Briar Chapel real estate is part of a booming housing market
currently underway in North Carolina and in the southern U.S. in general. The median sale price has risen nearly 20% in the last year, while the average number of days that properties are staying on the market has dropped a dramatic 20 days in the same period.
But the savvy home sellers clearly have a leg up over those who aren’t in the know in one very important category: the time of year in which they sell. It turns out that the season of your home sale can have huge repercussions. Follow along with us as we dive into all the details.
Importance of selling seasons
Generally speaking, a long time ago real estate agents and experts on the housing market didn't put a high value on the calendar period in which a home was sold. The saying was, “timing isn’t everything.” Now, on the other hand, realtors and housing experts are coming around to the idea that timing certainly does count for a lot.
Timing matters most if you’re in a time crunch. If you have over a year to prepare and list your home, then it’s a good idea to think long-term and use the extra time to negotiate for a higher selling price.
It’s worthwhile to do some market research (or, even better, contact a local realtor) to learn more about Briar Chapel
homes for sale. Nationwide, the trend is that homes sell faster in the summer months, especially from June through August. But this isn’t true everywhere, as we see in Briar Chapel.
What does the research say about selling fast?
When we look at the data for homes for sale in Briar Chapel, NC and across the state, there are a few major trends to look at. First of all, you have to determine if you’re looking to sell quickly or to sell for a maximum price.
When it comes to selling quickly
, we have to look at data for “Days sold faster than average.” This is the difference between median days on market (DOM) and those that sell faster than average. In this category, we see that homes sold in June
sell seven days faster. June homes sell in an average of 50 days. Compared to January, where homes sell in 71, that’s a big difference. April-September is the fastest-selling period, with an average of 51 days on the market.
When you’re looking at selling for value, the data shows a different trend.
What does the research say about selling for value?
When you’re looking at selling for value, the data shows a different trend. We have to look at the “sale price premium.” This data point tells us the difference between the median sale price in an area and the given price in a certain month. The research tells us more about the poor selling months than it does the high selling months.
Why? There’s clear evidence that one particular season of the year performs poorly when it comes to selling prices. And that season is winter. Homes sold in the Briar Chapel, NC area sell, on average, for about 10% less in January-March
. That’s a considerable deficit.
When we look at the rest of the calendar year, selling prices are remarkably consistent. Between late April and October, homes sell for 4% above the average. Some reports show that November is the most profitable month, some in July. In reality, the difference between the two is small: a difference of 1% is average from month to month.
The big picture: what’s happening nationally
It’s worthwhile to zoom out for a moment to look at how Briar Chapel homes for sale compare to the national averages. Nationally, we see that buyer demand for homes spikes in May. This means that competition among buyers is highest then, and it doesn’t necessarily mean your own home will sell the quickest in May.
Price-wise, we notice that homes are selling for just over $10,000 over the national average with the highest sale prices peaking in July. Interestingly, December is another hot month for prices. This is more proof that it’s not always best to try to sell in the Summer. There’s less demand in the winter, but buyers are often more motivated.
A few other figures we see from the national housing market are:
- The fastest month to sell in North Carolina is June (7 days faster)
- Buyer demand is highest in Spring
- Buyer competition from families peaks in Summer
- Real estate activity drops in Winter and Fall
- Highly qualified off-season buyers peak in Winter
The bottom line: when should you sell?
So, with all the research on the table, what’s the takeaway? Like most complicated questions, the answer isn’t so simple. It depends on your needs as a seller. It also depends on what kind of buyer you’re looking for. We can sum up the findings below:
- The best time to sell a home quickly in Briar Chapel is late Spring-July
- The best time to sell a home for the highest price is late Spring-October
- The least successful time to sell a home, in general, is Winter
Keep in mind that there are always exceptions. The Winter in Briar Chapel doesn’t extend as long as it does nationwide, so it’s safe to assume that the prime season to sell will last longer into the Fall. However, demand is at a peak in North Carolina, so competition from Spring and Summer buyers could mean lower selling prices if supply is low.
More questions? Contact a real estate agent now
This is a complex question that takes a lot of local knowledge to understand. That’s why it’s a great idea to get in touch with an expert like the Trish Lowe Group
if you need any more answers. Reach out today!