April Market Report

Dear Neighbor,

Selling a cherished home, particularly one with significant value and many memories, is a high-stakes decision. Navigating the challenges of protecting privacy, minimizing potential disruptions, and adapting to the constantly changing market landscape can be overwhelming.

For many of us, our homes are our largest asset. It is important to understand the local market and how it affects the value and sale of your home. You don’t want to leave a transaction of this magnitude up to chance and you’re right to want the facts.

Here are the top things you need to know:

Less homes are entering the market, but homes for sale are sitting longer.

Many homeowners remain hesitant to put their house on the market. New listings in Myers Park dropped 5.7% over the last year while current homes for sale increased 15.4% and average days on market jumped up 21.1% to 23 days. These numbers demonstrate the importance of competitive pricing.

As inventory tightens and buyers have less options, the demand for your house increases. A solid strategic pricing and marketing plan brings top dollar and a quick sale that gets you where you are going faster.

Continued low supply means more opportunities for sellers.

Our market is still notably understocked with a 1.4-month supply. Houses that are priced to compete often receive multiple offers and can sell above the asking price. Compared to last year, the sale to list price has increased slightly by .4% to 100.4%.

The numbers demonstrate strong opportunity for sellers in our neighborhood. Homeowners looking to capitalize on the current market demand will be putting a pricing and marketing strategy in place now to secure the highest possible sale price.

Home prices continue to rise with persistent strong demand.

The imbalance of higher demand versus lower supply continues to exert upward pressure on prices, pushing the median sales price for single family homes up 25.9% from last year to $1,875,000. The scarcity in supply appears to be a lasting issue, with buyers increasingly noticing its impact.

This high demand really demonstrates the importance of pricing and marketing your home strategically. The last thing you want is for your property to linger on the market or to sell at a price lower than its potential value.

As a homeowner, what does this mean for you?

If you are thinking of selling in the next 12 months, preparing now gets you the results you deserve and avoids the stress you don’t need.

This is likely your largest personal investment, so you can count on me to act as your professional guide throughout the entire transaction. With clear communication and a strategic plan with a step-by-step layout, I help you make thoughtful, informed decisions so you never feel lost or out of control.

From day one, the weight of this transaction is lifted from your shoulders. We start with your customized strategic marketing plan and go from there. To maximize your ROI, I can help connect you with top-notch professionals to help you ensure your home can win the highest possible price. And when it’s time to go to market, I combine detailed market research with proven marketing strategies to get you the best possible price in the least amount of time.

If you are thinking of selling your home in the next 12 months, call me today for your initial, no obligation consultation –> 704-604-1210

We will cover your goals, my unique approach to getting you the highest possible price in the fewest days on market, and if it’s a fit, next steps from there.

Call today -> tel:704-604-1210

To your success!

Stephanie Cline
Belle Properties
belleproperties.com
stephanie@belleproperties.com
704-604-1210

Myers Park Market Highlights for February 2024

*Source: Canopy MLS through 03/31/2024

LOOKING AHEAD

1. Home Values Continue on their Upward Trajectory

Home prices continue to rise due to a convergence of factors creating upward pressure on the housing market. Primarily, there’s a persistent shortage of housing inventory; fewer homes for sale means higher demand for each available property. Strategic marketing and positioning allow you to capitalize on the equity you’ve built to get top-of-the-market return on your investment.

2. The Scarcity of Supply Persists

Property values in Myers Park have been on a consistent upward trend. The area’s appeal is strengthened by its beautiful tree canopy, its proximity to center city, the highly regarded educational institutions, exceptional health care options, and convenient access to cultural attractions. Property values, particularly in desirable areas like Myers Park and the surrounding area, tend to be higher. Effective marketing and strategic positioning can leverage the equity you have accumulated, ensuring a premium return on your investment.

3. Why Strategy Matters

The real estate landscape is always changing, and strategies must keep pace. By partnering with a knowledgeable local real estate expert who understands how to market effectively to the most suitable buyers, you can confidently sell your home in a timely manner and maximize the profit for your unique property.