Triangle Real Estate Market Update with Zach & Cindi
The Raleigh Durham real estate market is beginning to change as we enter 2019! We’re seeing a couple things. First, we’re seeing homes stay on the market just a little bit longer than last year. This is both a national trend, as well as a local trend. According to the latest triangle MLS data, homes are averaging about 49 days on the market right now. Compared to last year, they were around the high 30s, low 40s. Now, some of this is seasonal with the holidays, but some of this is also due to the second thing that we’re seeing, which is higher interest rates.
So sellers, remember, as interest rates continue to rise, a buyer’s buying potential can go down by up to 10%. Buyers, don’t wait to start looking. Interest rates are expected to rise another three times in 2019, making right now the perfect time to buy.
Keeping track of both local and national trends is super important, so if you ever have any questions about how these trends affect you, please let us know, we’d love to chat with you about it. We’re Zach and Cindi Honeycutt with Movil Realty, and this is a market update as we head in 2019. Please join us next month as we provide another monthly real estate market update for the Raleigh Durham area! We hope you have a happy new year!