Home sales rise 4 % in 2014! I'm sure you saw the local papers announce this news recently, but what caused this ?,and how is the current real estate market looking today?...and more importantly, what could this mean for 2015? Well here are some of my own thoughts mixed in with some information provided by our Triangle Region MLS...

Home sales rise when there is competition for local housing. One reason this can occur is when housing inventory (the number of homes for sale in Chapel Hill or homes for sale in Durham that are on the market at any given time), is low...OR lower than the number of buyers looking for that type of home .

Wait, what did I say? Low inventory could cause this but also a desirable home that many buyers want regardless of inventory? YES! Having a desirable home  in a great location that many buyers are looking to purchase can increase home sales numbers and not just for that one house. AND, they can sell for much faster when this happens.

 

If sellers in a desirable area see neighbors selling for great sale prices with many buyers clamoring to submit an offer, more homeowners will put their home on the market for sale consideration....and that is what has started to happen- although in more limited numbers than in the past, with our Durham home sellers and Chapel Hill home sellers! 

We will have to wait and see if this is the year when a substantial number of homeowners finally put their homes on the market. Inventory is still very low, in fact there were 9.7% LESS listings for sale in the Triangle area in 2014 than in 2013.

This is partly due to the fact that many of these sellers purchased their homes at the top of the market prior to 2006 and still owe quite a lot. Because many buyers are seeking  updated homes and are unwilling to take on " a project house '  homeowners who haven't been able to meet these demands have held off selling their homes. 

Another factor keeping home inventory low is that new construction was more limited than expected. Single family new construction was at about 50 % of normal levels.

The good news for current home sellers or if you are considering selling your home is that it is expected that home prices will continue to rise in line with historic norms in 2015! So if you are considering selling your home in Chapel Hill or selling your home in Durham, Rates should also be stable in 2015 ....and THAT  will allow more buyers to purchase a home !

 

 

 

 

 

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Masha Halpern and The Smart Move Team is your ultimate real estate resource for Chapel HillDurhamCarrboro and surrounding areas. Visit my website at www.TheSmartMoveTeam.com for detailed information regarding today’s real estate markets.

Masha is a certified member of The Luxury Home Marketing Institute, participates in its annual Leaders in Luxury Conference, and works with The Institute’s thousands of members worldwide to share information about current listings.

Masha is also a certified member of Keller Williams Luxury International and is Chapel Hil & Durham's EXCLUSIVE  member of Cyber Stars International – Top Realtors Using Technology – a group dedicated to taking the best and latest technological advances and applying them to real estate advertising and marketing for her clients in all price pointsMasha Halpern can be contacted for a private consultation by calling 919-414-0337 or by visiting www.TheSmartMoveTeam.com.