Coldwell Banker HPW has named Carl John Real Estate as the company’s third best small listing team (1-4) for the month of December 2022. We are so humbled. We couldn’t have done this without you – our buyers and sellers and those that refer us – we’re so grateful for your trust in us. Thank you!
At Carl Johnson Real Estate, we do things differently. We take the time to sit down with each of our buyer clients to discover what type of home would best match their lifestyle and increase their quality of life. We support our seller clients with Carl's very own real estate marketing company exclusively created to market the details of listings that identify the buyer looking for a home just like that listing.
It is no accident then that Carl of Carl Johnson Real Estate was also nominated for Best Realtor, Realtor Choice by the Orange Chatham Association of Realtors, OCHAR, in 2021 and 2022. Or that readers of Durham Magazine voted Carl Best Realtor, 2022 Readers’ Favorite.
It is because we put you – our buyer and seller clients – first. Whether you are looking to buy or sell a home, we want to be here for you. Call us TODAY 919-880-0904 and we can start the conversation on how we will help you reach your real estate goals.
Getting ready to move? CLICK HERE to see our resource on 10 Moving Tips to help you have your best move yet!
Don’t pay attention to national news and trends that would like to have you believe we’re moving into a buyer’s market. This early in 2023, the market is still very much adjusting to our economic times and low inventory, but it’s still very much a seller’s market. Savvy real estate professionals who know how to price their listings correctly are continuing to attract a large pool of prospective homebuyers. This has not changed. Properties that are show-ready and priced appropriately don’t sit on the market.
When you’re ready to sell, call us 919-880-0904 Carl Johnson Real Estate is your premier North Carolina real estate team. We know your communities and the buying market. With our guidance and expertise on your side, you’ll have what it takes to navigate the 2023 market with confidence.
Call us today to learn more 919-880-0904
To learn more about Carl's staging service for sellers, Click Here.
Per the December report from Triangle MLS:
"New Listings in the Triangle region were down nearly 30 percent to 1,966. Closed sales were down by 33 percent to 2,749. But inventory levels went up 113 percent to 5,996 units.
The Median Sales Price increased by 7 percent to $395,000. Days on Market was up 154 percent to 33 days. Sellers were encouraged as Months' Supply of Inventory was up 171 percent to 2 months."
In Chatham County, there was a 10 percent decrease in new listings in November. The year-to-date number of closed sales decreased between 2021 and 2022, dropping from 1,572 to 1,283. But the median sales prices increased by 8 percent. In December, Chatham County’s inventory levels went up by 116 percent to 223 units.
In Durham County, closed sales decreased 18 percent year to date. The median sales price decreased 1.3 percent, moving from $400,000 to $395,000. The average sales price decreased by 2.1 percent to $425,538. In December, the Durham County median sales price was lower than the median sales price of all MLS listings.
In December, the number of listings in Orange County decreased by 38 percent. The number of closed sales also decreased by 33 percent, while the median sales price rose by 3.4 percent to $420,000. Sellers were encouraged as Months' Supply of Inventory was up 100 percent to 1.2 months. In December, the Orange County median sales price was below the median sales price for all MLS listings.
The number of December listings in Person County decreased by 19 percent, down to just 21 units. The number of closed sales decreased as well, by 32 percent. Additionally, the median sales price decreased by 13 percent, from $265,000 to $229,945. Inventory increased by 14 percent, while the December Person County median sales price was on par with the median sales price for all MLS listings.
In Wake County, there was a decrease of 10 percent in the number of new listings year to date compared to last year. The number of closed sales during the same year to date time frame decreased by nearly 18 percent. The median sales price rose by 9 percent to $464,990. Compared to the median sales price for all MLS listings, the Wake County median sales price was higher in December.
2023 is a great year to sell Real Estate. Click here to learn what to expect.
North Chapel Hill Neighborhoods
North Chapel Hill Neighborhoods
Make sure to check out these North Chapel Hill neighborhoods when you start your home search! Here you can find single family homes, townhomes, and others in beautiful styles, varying sizes and at affordable price points. Reach out to Carl Johnson Real Estate today–919-880-0904–to chat with our community expert and let us help you find your dream home in the neighborhood that’s just right for you.
