In December, home sales in Wake County increased by over 5%. Inventory dropped by 11% and inventory levels in Wake County are at 6 month supply. As far as home appreciation, Wake Countyâ€™s has maintained an average appreciation rate of 4%, while the rest of the nation has seen negative figures.
In Wake County, my company, Fonville Morisey had the highest market share in 2008 for resale listings and resale listing under contract.
Homes ranging in price from 150 to 400K are moving the fastest and avg DOM was 69 for Dec 2008 sales in this price range for Wake County.
I would be happy to discuss other pertinent statistics with your brother and help him determine whether this is a good time for him to sell his home. If I can be of more help, please don't hesitate to call me at 919-740-2451.
Our market is picking up, esp in the last two weeks and luckily we have not suffered as much as a lot of areas in the country. Regarding DOM there are stats we can provide but they really vary depending on the price point of the homes. As to your question about features, the majority of people are looking for downstairs living, especially those over 40. Each pool of buyers from different age groups have different wants. As another agent has commented, Fonville Morisey with whom I also work, has the areas largest market share and enjoy a great reputation in the area.
If your brother is planning to wait for more equity this too may all depend on his goals. Is he planning to remain in the area? If so, the amount of standing inventory of new homes is at a point where he may gain his equity more so from the instant equity he would gain on the buy side. Builders have reduced prices to free up capitol for new startups. That coupled with the great rates is where he may see the most gain. If he is planning on leaving the area, then that would depend alot on the property he has now, ie: location, price point, and condition.
I'm more than happy to speak to you and narrow down the advise with more information so feel free to contact me.
Fonville Morisey Realty
Of course, price point and location are key.
Excellent properties in the $225,000-$350,000 are in the real sweet spot right now.
Look for about 70-80 days on market, with well-priced and well-kept homes moving much faster.
Buyers want location without huge compromises like backing to highways or powerlines. Highly desirable are excellent overall condition, and open, modern floor plans with updated fixtures and hardware. Granite, tile, hardwood, great appliances, mouldings, lighting, decks and screen porches are all desirable.