November 2022 Sanford, NC Market Report
If you’re thinking about selling your home in or around Sanford, it's important to have a good understanding of what’s going on in the Sanford market. National headlines can further confuse an already confusing and changing market.
Our November 2022 market report showcases everything you need to know about local real estate trends. That data is below, but here is a summary of what I think:
The number of sales is down by a huge number (59.7%), but the average sales price, months of inventory, average days on market are all roughly the same or even a little better than last year. What this tells me is that there are less homes being sold because of decreased amounts of capable and willing buyers in the market (think interest rates), but there are also less sellers selling their homes, likely because of some of that same uncertainty. These two things are cancelling each other out, but there are also more new listings (106) than under contract (89) and closed (75) sales, so we could see this inventory number start to tick up a little more over the next few weeks/months unless interest rates stabilize or come back down.
For now, Sanford remains a sellers market, but some homes are still being priced and marketed as if interest rates are 4% and nothing has changed from 2021, so that presents opportunities for buyers to take advantage of on listings that don't have multiple offers or high traffic. If you're thinking about buying, things like the 3-2-1 buy down to lower your interest rate by 3% and plans to refinance in a year or two are sound strategies for getting the house you want locked up now with plans for making the mortgage more comfortable later. For sellers, you can still get your house sold for top dollar, but the team you hire, the marketing they do and the advice they give you mean a whole lot more for your success than they did a year ago. It pays to prepare and price wisely.