Is it still a seller’s market today in Apex? As investors in the Apex real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
The State of the Market for Buyers in Apex NC
Home prices have held relatively steady so far – but there are new challenges and risks ahead.
Supply remains low, so single-family homes in great locations that are priced well have still been selling. But while there’s a lot of demand in the market for certain areas, there are also many challenges and risks in the coming year.
Showing houses has become more difficult – Social distancing and sanitization requirements have made it harder for real estate agents to conduct traditional showings of houses. Good agents have adapted by providing gloves and hand sanitizer for in-person showings, or by shifting to virtual showings online. However many buyers are still hesitant to visit homes, while at the same time unwilling to make offers on houses without seeing them in person.
Interest rates are down – leading a huge number of home owners to refinance. In some parts of the country, title companies are so backed up with the extra refinances, that they are taking months to complete a closing!
Many investors are pulling out of the market. Landlords especially are being squeezed. On the one hand there are millions of tenants who can’t pay their rent. On the other hand, landlords still have to make their mortgage payments or the banks will foreclose.
Many investors are responding by selling off their properties and sitting on the sidelines until they see how the market pans out over the next 6-18 months. Other investors in a position to pay cash for properties are still looking for good deals in the marketplace. However they’ve had to become more conservative in their offers.
Lots of sellers are trying out speculative prices just to see if anyone bites, but investors are walking away from deals without plenty of margin of safety.
Financing is becoming a major obstacle for buyers. Banks are worried too, and they’re becoming more strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, or for banks to refuse to lend on certain types on investment properties at all.
Overall the markets remain incredibly uncertain – prices have held steady so far, but many experts are afraid that the new year may bring a nationwide wave of evictions and foreclosures, leading to a new real estate market collapse.
Have a House to Sell? We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We’re still buying. If you need to sell a property near Apex, we can help you.
We buy properties like yours from people who need to sell fast.