As September kicks off, you may be curious about the real estate trends that have surfaced this summer as you consider buying or selling a home. Though the home buyer tax credits have expired, HouseHunt Inc’s quarterly report noted that “For the first time in nearly three years, repeat buyers and investors have overtaken first-time buyers as sales leaders once again in the nation’s housing market.” This is a recent trend and a hopeful sign that things, though still adjusting, may be looking up toward pre-downturn norms. Mortgage purchase applications have increased minimally, and the rates remain low.
While real estate sales are typically slower in August and December, buyers should keep an eye out for lower price points that may present an opportunity to get that ideal home for a little less. Trulia reported that this summer, 22% of the homes for sale that are listed on their site, which serves as a listing reference for real estate agents and home sellers throughout the country, have cut their home prices at least once. Additionally, as families return home from end of summer vacations and kids head back school, summer’s end could mean that those with a home for sale are more willing to negotiate with potential buyers rather than hang on to their property through the fall and winter months.
You may be able to tell that as real estate agents, we’re keeping an eye to the bright side! Though we’re trying to keep a positive perspective on home buying and selling in the Triangle, we are realistic about the uncertainty people are feeling about buying or selling a home. We encourage you to approach this market with excitement about your future, and also with discernment in researching your options.
If you need advice about selling or buying, a Fonville Morisey agent would be happy to walk you through the process. We have offices in Raleigh, Chapel Hill, Durham, Garner, Cary, and Youngsville. Get in touch with us– we’d love to talk you through your real estate options in the Triangle!