Next Edge

May STATS

• Market Stats: Prices up slightly YoY but sales down just .2%. Inventory continues to climb - 55% more homes for sale than last year, Days on market are up an interest rates up YoY as well. Inventory continues to rise in fact nationally there are 34% more sellers than buyers according to Redfin. Prices may soften over the spring and summer. Builders have started to offer more incentives including lower interest rates and some have combined incentives with price reductions.

• If you are a buyer: Be more aggressive with your offer, ask for closing costs, keep your Due Diligence lower, ask for rate buy downs or concession to pay for your buyers agent. It has been a sellers market for the last few years so this is your time!!! If rates drop later this year as predicted, you may be able to refi your loan. You will get a better deal now vs. waiting like everyone else for rates to drop.

• If you are a seller: Be realistic with your pricing from Day 1. Spend money improving the condition of your property before listing (make repairs, staging the home, landscape/paint etc.). If you think rates will come down you could wait but if you are also buying you may be in a bidding war for homes. There is a lot of pent up demand right now.

• Please note: The answer to all real estate questions are “it depends”. Homes, locations, zip codes, subdivisions and most importantly, your goals all play a part in real estate advice. Above is guide to what we are seeing in the overall market.

EDUCATION
Due Diligence - Video Explainer!

Always lots of questions around Due Diligence (DD) in the offer to purchase contract, especially from first time homebuyers and buyers relocating to the state. Hopefully this video will help:)

Sellers love a high DD in offers but in today’s market buyers do not have to take as much risk in making an offer. Pre-Covid, 1% of purchase price was a good rule of thumb for deposit money allocated for DD and the earnest money deposit (EMD). In 2020 and 2021 when inventory was at rock bottom and buyers were coming to NC from all over the country, DD was all the rage. Average DD $$ was averaging close to $50,000 and EMD was somewhat meaningless.

Read that last line again. Buyers were risking a non refundable DD fee of up to $50,000 just to win the budding war. You are much better buying now and getting a lower price and you will win big if rates drop and you can refinance to a lower rate.

Much lower DD amounts in today’s market. Again all depends on the popularity of the property. Have questions, reach out direct or comment below.

COMMUNITY
Thanks Pittsboro Print Plus - Great work by Heather an her team on our new signs and marketing material!

TRIVIA
Weekly fun fact!

At full build out, how many new homes are planned for Chatham Park in Pittsboro?

REAL ESTATE
Our 1st Listing by our newest agent Carlos Rodriguez!!

Welcome home to the stunning 4 bedroom, 2.5 bathroom home situated on over a quarter of a an acre! Located in sought-after Heritage community in Wake Forest, this traditional style home features an inviting front porch and a spacious, open floor plan, ideal for entertaining. Second floor bedrooms, including primary with double vanity and walk-in closet. Third floor bonus room would make an excellent home office, gym, and so much more. Deck overlooks large backyard, complete with fire pit. Move-in ready!

ANSWER

^{27,000 Homes}

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