Market update with Terb

What's up, everybody? Michael Terbet here, your local real estate expert with the Terbet Group, Coldwell Banker, HBW. I'm back with your market update with Terb. I’ve got the stats right behind me on this awesome green screen and a few numbers that are important to you.

Okay, the average sales price is up 7.5% in Wake County. We're now at about $612,000, up from $570,000. Why is this? Because supply is still low, with just under a two-month supply of homes.

However, buyers have more options. There are more listings than last year, with a 26% increase in new listings on the market. What does this mean? Sellers are ready to sell. Last year, they were sitting on their hands. This year, they're wanting to maximize their equity, whether to get a larger home, downsize, or consolidate debt. Here’s the biggest stat: days on market is down almost 75%, from 38 days to 10.

So, what does that mean? You have to price your home correctly. When you're ready to list, listen to a real estate expert, preferably me, and make sure we bracket the homes correctly, get maximum exposure, and bring maximum value to your home. If there's anything we can do to help you today, or if you want a no-obligation market analysis, please let me know.