Timberlyne is another well-established neighborhood built during the 1980s off Weaver Dairy Road and Martin Luther King Jr. Boulevard. It offers a secluded family feel. Nestled among old hardwoods, flowering trees and green spaces, Timberlyne is a very walkable neighborhood. Just minutes from The Streets at Southpoint Mall, this garden neighborhood also has convenient access to I-40, Raleigh, Durham, and the Research Triangle Park.
North Forest Hills
North Forest Hills was developed in the 1970s and today offers a small neighborhood feel and ambiance with tree-lined streets, nice yards, the 8-acre Lake Ellen, and a lovely park. North Forest Hill Park offers playground equipment, a basketball court and a picnic shelter. Situated near the hamlet of Ashley Forest, this popular neighborhood is just minutes from Morehead Planetarium and Science Center located on the campus of UNC at Chapel Hill.
An established neighborhood built in the 1980s and 90s, this neighborhood is known for lovely, mature landscaping. Residents may join the Stoneridge-Sedgefield Swim & Racquet Club, which features a pool, tennis, pickleball, basketball and croquet courts, a playground, grassy grounds and picnic pavilion area. Located on Whitfield Road, the Stoneridge-Sedgefield neighborhood is just minutes from nearby UNC in Chapel Hill and Duke University in Durham. It offers easy access to I-40, the area’s renowned research hospitals and medical centers, as well as Research Triangle Park.
Carl Johnson Real Estate has the resources and experience to help you find your perfect home. CLICK HERE to read our Checklist for First Time Homebuyers to help you get started off on the right foot! Then give us a call to get a step closer to your dream home. 919-880-0904
The December 2022 Institute for Luxury Home Marketing monthly trend report is out now! CLICK HERE to download the full report. We are happy to share this information to you from our personal resources! The following is per the Institute for Luxury Home Marketing December 2022 Market Report:
Taking the Long View
Markets Continue to Cool
The most notable trends in the current market are the continued decline in the volume of sales and inventory levels as well as the number of new listings entering the market. To some degree, this is not unexpected as we head towards the quieter real estate months of winter, but these numbers are still reflective of a cooling market.
Of equal notability is the large disparity between the median list price of properties still on the market compared to the median sold price for recent sales. This is true in both the single-family and attached property markets as the disconnect between seller and buyer expectations continues.
While this disconnect is hindering sales in the market for homes that have been on the market for a long time without a price reduction, for homes price correctly there seems to be little downward pressure, especially as the average days on market remains in the 20s, rather than in the 50-60s typically seen in pre-pandemic times.
More of a Lull Than a Crash
Despite the decline in the number of transactions over the last few months, there are no critical signs of distress in the luxury market. Low inventory levels are containing the ability for buyers to low-ball, home values continue to remain fairly stable, and many homeowners still retain their low interest rates, they so are not yet feeling the strain of additional mortgage costs.
Purchases during the pandemic were made to fulfill the need for a refuge and space and although these might not be the top priority in the current market, homes were mostly bought with long- term ownership in mind. While priorities may have shifted, the ownership mindset has not. The affluent are content to look beyond the short-term turbulence and focus on the future opportunity,
whether that is one or even ten years away – hence the reason we see such a low percentage of “highly motivated to luxury sellers” in today’s market.
Although we have seen prices fall modestly during the last four to five months, prices remain at near record levels across North America, and it is unlikely that a significant decline in home prices will happen unless there is a drastic change either in the economy, through recession, or a huge increase of new inventory.
All markets tend to be cyclical, so it was not unexpected to see the return of more moderate conditions earlier this year. The major difference was how swiftly this change occurred, as the impact of a weakening economy took its toll on the luxury market.
Buyers and sellers must now simply start to reevaluate their expectations in this cooling market. The rush is over, as is the likelihood of fast investment returns and unfettered selling and buying of luxury homes. The cost of borrowing money will likely remain at higher rates for some time, so homes will need to be purchased with a long-term view in mind.
