What’s Going on With the Housing Market?

The housing market is constantly in flux. There is an ongoing ebb and flow between buying and selling conditions, and it can be tough to keep in the know with market conditions and rates. If you have been thinking about buying a new home or selling your existing one, but aren’t sure if market conditions are right, this article should help you sort through the noise and make a sound decision.

Getting professional help with such a big financial investment is always a wise move. As an Allen Tate team, Smith Marketing can help you explore the houses for sale in Greensboro to see if anything on the market is a good fit for you and your family and as a top real estate team in North Carolina, have the experience to help you market your home and get the most for it. 

Prices Remain Strong

Even if you don’t follow the real estate market closely, you likely know that home prices have been relatively high – and rising – throughout much of the country. This is a trend that continues to hold true, and the Greensboro area is no exception. As an example, in September 2022, the median sale price of a home in Greensboro was $263,500, which is nearly a 17% year-over-year increase. If you zoom out to look at the state of North Carolina as a whole, the picture is very similar – the median price was $346,700, representing a roughly 10% increase as compared to September 2021.

So, what does that mean for you as a potential homebuyer? While strong prices might not seem appealing, it’s important to consider what that means for the equity of a home you currently own. If you are going to be selling and then buying, your sale price will be higher than it would have been in recent years, meaning you’ll have more cash available for a down payment on your next property.

Competition May Be Softening

In addition to high prices, one of the prevailing trends in real estate recently has been the hyper-competitive nature of the market. It’s been tough to get an offer accepted, as many properties were receiving multiple offers shortly after going onto the market – and often those offers would be for more than the list price.

Looking at the data from September 2022, however, there is some indication that things are getting a little easier. Within that month, the median days on market of the homes that were sold was 24, which was one additional day as compared to 2021. That slightly longer time on the market indicates that the competition is not quite as heavy as it was, although good properties are still likely to receive plenty of attention.

The Right Help is Critical

Yes, it’s a good time to buy a home – but not without a quality real estate agent on your side. Having good help to guide you through the process, point you toward the right properties, and enable you to act quickly when you find something you like is going to make everything much easier. Reach out to Smith Marketing right away to learn how North Carolina’s top Real Estate team can help you buy or sell your home.