Q1 2021 is looking a lot like Q1 2020 with our LOCAL robust Fuquay-Varina and Holly Springs real estate sales and extremely low inventory. Continued low interest rates along with some “recovery” from Covid has added to our un-balanced market. New construction neighborhoods have had to slow down sales by releasing only a limited number of lots per month as home construction materials continue to be harder and harder to come by.
Take a look at our quarterly MARKET UPDATE HERE. Let us know if you have any questions or suggestions to add to our report!
This quarter’s numbers show just how un-balanced our market is; as I write this report there are only 80 homes ACTIVE on the market right now for sale in all of Fuquay-Varina, Wake county and there are 459 homes UNDER CONTRACT. (Per our Triangle Multiple Listing Service). As an office we are continuing to see multiple offers above sale prices and homes being sold way above appraised values. Buyers are having to make super strong offers with high due-diligence funds and short due-diligence periods, we just put a town home under contract with $15,000 due diligence!
We are here to help you, your relatives, co-workers, employees, and neighbors. Please consider Front Porch Realty YOUR LOCAL real estate professionals! Please LIKE US on Facebook and Instagram if you haven’t already and please let us know if we can help you get moving too!
Spring is finally here and Easter is coming! You know here at Front Porch Realty, how much we love to support our local community. This weekend will be packed full of events and we have curated a list of options for you if you needed some ideas. The list focuses on the Fuquay-Varina and Holly Springs areas. From sweet hopping events to Sunday services.
Sunrise United Methodist Church
The Vineyard Church of Holly Springs
We are so happy Spring is here and hope that you all have a blessed weekend!
In Front Porch Realty’s 25 year history, there has never been a better time to sell your home than in today’s market! We have a low inventory of homes across all price points and an influx of buyers from all over the country. Super hot LOW interest rates are adding to our buyer pool as first time buyers strive to leave their high-priced rentals and apartments. Multiple offers within days, and even hours, way above list prices are fast becoming the “norm” at FRONT PORCH REALTY.
According to our latest Triangle MLS stats, our local inventory is down a whopping 80% from 2020 and our Days on Market is down 68%! Not only is Front Porch Realty selling our listings extremely quickly, we are also accepting offers way over list price with the buyers signing appraisal addendums willing to pay their offer prices regardless of what their lender’s appraised value comes in. Below is a snapshot of February’s 2021 Fuquay-Varina and Holly Springs MLS activity, courtesy of our local Triangle MLS.
Thinking about selling this year but not quite ready? Our “COMING SOON” option may be the perfect solution for you! Potential Buyers are able to get a “sneak peak” of your home before you are ACTIVE on the market ensuring a very quick sale with mimimum showing exposure of your home.
Find out what your home is worth HERE, no obligation, just info, we are LOCAL experts and are here to help!
Well, 2020 certainly was a year of “firsts” and hopefully “lasts”. While some of our core industries have taken a disastrous Covid hit, real estate sales and growth fortunately has been spared.
As I do every year, I took an in-depth look at our 2020 housing market and was a little taken aback when I first saw our compilation of numbers because they looked a little askew to me. You can view our 2020 Year-End Market Update HERE. Since we are still deep in a sellers’ market, with not enough inventory for our buyer demand, the “Sold” numbers were just not looking accurate. I went back to my market data, our Triangle MLS, and ran some more numbers. I quickly discovered why things were looking so off; about 1/3 of the 2020 sales were new construction homes that had not closed yet! New homes are going under contract before they have even begun to be built, so our “closed” numbers for 2020 were not showing up. I have added another column to our year-end summary called PENDING that now gives us a truer picture of what is going on in our local market.
Interestingly, new construction average pricing has come down slightly from 2019, while re-sale pricing has increased. I am going to presume this is due to high availability of new construction and extremely low availability of re-sale homes. The re-sales are ready “now” which can make them the only choice to a buyer that cannot wait the 4-9 months for a new build.
It’s a great time to sell a home in Holly Springs and Fuquay-Varina! If you are thinking about selling “the easy way” to Offerpad, Open Door, Mark Spain, etc. PLEASE talk to us first. These companies typically charge 8-10% commission on top of leaving lots of your equity on the table. There is a reason these investment companies want to buy your home! I promise we will take care of all the details for you AND it will cost you much less. Our listings are typically selling in less than a week at above asking price. In addition, if you are out there looking at new construction homes, be sure and utilize our FREE Buyer’s Agency. The on-site agents at the new construction neighborhoods represent the builders and look out for THEIR best interests, not yours. Why not have an agent on your side? Learn more about NC Agency HERE.
If you would like our quarterly Market Update delivered to your inbox, let us know. In addition, if we can be of any assistance to you with your real estate needs, we are certain you will be extremely satisfied with any of our Front Porch Realty real estate brokers level of professionalism and expertise.
Please stay safe and we hope to see you real soon!
Front Porch Realty is An Equal Opportunity Company, Equal Housing Opportunity.
Information Not Guaranteed. Listings marked with an icon are provided courtesy of the Triangle MLS, Inc. of North Carolina, Internet Data Exchange Database.
©2024 Front Porch Realty
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