Since the housing bubble burst six or so years ago buyers have had the advantage of making the rules in home purchases in the Winston Salem housing market. While pockets of the country have seen the return of seller’s markets, Forsyth and Winston Salem have lagged behind in recovery. This year we may see a shift in the dynamics of our local market and reallocation of control at the negotiating table. If you are considering buying or selling a home in our local area, now might be a good time to browse the Winston Salem homes for sale. The winds of change are blowing on the Winston Salem housing market.
The terms buyer’s and seller’s market are terms to describe the local supply and demand for residential properties, six months being the median or even market. For example, in the Winston Salem luxury homes for sale section, (seven-hundred and fifty thousand dollars and up) there are seventy houses actively listed for sale; last month only one house sold in that category in the entire Winston Salem housing market giving this section of the market a 5.83 year supply of inventory. This is great news for a buyer looking for a luxury home since they may be the only serious buyer any of these seventy homes will see.
Of course most people looking to buy a home in the Winston Salem housing market are looking to purchase homes for sale between one-hundred to three-hundred thousand dollars. In the two-hundred to three-hundred thousand dollar price range we are seeing a little over six month supply of inventory. THAT’s ALMOST A BALANCED MARKET! Buyer’s no longer have full control of this section of the market. In the most purchased section of our market we have a different story. In the one-hundred to two-hundred thousand dollar price range we actually have a seller’s market; barely, but still significant in consideration of the Winston Salem housing market trends since the beginning of the recession.
As the Winston Salem housing market and Forsyth county has shifted towards sellers we may see many homeowners who have wanted to sell and have weathered the recession continue to put their homes on the market as the market may now bear the price they need to sell. As the fed has projected an increase in mortgage loan rates this summer because of the strength of the economy, it will be interesting to see if these trends can hold nationally and locally towards the end of the summer.
If you are planning on buying a home in the Winston Salem housing market area, act now may be in your best interest in taking advantage of the lower mortgage rates before they are projected to go up. If you are planning on selling your home here in Forsyth County, you may want to list your home now instead of risking the market re-balancing that is almost certain as the fed adjusts the mortgage rates up later in the year. Whatever you are planning on doing, consult your area’s local real estate expert as trends often vary from neighborhood to neighborhood and street to street. The Winston Salem housing market is about to shift so be ready! Feel free to contact us for more information about listing your home or buying now before it is too late.
-Samuel Collins, Broker The Carolina Crew, Inc.