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.
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Please stay safe and we hope to see you real soon!