According to the National Association of Realtors, the inventory of existing homes available for sale has never been lower in the 35-year history since tracking began.
Nationwide, that number is approximately 1.5 million homes, as compared to 2008, when nearly 3.5 million homes were available for sale.
As of January, home prices appreciated year over year for the 69th consecutive month. Since the real estate market crash (which bottomed-out in February 2012), homes prices have appreciated 47 percent, surpassing the pre-crisis peak by approximately six percent.
Activity is up in both the sale of existing homes and new homes. However, pending homes sales are down nearly four percent year over year, due in part to challenges in inventory and decreasing affordability as interest rates start to climb.
New home completions have been climbing as have building permits as the market attempts to keep up with demand. Overall, with a five-month supply of inventory, it is indeed a seller’s market.
So, You Want To Sell Your Home?
To repeat an oft-used phrase, “the process is simple, but it’s not easy.” As we approach “real estate season” in southeastern North Carolina, buyers from the northeast and parts unknown will start to grace our shores. You must present your home in the best-possible light.
What does that mean?
- Interview and hire the right agent. The agent that gives you the highest opinion of value is not necessarily the right agent; it’s just the agent that tells you what he or she thinks you want to hear.
- Despite what anyone tells you, pricing is 80 percent of marketing. If you get the price right, the marketing will largely take care of itself.
- Think long and hard before investing in cosmetic improvements. Kitchen and bath remodels and/or additions can often yield a return, but Band-Aid approaches to improvements can frequently result in a negative return.
- Declutter, declutter, declutter. Oh, and declutter.
- Make it as easy as possible for potential buyers to view your home. The less willing you are to be inconvenienced by those pesky buyers, the less likely it is your house will sell quickly.
- Make sure your agent takes professional photos and uses video when possible. As they say “a picture is worth a thousand words.” Too often we see terrible photos of a terrific house.
My partner Tyson Emery will take over the next article as scribe for our group, so I leave you for the moment with our core value statement.
KBT Realty Core Values
We respect your time and value your business. We appreciate having the opportunity to serve you. Our families owe their well being to your business and referrals. We are grateful for all you have made possible.
We will provide the best service possible for every client we represent by ensuring that we deliver the highest level of service with integrity and expertise.
We believe in setting expectations which are clear, easily understood and mutually agreeable. By doing so, we create relationships built on mutual respect, understanding and trust.
Clients. First. Always. We seek to understand and know our clients providing them with superior knowledge and relevant data to allow them to make good, educated decisions.
With success comes the power to impact our communities and causes that are meaningful. Our values allow success and the contributions to our surrounding communities and causes provide meaning.
We believe in education. We strive to provide an environment for our agents that is of constant learning and improvement. Knowledge is the measure by which we raise the professional standard internally and in the public eye.
Kirk Pugh is a 25-year hospitality professional turned real estate broker. Licensed since 2009, together with his partners Becky Brown and Tyson Emery, they own and operate the KBT Realty Team, a division of Keller Williams Realty. Originally from Louisville, Kentucky, Kirk has been blessed to live in some amazing places during the course of his career and has called Wilmington home since 2001.“Seek first to understand before being understood" is one of the more recent quotes on Kirk's list of favorites. Understanding his clients, who they are, how they live and where they are in life’s journey is most important in determining how he can meet their needs.