Is this the right time to sell my home?

Knowing the right time to sell is a personal decision tied to your goals, finances and family needs. But if you are considering selling, here are some reasons right now may be the best time to sell.

Low inventory means less competition

Inventory of homes for sale has declined significantly since the pandemic and when mortgage rates rose sharply. Low inventory gives sellers a significant advantage right now. Less competition in your neighborhood and your price range increases speed of sale and offer prices.

New construction isn’t an option for many buyers

Inventory of new homes is extremely low and builders have very few inventory homes not already sold. Buyers who can’t wait 6-9 months for a new home to be built have to look at resale, which makes your house more likely to sell quickly. 

Buyers are flexible

With low inventory of homes, buyers are competing to get the right house and that makes them more flexible with terms. Often they are willing to be inconvenienced or take more risk for the chance to buy your home. So longer waits to close, or allowing sellers to stay in the home after closing are not uncommon. Your agent should advise you on what is common for your neighborhood and price point right now.  

Prices are high

The median home price in Wake County is up 3% in the first half of 2024. It was up 3.9% for 2023 on top of 19% rise in 2022. With all the gloomy reporting on the housing market, let that sink in for a bit. Buyer demand remains high and inventory low, and even with those rising prices the average home is selling at the list price. With the right marketing and preparation, it’s still not unusual to see multiple offers or offers above list price.

Want to know what your home is worth? Check out our home value tool and get a quick estimate from the 919 Realty Group.