In real estate, a hot market, refers to a market where houses are being sold quickly and at higher prices than previous months or years. This type of market is also called a seller’s market, meaning the seller has the advantage in this type of market. If you’re planning on selling a home during a seller’s market, it’s not uncommon that you’ll receive offers over the listing price.
Signs of a hot market:
- Lower Inventory.
- Most houses stay on the market for less than 6 months.
- Higher amount of buyers.
- Rise in median sales prices.
Buying a home in a hot market isn’t always easy. The low inventory leads to a ton of competition. You need to be prepared for a bidding war and the possibility of paying over the listing price. So why would you want to buy during a hot market? A hot market means the city is thriving. Markets are hot when unemployment rates are low, there is steady income growth, and homes are appreciating. When you buy into a hot market you are making an investment for your family’s future. Buying a home in a hot market also leads to the ability to earn more equity. You’ll put down more at closing, more tax benefits and if you hold on to the home long enough you’ll see it appreciate even more.
Average household income: $71,685
Median listing price: $342,900
Appreciation over the next year: 3.1%
Best city to live in America ranking: #7
- Stick to your needs.
If you need a 3 bedroom home with a 2-car garage, and an open floor plan, don’t look at anything that doesn’t fit your needs. There’s nothing worse than falling in love with a home that doesn’t work for your family. This can cause you to make a bad decision you will later regret.
- Look in Up and Coming neighborhoods.
Buying in an up and coming neighborhood is perfect for people who are buying a home long-term. You may even be able to find a home at a better price than you would in a nicer part of town. Although you may have to deal with some eyesore homes for a few years, eventually they’ll be bought out and fixed up. Purchasing in an up and coming neighborhood is a great way to find a home that will appreciate over time.
- Buy New Construction
The best way to avoid making a bad purchasing decision is to buy a new construction home. If you buy the home pre-construction you can avoid bidding wars, make design decisions and ensure your family has a home that fits your needs. Most new construction homes are being built in up and coming neighborhoods. If you’re in it for the long-haul your home value will only increase over time.
Raleigh’s hot market comes as no surprise with low unemployment, great schools, and a low crime rate, it’s no wonder people want to live here. If you’re thinking of buying a home in Raleigh, avoid making a pressured decision in this hot market and schedule a consultation with one of our advisors. It’s free and you’ll have plenty of time to make the right decision for you and your family.
Things to do in the fall to ready your home for winter.
October and November are ideal times to winterize your home in North Carolina. The days are finally starting to cool off, but we likely have not had a freeze yet.
Tackle these tasks to make sure your home stays warm throughout winter and your exterior looks good in the spring.
1. Rake your leaves.
Rake your leaves to make sure no piles of leaves are interfering with your grass’ ability to breath. Grass needs sunlight and oxygen to stay healthy, even when it’s dormant.
*Helpful Tip: Use your leaves for compost! If you don’t have a compost bin set up, it can be incredibly easy to make one. Designate an area in your yard and toss leaves, grass trimmings, and compostable food waste in there to produce fertile soil for your garden in the spring.
**Helpful Tip: Fertilize your lawn to help with weed prevention and healthy growth in the spring.
2. Speaking of leaves, this is also a good time to clean out your gutters.
Even if you don’t have a ton of leaves on the ground, you might be surprised with the amount of leaves and debris you can find in your gutters. For the sake of your gutters, siding, and foundation, it’s important to keep these clear for proper drainage.
3. Check foundation and roof for cracks or leaks.
If you are reading this, you are likely a Thayer Homes homeowner, meaning your foundation and roof are relatively very new. Although you are not likely to find any issues, it’s always wise to check for them before finding out through catastrophe, especially in the cold winter.
*Helpful tip: A roof rake will help you clear off accumulated snow on your roof, which is built to hold up to 4ft of snow before possible collapse.
4. Protect your pipes from freezing.
Remove the water hose from the spout connected to the homebefore freezing temps. If hoses are left attached, leftover water in the hose will freeze and likely expand into the pipe. If the ice expands into the pipe, there is a chance it could cause the pipe to burst and leak. Also make sure to turn off your A/C water valve to prevent water collecting and freezing in the unit.
Helpful Tip:You can purchase pipe insulation from your local hardware store to help prevent freezing.