|Posted by Candi Quigley on May 28, 2015 at 12:15 AM|
If you are thinking of buying or selling a home do not listen to the national news stations but contact a local Realtor. The national picture may not be a true representation of the market in your area. During the time that Las Vegas was facing numerous foreclosures Fayetteville, NC was not seeing anything like what the home owners in Las Vegas were experiencing.
In April of 2015 according the Fayetteville Regional Association of Realtors 474 houses were sold (closed). Of those 474 houses 367 were existing homes with an average sales price of $124,140.00. The remaining 107 homes were new construction with an average sales price of $227,649.00.
Currently there is a 10.11 month supply of existing homes on the market and a 6.05 month supply of new construction homes. What this means is if the market conditions remain the same and no other homes new or existing are put on the market it would take 10.11 months to exhaust the inventory of existing homes and 6.05 months to deplete the inventory of new homes.
What do these numbers mean to to the consumer? It means that we have an active market but we are not in a sellers market with exisiting homes and if you need to sell your home within a certain time frame then you and your Realtor need to work closely together to ensure that your home is on the market with ample time to get the exposure necessary to bring in showings to in turn create an accepted offer. In our office I encourage our agents to ask for an 8 month listing.
In addition to the market you need to have a lender that you trust that can tell you what is happening with interest rates and changes in FHA, USDA and VA guidelines.All of this affects what the local market conditions are. In the Fayetteville area we do a large amount of VA loans as our population is heavily military so I work closely with lenders such as Tracy Kuipers of Union Home Mortgage to keep me informed of upcoming changes.
Community growth also a big factor in the housing market as a whole as well as specific areas within the community. In Fayetteville we are seeing a push of Walmart Neighborhood Grocery Stores. One just opened near Seventy-First High School and more are expected in Hope Mills and off Hoke Loop Rd. People want conveiniance.
Schools drive the market within a specific area. Be sure to check out www.NCReportCard.com and know what the demographics of the area school districts. Private School proximately matters to the homeowner as well.
All this information is readily available to your local Realtor. I urge you to seek out a trusted agent and gather all the information before buying or selling a home. If you would like more specific information contact the Agent on Duty at EXIT Realty Preferred (910) 904-7355.