Ellen Pitts with Hunter Rowe Real Estate Agents and Advisors says sellers still have the advantage in a hot Wake County market.
LIVE TO TALK ABOUT THE SELLING PITCH WITH 100 RO REAL ESTATE AGENTS AND ADVISORS ELENA. A LOT OF PEOPLE ARE CLOSELY FOLLOWING A REAL ESTATE MARKET IN THE TRIANGLE AREA. WE THOUGHT THINGS ARE COOLING OFF WITH INTEREST RATES GOING UP. SOME SELLERS COMING OFF THEIR PRICES. WHAT DO YOU MAKE OF THIS GROWTH DESPITE THE OVERALL ECONOMIC VOLATILITY THAT WE’RE EXPERIENCING? >> YOU KNOW, I THINK A COUPLE DIFFERENT THINGS ARE FIRST OF ALL, I THINK THEY’RE STILL NOT ENOUGH IT’S DEFINITELY INCREASED A LITTLE BIT SINCE EARLIER THIS YEAR, BUT THERE’S JUST NOT ENOUGH FOR THE NUMBER OF BUYERS THAT WE HAVE MONEY TO BUY HOMES. I THINK THE OTHER THING THAT’S HAPPENING IS THAT EMPLOYEES YOU KNOW, EMPLOYERS ARE FIGHTING OVER. EMPLOYERS EMPLOY SHORTAGE. AND SO I THINK BUYERS ARE JUST NOT NERVOUS ABOUT LOSING THEIR JOBS. SO MAKES THEM MORE WILLING TO ACTUALLY ENGAGE IN THE MARKET AND BE WILLING TO BUY A HOUSE RIGHT NOW. WHAT DO EXPECT TO SEE IN THE COMING MONTHS, A COOL DOWN OR MORE NEW RECORDS. >> I THINK IT’LL PROBABLY KIND OF CALM DOWN A LITTLE BIT. MAYBE SLOWER INCREASES, BUT I’M PROBABLY NOT SKYROCKETING PRICES LIKE WE’VE SEEN OVER THE LAST COUPLE YEARS. >> WHO HAS THE UPPER HAND THESE DAYS? BUYERS SELLERS ARE REAL ESTATE AGENTS. >> DEFINITELY SELLERS STILL SO EARLIER THIS YEAR WE HAD ABOUT 12 DAYS OF INVENTORY. AND RIGHT NOW WE’VE GOT ABOUT 39 DAYS OF INVENTORY. SO WE’RE STILL NOWHERE NEAR A BUYER’S MARKET. THAT’S GENERALLY ABOUT 6 MONTHS OR MORE OF INVENTORY. SO DEFINITELY STILL SELLERS. >> SO YOU SAY 6 MONTHS, LET’S SAY YOU’RE LOOKING FOR A HOME AND MY BROTHER JUST THINKING ABOUT MOVING HERE. HE’S ALREADY SOLD HIS HOUSE WHERE HE LIVES IN ANOTHER STATE. SHOULD HE WAIT THIS OUT AND SEE HOW LONG WAIT PRICES TO COME DOWN? >> I WOULDN’T. I JUST BOUGHT A HOUSE MYSELF. NO, I WOULD. I WOULD NOT ADVISE I THINK PRICES ARE ONLY GOING TO CONTINUE TO INCREASE EVEN IF IT’S A LITTLE BIT MORE SLOWLY. I THINK IT’S DEFINITELY A GREAT TIME TO BUY. YOU MIGHT LOOK FOR LIKE LITTLE ANTS AND FLOWS IN THE MARKET LIKE RIGHT NOW. WE’RE IN A VERY COMMON SEASONAL SLOWDOWN THAT HAPPENED AFTER THE 4TH OF JULY AND GENERALLY GOES THROUGH THE END OF THE YEAR. AND I THINK IT’S GOING TO PICK BACK UP IN THE SPRING. >> ALL RIGHT. WE’LL SEE WHAT HAPPENS NEXT. TIME AROUND NEXT YEAR. ALAN PITTS WITH HUNTER
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