With interests rates continuing to increase and home prices dropping you may be wondering if today is still considered a buyer’s market in Fayetteville? As somoene who has been in the real estate game in the Fayetteville market for years, we get asked this question a lot.
Unfortunately it is not a simple yes or no answer…. sorry 🙁
The State of the Market for Buyers in Fayetteville NC
First off, it really depends on the property type and location.
Despite the market downturn, single-family homes in great locations in Fayetteville that are priced well are still selling quickly which is great news if you are one of those trying to sell in those areas. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Buyers are often looking for the same thing – They want to live in good neighborhoods with access to transportation and/ or highways, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are still in control of their market due to the high demand.
But for condos and townhouses – especially those a little off the beaten path, or with some funky features or in need of repairs – it can be quite a different story. Prices were down in certain neighborhoods in Fayetteville, with a bounce from time to time as the rental market increases.
Investment properties are in demand. The massive amounts of out of state cash flooding in to invest in the North Carolina real estate has impacted the Fayetteville market due to our overall low cost of living compared to the major cities.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals where the math simply doesn’t work out.
Financing is still a major obstacle for buyers. Banks are being incredibly strict, interests rates are skyrocketing and they are 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, although it’s getting better than it was just a couple of years ago.
Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sound confusing? It is. But 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 investing in Fayetteville because we believe in the community and the people here.
If you need to sell a property near Fayetteville, we can help you.
We buy properties like yours from people who need to sell fast.