CARY (TCR) — Across the country, we are seeing unprecedented demand for housing – and an unprecedented cost.
In the United States, 58.8% of homes are selling above the listing price. Cary, on the other hand, is seeing 72.5% of homes selling above listing price. While housing is up across the country, Cary is much more competitive than the rest of the market.
Houses in Cary are selling for 24.2% higher prices than last year, and are spending a median amount of 22 days on the market. If you are looking to sell your home in Cary, it won’t take long – and you will almost certainly sell for much higher than what your purchase price was.
For homeowners, this massive increase in equity can lead to several advantages. If you were looking to take out a loan, you can borrow money based on the equity you have in your home, with interest rates typically lower than a personal loan or credit card. If you were looking to become a landlord, you can charge renters a much higher amount than what was historically average for the area. And of course, if you were looking to sell, you’d get much much more money for your property than what you bought it for, no matter when you made the purchase.
It is a great time to be a homeowner in Cary.
For buyers, however, this market is creating many different hurdles.
The most obvious hurdle is the price. As previously mentioned, homes in Cary are selling 24.2% higher than last year, and 72.5% of homes are selling above the listed price. You will need more capital than typical to purchase a home, and even if you make an offer on a property for the price listed, there is a high chance that you will still get outbid.
“We just bought here a couple months ago,” shares Ariel Shetterly of Cary. “Listed at 425[k], bought for 503[k].”
Shetterly noticed that when looking at the property on Zillow, she could see that it last sold in 2018 for $270k. That means this home increased by $233k in just 4 years.
“We bought [our house] in 2018 and now it’s valued at exactly 200k more than what we paid for it,” explained Kelly Casp, a Cary resident.
Despite the record costs of real estate, agents are still seeing that first-time home buyers are still purchasing homes.
“This market should NOT scare away first-time home buyers! We will find them a place to call home, and investing in real estate is still a fantastic way to build wealth,” explains Nancy Grace, a local real estate agent. “I just assisted the son of a friend of mine with his first home purchase. I was so proud of him! He had saved up and was in great shape financially. We got him pre-approved and he was ready to go when the ONE came on the market!”
Grace, who has been a real estate agent since 2007, has never seen the market as competitive as it is now but believes we are starting to see a change.
“We are starting to see a slight shift in the market. It always ebbs and flows. We are starting to see homes sit on the market a little longer, not so many offers, and fewer sight-unseen offers,” Grace explains.
Grace services the town of Cary as well as the surrounding area. You can learn more about her services and get in touch with her here.
While it is uncertain what the real estate market will look like in a year, Cary is one of the most competitive housing markets in the country and is feeling the housing squeeze significantly.