When you’re ready to put your North Carolina home on the market, it’s important to price it correctly. Home prices in Raleigh have been on the rise in recent years, and although there’s no guarantee that the trend will continue, it’s still a good idea to be aware of what similar homes in your area are selling for.
Identifying some of the primary variables that drive home prices to change is vital whether you’re trying to buy a new home or sell your present one. While the reasons for price fluctuations in homes can be complicated, the benefit of understanding these factors can help you price your house correctly.
Raleigh’s current median home price is $293,340. Keep in mind that this number can change quickly, depending on the market. Have you been recently wondering: “How can I sell my house fast in Raleigh, NC?” It’s a good idea to be aware of the current market conditions.
Here Are 5 Elements That Influence Housing Values:
#1 Economy
The economy is one of the most critical factors in real estate fluctuation. Home values tend to rise when the economy is booming, and unemployment is low. This is due to people’s increased sense of employment security and confidence in taking on home debt. The opposite is true. When the economy slumps, housing prices tend to fall.
#2 The Law Of Supply And Demand
A limited or high supply of properties can drive prices up or down because every housing transaction involves a buyer and a seller. This is referred to as a seller’s market when supply is limited, and demand is high. Bidding wars are usual in this situation.
On the other hand, when housing supply is high but demand is low, it’s referred to as a buyer’s market. Home prices tend to fall and stay on the market longer than sellers would like when there is an oversupply of houses.
#3 Mortgage Rates
Changes in interest rates can affect the price of homes and a homebuyer’s ability to acquire one. This is because the lower interest rates go, the lower the mortgage cost becomes, increasing home demand and driving up asking prices. When interest rates rise, the opposite can happen.
#4 Location
If you want to buy a property in an area that has recently experienced an influx of restaurants, attractions, and outstanding schools, home prices will be higher than in places that lack these features. Crime rates, access to quality healthcare, and closeness to roads are all factors that can affect price fluctuation.
#5 Government Laws
There are several significant ways in which government actions might influence housing values. The first way is mortgage interest tax deductions. Tariffs are another way for the government to exert influence. Imposing taxes on steel, aluminum and lumber raise the cost of new home construction, affecting overall housing prices.
We Buy Houses In Raleigh, NC
If you’re not sure what your home is worth, or if you want to get an idea of what buyers are willing to pay, it’s a good idea to contact a cash home buying company. These companies will make no-obligation cash offers on your home, so you can get an idea of what it might sell for in today’s market.
Factors To Consider When Princing Your House
When you’re setting a price for your home, it’s essential to take into account a few different factors:
- Look at recent trends in the Raleigh housing market. The sale prices of similar homes in your neighborhood are one of the most acceptable indications of your home’s value. “Comps” is a term used to describe comparable homes.
- Consider the location and condition of your home. If it needs any major repairs or renovations, you’ll want to factor that into your asking price. Buyers are often willing to pay more for a move-in-ready home.
- Home size and usable space is also a significant factor in determining your asking price. If your home is on the smaller side, you may need to adjust your expectations accordingly.
- Upgrades and updates can also affect your home’s value. If you’ve made any significant improvements to the property since you bought it, let the buyer know. These add-ons could increase the sales price of your home.
- Finally, think about your timeframe. If you need to sell quickly, you may have to accept a lower offer than you would if you could wait for another buyer.
Sell My House Fast In Raleigh, NC
Whatever your reasons for selling your home, it’s important to remember that pricing it too high or too low can have a negative impact on the sale. If you price your home too high, buyers will be less likely to make an offer. If you price it too low, you might not get as much money for your home as you could have.
Contact Easy Sale Homebuyers for a free estimate if you’re ready to sell your home. We will make no-obligation cash offers and will buy your home as-is. We’re professional cash home buyers with years of experience in the industry. We buy houses in Raleigh, NC, so if you’re considering selling, don’t hesitate to reach out to us!