You’re ready to move and buy a new home in the Wake Forest area. How exciting! Whether this is your first or tenth time buying a home, you probably have a lot of questions. One of the most common is “How much is a house?” Yet, even that question isn’t quite specific enough. A house in California is going to have a much higher asking price than one in Louisiana. And neither of those numbers help you with the cost of what your future home will cost anyway. In fact, what you need to be asking is “How much does a Wake Forest home usually cost?”
Before we go any further, you should know that the housing market is still red hot. This means prices are changing on a regular basis, and trending upwards. In August 2021, Redfin, a nation-wide real estate company, published data that shows us Wake Forest home prices were up 18.8% compared to last year, selling for a median price of $475,000. In fact, just a month earlier in July, the median price was a little over $413,000. This same data shows us that homes have doubled in cost since 2012. Imagine buying a house today and having it be worth twice as much in ten years! That’s exactly how homeownership contributes to wealth.
Another important average to look at is how quickly these houses sell. Homes in Wake Forest sell after 27 days on the market, a very quick speed compared to 67 days last year. There were 185 homes sold in August this year, up from 170 last year. What does all of this mean? It means the Wake Forest housing market is very competitive for buyers like you! In the same piece published in August, Redfin ranked Wake Forest as a 70 out of 100 in terms of the competitiveness of the market.
While it’s incredibly helpful to look at numbers like the median cost of a home, knowing how much a Wake Forest home usually costs is only a piece of the puzzle. You need to think about all the other people who are house shopping at the same time! For one thing, over 62% of homes in Wake Forest sold over asking price. The average homes sell for about 4% above list price and go pending in around 24 days. The most sought-after houses can sell for about 10% above list price and go pending in around 4 days. Are you ready to get into a bidding war? If that doesn’t sound very appealing, you’re not alone.
This extremely competitive real estate market is why many home shoppers are choosing to buy a brand new build instead. Rather than fighting with other potential buyers, going way too high above asking price, and possibly even waiving contingencies, you can work with a renown builder and cut past all of that. The result is a hassle-free buying experience and an absolutely perfect new home. Doesn’t that sound a lot better?
You don’t just want a house; you want a home. This means somewhere to put down roots and grow as a family, no matter how big or small your family is and who you include in it. Your soon-to-be new home is waiting for you in Holding Village!
People come to our neighborhood for the desirable new Wake Forest homes, but they stay for the lake, parks, and trails. Living in Holding Village brings back the simple joys of saying hello to your next door neighbors from the front porch, playing poolside, waving to new friends as you ride your bike, throwing the ball at the park, and fishing at Lake Holding.
Just when you thought it couldn’t get any better, the next phase of Holding Village is on its way with brand new builders and memories waiting to be created! We have some very exciting additions coming in 2022, perfect for when you’re ready to move.