What does the 2020 market year have in store for buyers and sellers in the Triangle area?
What can we expect from real estate in the Triangle area now that we’ve begun the new year? Here are our predictions for what’s to come, as well as our advice for buyers and sellers who plan to act in the market this year:
We do expect the housing shortage to continue, which will lead to a continued rise in home prices. The appreciation rate will likely be around 5% in 2020, which is a little lower than previous years but still great for our sellers.
With the new year upon us, we see people beginning to focus on their list of goals, and real estate usually contends for the top spots in those lists. When crafting your goals, it’s best to be prepared so that you can pull the trigger at a moment’s notice. So if you’re planning to sell your house in April or May, it’s a good idea to start fixing things up now so that your house is clean and ready to go.
It’s also a good time to start interviewing real estate agents. Ask them what recommendations they have for getting your home in peak condition. Here at Boykin Realty Associates, we offer a two-hour staging consultation with an interior decorator. This helps take the stress out of preparing your home for the market.
The next issue to consider is where you’re going to live. Since inventory is so tight in the area, you’ll need to plan ahead for your next move. Ask your agent what strategies they can use to ensure that your family will only have to move once. It’s also a good idea to ask if there are any contingencies they can put in place should issues arise on either the buying or the selling side of the transaction.
The spring market is set to come early this year. If you’re a buyer, reach out to a lender to find out exactly how much home you can afford. We have a huge shortage of homes below the $300,000 price point, so make sure that you get pre-approved in advance to eliminate certain barriers to your next purchase. Ask your real estate agent about their average days on market, their list-to-sales price ratio, and the average amount of seller-paid contingencies in your area. These numbers will tell you if your Realtor can negotiate the best deal for you and your family.
If you have any questions about real estate in 2020, don’t hesitate to reach out to us. We’d love to hear from you.