The Raleigh market proved to be great in 2016 and 2017 looks like it could be just as good. Conditions are slightly different this year, though, which could have an effect on you if you're looking to buy or sell a home this year.
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Today I wanted to take a moment to discuss how 2016 ended in the Raleigh market and how 2017 is shaping up so far. The 2016 market turned out very well in the Triangle area. We ended the year with the average sale price for homes up over 5%; of course, this varies by area. My hometown of Garner for example, saw a gain of 9.1%, which is incredible. Closings ended up 10% higher than last year with Johnston County leading the race, averaging 19.4% higher than last year. Chatham and Johnston led for the most new construction, which isn't surprising with all the new homes we're seeing coming up. And still, we ended the year 16% below average for inventory. I know we keep telling you that we need inventory—we're not kidding! We're already starting to see some sellers come off the fence in 2017 after seeing that the equity is proven to be there for their homes. We've been really thrilled about the money we've been able to get for our sellers' homes so far this year. Buyers are really excited too because we're seeing a lot of unique homes coming on the market and some really interesting neighborhoods are coming up. I think 2017 will be a great year for both buyers and sellers.
“If you're on the fence, let us give you a free equity evaluation. I think you'll be surprised how much equity your home has gained, especially if you purchased your house between five and 10 years ago. This year has really jumped out so far, and my Realtor friends would agree that we haven't seen much of a winter slowdown. If you have any questions or you'd like a no-obligation equity evaluation on your home, give me a call or send me an email soon. I'd be more than happy to help!
I think you'll be surprised how much equity your home has gained, especially if you bought it five to 10 years ago.”