State of the Market -February 2023

Hi Friends!

Wow! What an incredible 2 days of weather here in NC- feels like spring. Of course, that means golf season, and typically more homes for sale! I thought it would be a good time to give you an in depth look at the local real estate market. 

Like you, I hear the national media use words like shift and pivot to describe the real estate market, yet there are very few if any “for sale” signs in my neighborhood or yours!

Q- Why are there so few home sellers, and why is this housing shortage happening now?

1. Home sellers are concerned that they will not find their next dream home within the 30-60 day time frame that it will take to close on their current home. 
2. Many home buyers qualify to carry 2 mortgages, so they want to buy before selling. Most likely, their home sale will move quickly, so the risk of carrying 2 mortgages for more than a month or two, is low.
3. There are so many work from home situations now, that many employees aren’t required to move for their new job! They like the Triad, so they are staying!
4. Increase in second home buyers to our market- grandchildren live here so the grandparents follow!
5. Institutional investors scooping up hundreds (or more) homes, and not selling. These investors are the main competition for first time home buyers.

Q- Why do prices seem to still be very high in many neighborhoods?

1. This is the new normal. Most move-up buyers, whether out of state or local, sold their homes and realized significant appreciation since they purchased. Buyers are rolling their equity from one home to the other- creating a “sell high, buy high” situation.
2. Economics 101- more buyers than sellers!

Q- Are there still multiple offers happening in Winston-Salem?

1. YES, in many locations and price points!

Q- This spring, will the Winston-Salem area market become balanced between buyers and sellers?

1. No. We will see more homes come on the market due to required relocations from job changes, as well changes in family situations. However, the reality is that we won’t see enough homes for sale to support the number of buyers looking to “right size,” or buy a first home.

WHAT IS THE SOLUTION?

1. Let’s chat!  Many real estate transactions are happening before homes hit the open market. If I know where you would like to move to,  I might be able to match you with an off market seller. Networking!!
2. Make sure that your MUST HAVES and your WANTS aren’t the same.
3. Consider selling your current home and renting until the right one is available for sale. Short term pain equals long term gain!

If you are considering a new home, let’s chat over 9 holes, or with our favorite beverage!

Remember that all conversations are confidential!

See you in the carpool line, on the course or the courts, in the gym, on the pitch, or evidently at the lacrosse field!

Go Deacs! Tori