Is It a Buyer’s Market in the Fayetteville, NC Real Estate Market?

One reason that you should work with a local real estate agent is that real estate trends are very localized.  It hit home for me last night as I was discussing the difference in the markets between here in the Fayetteville/Fort Bragg area and the Raleigh/Cary/Fuquay area.

It is still very much of a buyer’s market here in Fayetteville.  We have a lot of homes on the market, 2593 in Cumberland County alone.  That doesn’t account for Hoke, Harnett or Robeson Counties.  There is a lot of competition among the sellers for the buyers’ attention.  Sellers are routinely willing to pay the closing costs of buyers, pay for a home warranty, complete repairs and some will even pay for inspections.  Homes rarely sell above list price and multiple offers are not that common, unless it is on foreclosures.

In the Raleigh area, it is a different story.  Their market is very strong right now.  There is a lot of industry and growth and sellers have a stronger position.  Days of the market for a home is less than here.  Multiple offers are more prevalent.

These two geographic areas are only a couple of hours apart, but the knowledge needed to get you, as a buyer or seller, the best deal is completely different.  So, please understand that you can not compare a real estate transaction that you had five years ago in Tennessee to what is currently happening in our area.  If you are a buyer, enlist the help of a real estate agent early in the process.  It is not going to cost you anything and it can help streamline your process and help you to have more realistic expectations of the process.  If you are a seller, time is money for you.  Pricing your home correctly and marketing it extensively can drastically reduce the days on the market.  Consult a local real estate agent and find out what is selling in the market and what to expect as far as time frames.  Hiring the right professional to assist you will be worth every penny that you spend.  It is a great investment to make.