Hello, Spring! We are so grateful that the weather is warming up and we have great news for homeowners! This spring may be the perfect sweet spot for you to list your home! Let’s take a look at the data from previous weeks to get a better idea of what to expect as we move throughout the year—
1. Supply Remains Low
You already knew this one. It’s a hot topic. But, how low are we talking?
Here are the stats for the month of February:
Onslow County: 284 listings — down 51% since last year
Pender County: 110 listings — down 58% since last year
Topsail Island: 122 listings — down 33% since last year
Wilmington & Wrightsville Beach: 210 listings — down 53% since last year
The trend is clear across the board. Sellers, you are in the drivers seat because your home is sure to get attention. Teaming up with the right real estate professional can ensure that you price your home correctly to sell quickly and likely with multiple offers.
2. Equity Growth
In North Carolina, the average homeowner has gained an average of $59,000 in equity over the past year. The rise in home prices has given homeowners record amounts of equity gained. This is a huge advantage, especially for homeowners who have thought about selling, but have refrained due to the rise in home prices. Having that much extra equity in you current home could be a nice, cushy downpayment for your next home.
3. Mortgage Rates Are Increasing
If you haven’t heard, mortgage rates have been at an all-time low, hence the reason so many people are eager to become buyers in today’s market. Right now, the average mortgage rate is 3.85%. In the 2000s, that number was 6.27%. Buyers are taking advantage of those record low mortgage rates, but this number is expected to rise in the coming months. As it does so, it’ll cost more to buy your home, so don’t miss this sweet spot that gives great advantage and motivation to sellers and buyers alike.
Our goal is not to convince you to sell your home. Our main goal is to ensure that you are informed in this market so that you can make the best decision for yourself. We are here to guide, teach and advise our clients in ways that will best benefit each, individual family. If you have more questions about the market or your specific situation, Castro Team would love to help.