Fayetteville NC Real Estate Market Report – August 2010

The Fayetteville NC real estate market continues to be stable, both in existing home sales and newly constructed home sales.  Sales are down from last year and from the height of the market in 2006 in both categories. Still, homes continue to sell and the market is anticipating growth in the year ahead, mostly due to the Base Closure and Realignment Commission activities that will bring several major U.S. Army commands and a large number of government employees into the area.

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Fayetteville, NC Real Estate Market Report – August 2010

There is a large inventory of homes on the market right now. Sellers should be prepared to price their homes aggressively, ensure they are in top condition, and market them effectively to get them sold in a reasonable time frame.  Not every house on the market right now will sell! A large number will linger on the sales market, receiving few showings, or be placed on the rental market.  Competition is very intense, and existing homes also have strong competition from newly constructed homes.

The new construction sales market is relatively balanced in most price ranges.  Builders are offering incentives to buyers, and buyers have shown over the last year that they prefer new homes and the amenities they can find in new construction.  That is good for builders, but not for sellers of existing homes.

Some home sellers are able to get results by understanding how to price their home at the front of the market.  Understanding the absorption rates for different neighborhoods and for homes similar to theirs allows sellers to know what price will make their home competitive.  If you want to know more about absorption rate pricing, or need more information about this report, send me an email or give me a call at (910) 644-0303.