Selling a home priced under $300,000 can be fun and it can be done relatively quick. Selling a home priced under $200,000 can be even more fun and at least as quick. These are the new hot price points in the real estate markets of Raleigh, Cary and Wake Forest.
Inventory in Wake County is about 12 months now. That’s based on 8898 unsold listings in MLS and 4370 sales in the past 6 months. Twelve months of inventory is way too much.
But selling a home in a reasonable amount of time can still be done. Under $300K is the sweet spot right now. Under $200K is the sweet, sweet spot. Of the 4370 sold in the past 6 months, 48% were under $200K and 26% were between $200-300K. That’s a total of 74% of the activity!
There are several reasons for this. One is the $8,000 first time buyer tax credit that is available. These price points are very much applicable to first time buyers.
Another reason is that FHA loans are some of the easiest to qualify for now and the down payment is only 3.5%. The top home value limit for FHA is $295,000 in Wake County.
Selling a home can still be a successful endeavor. If you have a home and estimate its value is under $300,000, moving right now may be easier than you think. If you’d like to know the value of your home on today’s market, let me know.
