Will Things heat up? What to expect in July?

Happy Friday Guys. It's officially July and July has traditionally been one of the busiest months of the year for real estate. School is out, many families wish to move before the new school year begins, and many buyers who may have paused during the spring tend to make their move during the summer. Last year, however, was different. July turned out to be one of the slowest months we've seen. Higher interest rates, affordability concerns, and uncertainty caused many buyers to simply hit the pause button.

                         So... what should we expect this year?

What I'm Seeing Locally      Here in the Triangle, June has noticeably slowed compared to earlier this spring. We're seeing many listings staying on the market longer, active buyers have become more selective, and we're seeing fewer multiple offer situations than we were accustomed to over the past several years. That doesn't necessarily mean doom & gloom for the remaining year, but it does mean that we're seeing buyers take more time, they are comparing more homes as there is more inventory for them to choose from, and they do seem to be expecting homes to be priced correctly & presented well before they consider making an offer. 
As we proceed through Summer, here is What Buyers Should Expect

• More inventory than we've seen in recent years.
• Less competition on many homes.
• More negotiating opportunities than during the frenzy of 2021-2023.
• Homes that still attract multiple offers are typically those that are priced well and show exceptionally well or offer a rarity such as in a location that is very high demand, offer an extensive amount of yard/land or offers a unique factor that appeals to buyers. 

What Sellers can Expect moving forward Today's market rewards preparation & price more than ever. Pricing the home correctly from day one, making sure the home presents well, and being realistic about buyer expectations can truly make the difference between selling in a few weeks versus sitting on the market for several months.
   I don't expect July to suddenly become a frenzy. Instead, I believe we'll continue seeing a balanced market where well priced homes continue to sell, while overpriced homes or homes with deferred maintenance will likely continue to experience longer market times. Additionally, If interest rates improve later this year, I believe activity could certainly pick up, but today, buyers remain cautious and intentional.