Lake Norman's prime real estate season has officially arrived! It's no secret that spring is the most active season in the real estate industry. Spring brings out the most motivated buyers to move into their new homes before the next school year.
If you are looking to sell your Lake Norman home this spring, here are a few things you should understand as you head into the competitive spring market.
Buyers Want Move-In Ready Homes
Nobody wants someone else's mess. Just like no one wants to pay retail for a vehicle that's been neglected or poorly cared for, homebuyers are hesitant to invest in properties that require extensive repairs or renovations. They may lack the time and/or capital to purchase the home and then pay for expensive renovations.
Just as you'd prefer a car with a clean service history and minimal wear and tear, prospective homeowners seek properties that have been well-maintained and are move-in ready. So, when entering the spring housing market, it's crucial to present your home in the best possible condition to attract buyers who are willing to pay top dollar for a well-maintained property.
Inventory Is Rising
Inventory continues to rise around the Lake Norman area. In March 2024, there were 285 new listings, which is a 27.8% increase from March 2023. When inventory levels rise in the real estate market, more homes are available for sale. Even though inventory is rising, there’s no need for sellers to panic. Remember that inventory levels are still much lower than pre-pandemic levels. A 6-month supply is considered a balanced market and we are currently at 2.5 months.
Interest Rates Are Impacting Some Market Segments
Following the March meeting, the Federal Reserve did not change the federal funds rate, keeping the target rate at a range of 5.25-5.50%. Higher interest rates have almost doubled monthly payments from a year or two ago. However, homes that are priced correctly and are move-in ready are in huge demand and sell quickly. Interest rates or available cash on hand play a huge role in this around the Lake Norman Area because it’s all about location, location, location!
Houses Aren’t Sitting For Long
In March 2024, the cumulative days on market until sale was 57 days which is down from 67 days in March of 2023. This is great news for buyers and sellers alike. There’s still plenty of time to move before the summer and the school year but don’t wait too long to get your house on the market. Families are motivated by summer schedules and the beginning of school which starts in early to mid-August around the area.
There Are Still Bidding Wars
Special properties with desirable locations are still getting into bidding wars around the areas. A few bidding wars we’ve seen around Lake Norman have features like waterfront, primary primary on the main, and walking distance to Davidson (especially if they are move-in ready.) Additionally, areas like Lynn Cove, Gallant Ridge, and Prestwood are in high demand.
Sellers Are Getting 95.5% Of The Original Listing Price Received
Since March of 2023, there has been a 0.2% increase in the percentage of original listing price received. Sellers around Lake Norman are getting 95.9% of their listing price, proving that now is a great time to list your home.
On the flip side, there are still unrealistic sellers listing their homes for more than it’s worth. Some agents purchase the listing by stating the house is worth WAY more than it really is. This is called ‘buy the listing’, and it’s something to look out for.
Get Top Dollar For Your Home With Our Strategic Marketing Plan
Now that spring is officially here, it's a prime opportunity for homeowners to sell their properties. Our experienced team, led by Andrew Nagy, a seasoned real estate agent with over 20 years of full-time experience, offers expertise and dedication so you can trust that your home sale is in capable hands.
Nagy Properties has an amazing market program. We get homes sold- and fast! Our team is proud to say that nothing has been on the market for over a week without an offer.
From expert pricing strategies to personalized marketing plans, we're committed to maximizing your home's potential and ensuring a smooth and successful transaction. Let us help you get top dollar for your home so you can start a new chapter this spring and beyond.
*Statistics based on Canopy Realtor Association MLS March 2024 Lake Norman Report