That being said, the last few years have left their legacy for the luxury market. While it might only represent a small percentage of the overall real estate market, luxury homeownership’s influence is growing. Not only has the purchase of homes valued over $1 million (a figure considered by the National Association of Realtors to be a benchmark for luxury) tripled from 2.6% to 6.5% since 2018, but demand for multiple luxury properties has soared over the last two years.
This phenomenal increase has been driven by a growing affluent demographic who consider owning a luxury property a necessity in their asset portfolio. All indications are that this trend is here to stay, albeit that demand is set to return to a more sustainable level.
At Carl Johnson Real Estate we use our experience and knowledge to lead our clients in the right direction. CLICK HERE to read more about Carl Johnson, REALTOR®, Broker, Owner, and Founder of Carl Johnson Real Estate. Carl is certified as an Institute for Luxury Home Marketing Specialist, CLHMS, which means he offers superior knowledge and experience in the luxury market. His CLHMS membership also provides him with access to an elite network of contacts and resources that help drive the perfect buyer to your high-end listing or find you your dream home! Using the most up-to-date marketing information, Carl positions your listing ahead of the market curve. Call 919-880-0904 for a consultation or CLICK HERE
2023 Trends in Real Estate
Original Content By Carl Johnson
Real Estate 2023: Trends That Are Coming and Going
The Triangle Business Journal reports in their January 01, 2023 article “4 predictions for the 2023 real estate market in the Triangle” that the Raleigh-Durham area ranked high on a list of growing metropolitan areas. With as many as 5,000 new residents a month, the Triangle is a hot market for buyers and seller.
What other trends are hot or not?
Prices Will Continue to Rise
According to the National Association of REALTORS®, the demand for homes has grown substantially in the past two years, and the increased demand has resulted in higher prices. The median price for homes in the United States has increased by nearly 15 percent in the past year. Locally, in the Triangle region the median sales price increased by nearly 9%. Most real estate professionals agree that this is a trend sticking around. Predictions are that 2023 will be a great time for real estate sellers.
The National Association of REALTORS® survey of home prices for 2022 shows that for recently sold homes, the final sales price was on average 99% of the final listing price. That is if sellers used a reputable real estate agent. Sellers across the US who sold without the help of a real estate professionals sold their homes signiﬁcantly lower ($218,000) than the average agent-assisted homes ($242,000).
20% as a Down Payment
One trend clearly on its way out is the 20% down payment on your new home, says the NAR.. With prices climbing, the reality of having 20% in liquid cash is not the expectation anymore. The majority of recent buyers who ﬁnanced their home purchase typically ﬁnanced 88%. First-time buyers typically ﬁnanced as much as 93% of their home. For more than half of all buyers the down payment came from their savings. Others secured their down payment by selling their previous home.
While some prospective home buyers shy away from increased monthly mortgage payments in these uncertain economic times, buyers in the luxury market are less sensitive to these fluctuations, but affordability and property size are on wealthy buyer’s minds just as much as other consumers.
As the Triangle Business Journal reports, Apple executives and employees have flocked to Raleigh, North Hills and Wake Forest, making Raleigh a key luxury market and likely keeping it so in 2023.
Cash transactions are expected to continue increasing. All-cash sales comprised 26% of transactions in November 2022, up from 24% a year earlier, according to recent NAR data. Besides cash, wealthy buyers are using margin or stock portfolio loans and private bank loans, the report says.
In the past, buyer and sellers found homes for sale in their area of choice with the help of family and friends and print media. These days, most people looking to buy or sell start their search online. The National Association of REALTORS® revealed that in 2022 nearly half of all recent buyers looked at properties for sale online first, while only 18% of buyers ﬁrst contacted a real estate agent.
This isn’t a trend going away any time soon. Homebuyers find that online listings feature more details than ever before. Attention-grabbing online property listings may have virtual staging, 3D tours and drone videos.
But buyers aren’t the only ones looking to technology. Sellers who sold after the pandemic were more likely to use digital marketing tools. Virtual 3Dtours, for example, went up from 16% to 27% just last year. What this means for you as a seller is that working with a knowledgeable, tech savvy real estate agent is important as online property listing websites and their tools will only become more sophisticated.
