As a Realtor, there are a lot of questions that I'm asked frequently. One that I'm asked most often, is “So, what is the market like?” To me, I think this question is asked the most because everyone is afraid of purchasing and selling a home in a down market. Trust me, it's understood. For the market is down and you're looking to buy a home, there may not be enough out there to find because the people that would maybe want to sell, aren't going to receive what their home is worth. It's a never ending cycle and it's frustrating, so we completely understand watching the market.
I want to sure my secret weapon when it comes to answering this question. Are you ready for this? It's a big one and it's been right under your nose the whole time. Exciting, right?
It's realtor.com! Yes, that's right. Realtor.com. Chances are you've seen the commercials, Elizabeth Banks is the current sponsor and she's pretty funny. You may have even used it for home searching. That's a great step! Other than contacting your personal Realtor, checking out Realtor.com is a great way to see what homes are currently going for. Here's what you need to do:
When you've arrived to www.realtor.com from your browser, you'll see a line of links at the top of the webpage. Where you see "Local", hover your mouse. It'll show you a clickable link for Local Information for Neighborhoods & Cities. You should then receive a prompt to enter in your location by State, City, and/or zip code. For this purpose, I've entered in Hillsborough, NC.
As of today, August 6, 2016, there are 357 homes listed on the website for purchasing. The median lease price is $246K, making it $88 per square feet of the home, and the median closing price is $240K. From there, you view a graph showing you how the market has differed through the months, see what schools are currently ranked the best, and a map of the city you're searching, followed by a brief overview of homes in the area.
Pretty neat tool to have in your pocket! I recommend playing around with the website and getting a brief idea of what's going on in the real estate world. Check it out! Then feel free to give us a call and let's get you in your dream home.