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Wake County Market Data Shows Traffic Consistent, Prices Increasing

Real-Time Market Advice. In my last post, we discussed Wake County housing activity is consistent with a year ago, but listings are down 40%. We mentioned the last time this happened, the market saw significant price increases.

Today, data shows that the trend is continuing. List prices of existing homes put under contract in February average $547,482.00, up from $494,463.00 in February 2023, up 10.7%

300 of the 836 existing homes going under contract this month were on the market for less than four days.

What to do with this?

If you are a buyer: Look for price reductions and look past poor staging and decorating*. Most homes on the market that are more than 15 days old are seeing price reductions when minor investments are needed to increase marketability. These will not last long. We will see improved inventory and increased buyer traffic in the next 2-3 weeks. Look at previous charts; going under contract now is better than later. Have a great pre-approval, cash ready, and an agent that can reduce your Due Diligence exposure.

If you are selling, start prepping your home; outstanding agents will assist. Small investments will yield significant returns. If your agent's staging or recommendations seem pedestrian or suggest price reductions below the competition, move on to a value-driven agent.

*I showed an eerily staged home this weekend; as we were commenting on how weird it was, the agent texted me they were dropping the price over $15,000.00. All they needed to do was remove the staging, which they will do when it sells.

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