At Carl Johnson Real Estate, we excel at digital marketing. Carl Johnson created his own Real Estate Marketing Agency, 4RE Marketing, to keep abreast of marketing technology and ensure our listings are set in a place of strength in any given market. We routinely work with staging and virtual tour partners to always showcase each home’s unique features.
Overall, the housing market is poised to shift in 2023. High mortgage rates, population growth, changing economic times and inventory levels will all influence the real estate market in the coming year. One thing is certain, though. As the market continues to evolve, buyers and sellers can benefit by leaning on the help of an experienced real estate agent.
If you’re looking for a top-performing agent, Carl of Carl Johnson Real Estate, is the Triangle region’s leading professional. He knows your communities and the buying market. With his guidance, expertise, and tech savvy on your side, you’ll have what you need to navigate the 2023 market with confidence.
With the right price, the right marketing, and the right agent that puts YOU first…your home might be our next sold listing. At Carl Johnson Real Estate, our direct and intentional approach is customized to each seller or buyer client.
Call today to learn more 919-880-0904
Common Real Estate Terms
This month I am sharing a list of some of the more common terms you may hear regarding real estate transactions. If you have any questions on these or any other real estate-related concerns, please feel free to reach out to me. I’ll be happy to help you out!
Did you know that Carl owns the marketing company that does the all the marketing for his listings? We also are the sales & marketing partner for builders. Click here to visit the 4RE Marketing website and see samples of our work.
The Annual Home Buyers And Sellers survey conducted by the NATIONAL ASSOCIATION OF REALTORS® is in.
The typical first-time buyer was 36 years old in 2022, rising from 33 in 2021, while the typical repeat buyer age climbed to 59 years. Both are all-time highs. The typical home seller was 60 years old, an increase from 56 in 2021.
86% of buyers recently purchased their home through a real estate agent or broker, while 10% purchased directly through the previous owner. In contrast, 63% of sellers found their agent through a referral from a friend, neighbor, or relative or used an agent they had worked with before to buy or sell a home. 49% of buyers said what they most wanted was to have an agent help them find the right home. 80% of recent sellers contacted only one agent before finding the right agent they worked with to sell their home. 39% of sellers also used the same agent to purchase a home and sell their home.
12% of buyers purchased a new home.
49% of buyers cited quality of the neighborhood as the most important factor determining the location. Convenience to friends and family and overall affordability of homes were both cited at 37%. For all sellers, the most commonly cited reason for selling their home was the desire to move closer to friends and family (21%), moving due to retirement (11%), or the neighborhood has become less desirable (11%).
Whether you’re a buyer or seller, at Carl Johnson Real Estate, we customize our direct and intentional approach to each client. Call Carl Johnson Real Estate today to start a conversation about what’s most important when it comes to your next purchase or sale. 919-880-0904!
CLICK HERE and let Carl make your home buying/selling process less stressful.
Although national experts believe that the market will shift to being more favorable for buyers. In The Greator Triangle Region, Inventory is still tight, sellers are still selling homes quickly if priced right and in good condition. Sellers are still receiving multiple offers.
As we start a new year, the real estate market is once again shifting. After a historic run, with home sales and prices reaching record highs, both are leveling. Mortgage interest rates continue to be affected by Federal Reserve decisions to address inflation. This month, I am sharing with you some well-researched statistics on how the real estate market reacted in the last half of 2022 as well as projections for 2023.
Inventory is still low, but buyers now have a few more days to make their decision and may be able to ask for seller concessions. Sellers who price their homes right will be well positioned in the market. It’s also important to remember – there will always be buyers and always be sellers – no matter the market!
I am also sharing with you a couple websites where you can find additional easy-to-understand information on mortgage and real estate statistics. I am here to answer any questions you may have about real estate and help you through every step of your future home sale or purchase. Please feel free to reach out to me any time! From my family to yours, best wishes for a wonderful New year and a happy, healthy 2023!
Want to learn more about Carl Johnson Real Estate and how we can help you reach your real estate goals? CLICK HERE to read about our Founder, Carl Johnson, and how his experience and unique skills make him the best in the business!