Selling your Cary NC home in Today’s Real Estate Market
There are three key components to consider in selling your Cary home in today’s real estate market - Price, Listing Agent, and the condition of your home. Now, more than ever these factors are critical as to whether or not your home sells.
The challenge in pricing your home in today’s market is that past sales data is no longer a good indication as to what a home will actually sell for. There are now more sellers than buyers and in some price ranges we have an 18 month supply of homes. So finding the right listing agent is essential - choose an agent that knows all aspects of the area well (schools, neighborhood amenities, golf courses, info on your competition) and has the experience to price your home correctly in this changing real estate market.
Regarding our real estate market, in the past few years while the sale of homes in the rest of the country have slowed down, the Cary area has been a booming success for national builders like Centex and Pulte Homes. Now, they have overbuilt and sales have slowed down. Third quarter statistics from 2007 indicate that home closings have dropped in Cary by 14% compared to the same quarter in 2006. Morrisville home closings are down 43% and Apex home closings are down 8%. Third quarter statistics show that 35% of the sellers in the area have reduced their sales price.
Condition of your home in a competitive buyers market is more important than ever before. Remember, you are competing with thousands of new homes in the Cary area and your home must show like a model home. For tips in preparing your home to sell, please visit www.CaryHomesNC.com.
The bottom line is that in order to actually get your home sold, pricing your home closer to the 2006 value will give you a better chance of success than adding on any appreciation for 2007. To attract a buyer to even make an offer in today’s market, they need to feel like they are getting the best home for their needs at a very competitive price.
Please comment with any tips that you have found helpful in selling a home in a highly competitive market like we have now in Cary NC.
Dave Goulding
January 8th, 2008 at 4:53 pm
Cary Real Estate,
Great post! We here in Sunnyvale, California (45 miles south of San Francisco) are experiencing some of the same market trends. Your ideas on pricing a home and discussing the oversupply is something everyone should strongly consider when selling.
January 10th, 2008 at 2:13 pm
Thanks Sunnyvale Real Estate for your comments. Lenda and I know Sunnyvale well as we lived in Los Altos for 15 years and our daughter in law is from the Sunnyvale area. Thanks again.
Dave