If you’re thinking of selling your home, the third quarter of this year may be an optimal time. The folks at Realtor.com are calling 2017 a seller’s year: mortgage rates are still relatively low, home prices are rising due to limited inventory and a strengthening job market means more people can afford home ownership. The National Association of Realtors predicts that 5.6 million homes will sell in 2017.

Reasons Why People Decide its Time to Sell

There are several factors that may influence the decision to sell your home with an eye to purchasing a new one.

• Your family is expanding and you need more room
• Your last child has left the nest and you want a smaller home
• You are retiring and want to live in a retirement-friendly community
• You have a new job far from your current home and want to reduce your commute
• You want a home that’s designed for aging in place
• You work from home and need office space
• You want a more walkable community

Other factors to consider before you put your home on the market.

• Are you ready, willing and able to do the work necessary to make your home show-worthy?
• Can you maintain the home in show condition for days, weeks or even months?
• Is your decision to move based on economic and lifestyle realities?

Our Real Estate Market – What’s Happening Now

If you are considering selling your present home, you will also want to know approximately how long it may take and what price you might be able to obtain for  your home.  Several statistics can give you a glimpse into our present market.  One is called days on market (DOM). How many days does it take for a home to go under contract?  The chart below is for 3 previous years in June for single family homes in Davidson County.  As you can see days on market has been decreasing since 2015 when homes took approximately 105 days before they went under contract to just 24 days on the market in 2017.

June 2017 Median Days on Market for Davidson County, North Carolina

June 2017 Closed Sales for Davidson County, North Carolina

Here is a chart that shows how many homes sold in May for the last 3 years.  As you can see, homes are selling at a fast pace.

When these reports were pulled on July 26, 2017, there were 545 single family homes for sale in Davidson County in all price ranges.  In the end of June 2017, sellers are receiving a median percent of 98.3% of last list price.

If you would like to visit the charts for a specific area in Davidson County to see median sale price, new listings, pending sales, closed sales median days on market, months supply of homes and medium percent of last list price, check out the links below.

Housing Data for

Charts for Lexington – zip codes 27292 and 27295

Charts for Thomasville – zip code 27263

Charts for Denton – zip code for 27239

Charts for Linwood– zip code  27299

Charts for Clemmons – zip code 27012 – includes homes in Davidson and Forsyth County

Charts for Winston Salem – zip zodes 27127 and 27107 includes homes in Davidson and Forsyth County

Charts for High Point – zip codes 27262 and 27265 includes homes in Davidson County and Guilford County

You might also like reading Buy First? Sell First?  What’s Your Best Option

If you are really ready to sell your home, your first move should be to contact a real estate agent who will provide you  with information about the current market and prepare a  CMA—comparative market analysis.  This no-cost, no-obligation report will tell you what homes like yours in your neighborhood have sold for recently. Your agent can also provide a report for communities you are considering for your next home. This invaluable information lets you know if your selling/buying plans are financially feasible.

You should also get in touch with a reputable mortgage lender to learn the amount of mortgage you qualify for, dependent on your home sale and the type of home you are considering buying. The lender can also provide information about a “bridge loan,”one that will allow you to purchase your new home while waiting for your current one to sell.

Here’s a look at the Newest Listings on the Market

from 199,000 up to 300,000 List Price in

Davidson County, North Carolina

Feel free to contact me at davidsoncountyrealestate@gmail.com for any information about the Piedmont Triad area real estate market. I’m always happy to chat with you and answer any questions you may have.