The clock starts ticking when it does on the market and stops when the home goes under contract. At just under 5 weeks, there isn't much time to loose if you wait until you find your dream home online to start the process.
Here's the break down for other specific towns around our area for November:
Raleigh: 30 Days
Durham: 30 Days
Chapel Hill: 71 Days
Chatham County: 74 Days
Hillsborough: 61 Days
Cary: 40 Days
Apex: 46 Days
Pittsboro: 77 Days
And each year those numbers get smaller and smaller.
How do you get a head start? Come see me. I can refer you to a great lender so you can see how large of a mortgage you qualify for. Once we get that knocked out of the way I can set you up with automatic home alerts so you don't miss out on that dream home.
Michael Cunningham is a Real Estate Broker as well as the go-to tech and marketing wiz at Domicile Realty. A native of Tennessee, Michael arrived in Chapel Hill by way of Washington, DC where he help....
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