Cruel Summer for Real Estate? Not exactly...

As Summer officially come's to a close, I would be remiss not to reflect on this Summer's real estate market in NC. This summer has been a challenging one for real estate across the Triangle. We have seen a number of homeowners remove their listings from the market and choose to either remain or rent instead of selling because inventory is higher and homes are taking longer to move. At the same time, buyers are gaining leverage for the first time in years. 


Buyers: The Market Is Tilting in Your Favor
With more inventory to choose from and sellers more open to negotiations, buyers finally have the upper hand. Homes in Raleigh now take an average of 32 days to sell, compared to just 19 days a year ago. That extra time on market creates room for concessions, price reductions, and better terms.
But affordability remains the challenge:
- With the median list price around $440,000, buying a typical home today costs $1,255 more per month than in 2019 when you factor in mortgage payments, estimated taxes, insurance, and a 20% down payment.    The reason? Both home price growth and higher interest rates. Since 2021, prices have risen 16%, but payments have soared 60%. Even small changes in rates can make a big difference in monthly costs.
Still, for those who can act, today’s leverage gives buyers opportunities we haven’t seen since before 2019.


Sellers: It’s Not a “Bad Market”
     It has felt like a cruel summer, but this isn’t a collapsing market it’s a transitioning one. For the first time since 2019, conditions are becoming more balanced, and buyers are benefiting. But make no mistake: buyer demand is still here
- In much of Raleigh, we’re still seeing strong interest.

- With the recent buzz that interest rates could tick down later this month, many buyers are already stepping back into the market.

- Realistic sellers who price correctly and understand today’s dynamics are still closing deals.
    The market isn’t dead it’s shifting. And in every shift, there are opportunities for both buyers and sellers who adapt. 


Why Timing Matters
We don’t know what September or October will bring, but here’s what we do know:
 Waiting for competition to return is the worst thing you can do. Now is the time to act while many others are sitting on the sideliness. 
      If you’re considering selling, let’s discuss a tactical strategy to capture the right buyer for your home in this market.
     If you’re considering buying, let’s map out the best strategy to locate your dream home without paying too much.
     Happy to help. Call or text me at 919-810-3832 to get the conversation started.