The market is starting to swing in favor of the seller!! No longer are sellers hoping to find a buyer who can get a loan from the bank. The current trend in the Triangle area is that we are low on inventory (houses for sale.)Â
In Durham, NC for instance there are 22% less properties listed in October 2012 than the same time last year. And in Orange County there are 15.7% less properties listed in October 2012 than the same time last year. With that said, overall sales are up 22% in Durham compared to this time last year and up 13% in Orange County.
The trend appears to show that its becoming a sellers market and that we may soon experience that phenomenon not seen in a number of years - Multiple Offers! If you are considering buying, be warned!
This is great news for sellers and an indicator that home values will be on the rise as the basic economics of supply and demand cause the pendulum to swing the other direction. Â Â