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Market Is Not Slow in Raleigh, It Is Tired.

Writer's picture: S. HoytS. Hoyt

Is Wake County Real Estate Market Slow or Just Tired.




I live in a world where a home is going to sell today, it will be my clients. There is no slow market, only excuses (usually price, which if you know me should not be an issue unless your neighbor hires a bad agent). 



Market velocity does not pay the interest on the mortgage covering that vacant home for sale. A slow market does not cover the taxes and escalating insurance.



I have showed a lot of home recently and the market is tired. The listings all look the same and have been on the market a minute or 20, vacant homes feel tired, no agents are turning the lights on before showings, no one called with an "invitation to sell the home", it has been very beige.



The chart above shows showing traffic declining December had the lowest daily showings since spring of 2020 (Covid).



BUT 24.9% of existing homes put under contract month to date were on the market one weekend, 5 days or less. Buyers are present and focused, they need listing candy. Creative, well curated listings with great showing experiences. The average list price of th0se 24.9% of homes put under contract? 



$627,000.00 9.5% higher than the other 75.1% of listings put under contract this month. The sales price delta will most likely be greater as we know less days on market yields a higher sales price.



The market is not slow, it is tired. Dynamic properties are still selling for top dollar quickly. If your home has been on the market a while it is not too late to relaunch, create a better experience and get a better price.

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