Pricing your home is an art — not a science.
Achieving the optimal price is the result of both objective research into similar properties and instinct in determining how much a buyer will be willing to pay for your home. The right price will attract showings, which will generate offers.
The unfortunate fact is that price is the number one factor that most homebuyers use to determine which homes they want to view. It’s also important to remember that although you and your client set the asking price, the selling price is determined by the buyer.
Mortgage rates continue their narrow range, as the economic slate has been relatively quiet over the past couple of weeks. No major domestic or global economic volatility has been present, allowing a relative calm to infiltrate mortgage land. Is this the calm before the storm? Many economists are suggesting that a market pullback is imminent, and if that occurs, what will happen to mortgage rates? Geo-political activity is also something for us to watch, as global unrest can lead to price volatility in the Treasury market, which can then lead to rate movement.
January housing data has been released from the Triangle Multiple Listing Service, and the numbers continue to shine. Here are a few examples from the January data:
A strong Buyer’s Market does not necessarily mean that it is not a good time to sell your home.
Likewise, a strong Seller’s Market does not necessarily mean it is a bad time to buy a home.
We suggest contacting a top Raleigh Real Estate Professional for advice. It’s a hot market out there right now, we partner with several of the best realtors in the Triangle – so please contact us for realtor referral information.
National trends don’t help you very much. This chart reflects local trends in Raleigh, NC.
Average home prices rose 2.4 percent in North Carolina over the first 11 months of 2012, according to Jacksonville, Fla.-based Lender Processing Services, (NYSE:LPS).
The mortgage analytics firm says the state average was $169,000 as of Nov. 30, up by $4,000 from January of 2012.
During the real estate and housing boom, North Carolina averages peaked at $187,000, nearly 10 percent above the November 2012 level.
LPS considers foreclosure and short sales when coming up with its monthly loan data.
For the U.S. as a whole, the November 2012 price average was $206,000, which was 5.6 percent better than at the beginning of the year, but still 22 percent lower than the June 2006 peak of $266,000, says LPS.