5 Signs the WNC Real Estate Market Is Tilting Toward Buyers
Spring usually brings a flurry of activity to the real estate market, but this year? It's been a little...weird. Whether you're buying, selling, or just watching from the sidelines, you’ve probably noticed things aren’t following the usual script here in Western North Carolina (WNC).
After a stretch that Zillow’s Senior Economist Kara Ng called “riddled with uncertainty,” the latest data brings a fresh, more balanced outlook, especially for buyers. Price cuts, rising inventory, and a little more breathing room to make decisions? Those are shifts worth paying attention to.
I’ve pulled together the most important takeaways from Zillow’s May Market Report—what they mean in plain English, and what you should do next if you’re hoping to buy or sell in our region.
Let’s break it down.
1. Sellers are finally slashing prices. Could this be the buyer’s market you’ve been waiting for?
This news is the attention-getter. For the first time since Zillow started tracking back in 2018, a whopping 25% of listings have seen a price cut–a huge signal that sellers are getting real with their expectations and adjusting to what the market is actually doing.
And here’s the kicker: Inventory is up nearly 20% compared to last year. More homes on the market means more choices and more room to negotiate. If you’re smart and patient, you’ll have much better chances of snagging the home you want.
If you’re selling, this news screams that realistic pricing from day one–and a willingness to negotiate–are more critical than ever. (So is your need for a Realtor to negotiate for you, hint hint 🙂)
2. Bidding wars are easing, so due diligence is back.
The wild, frantic days of bidding wars often meant buyers would waive inspections and throw out aggressive offers just to get a whisper of a chance. Phew, I’m glad those days are starting to fade. While it’s true that about a quarter of homes are still selling above list price (27% to be exact), the overall vibe is less manic.
Buying doesn’t necessarily mean you have to play Russian roulette with your biggest investment by skipping crucial inspections and other due diligence steps.
Of course, if you’re a smart seller working with a smart Realtor (hint hint, wink wink 🙂) who prices the property perfectly and markets it like a dream–maybe using a secret, snazzy weapon like Zillow Showcase–you might still expect to pay a premium. But at least you’ll have peace of mind knowing exactly what you're buying.
3. Buyers are finally getting a (short) breather.
Before the pandemic, the typical home here in WNC took just six days to go under contract. Six days! It was a different world back then.
Last year, the typical WNC home took 13 days to go under contract. Today, we’re looking at 16 days, three days longer than last year. Let’s be real: an extra three days doesn’t sound like much. But they’re truly a welcome gift. Those three days give you more time to think and weigh the pros and cons. And you can avoid that gut-wrenching feeling of being rushed into a decision.
That said, when the absolutely perfect property pops up, you should still act fast and come in with a strong offer. That’s why it’s essential to get pre-approved and be ready to give a solid earnest money deposit, two things that make your offer stand out. But that "make an instantaneous decision or lose out" pressure? It’s definitely lessened.
4. Hello, affordability? Mortgage payments are dropping.
Here’s some genuinely good news for your wallet, especially if you’re a first-time homebuyer or looking to upgrade: The typical mortgage payment has dipped by 1.3% from last year. This drop directly translates to more breathing room and increased buying power. While interest rates seem pretty stable right now and aren't expected to jump dramatically, the price adjustments we're seeing across the market are absolutely contributing to these lower monthly costs.
But here’s my honest two cents: Trying to time the market based on fluctuating mortgage rates is a fool’s errand. You should always root your home-buying decisions in your long-term financial goals, not in hitting some elusive short-term prediction.
5. In WNC, cash and financing are flowing, and buyers are on the move.
The WNC real estate market is shaking things up. We're in a unique phase of adjustment, where cash and financing are flowing alongside the ongoing efforts to recover from Hurricane Helene's devastation. It's a blend of challenges and opportunities.
If you’re buying, this is good news. We're seeing more homes available, prices adjusting, and you have a little more time to make decisions. That's a breath of fresh air, right?
If you’re selling, it’s all about playing it smart. The key to a successful sale is working with a hungry, diligent Realtor (🙂), keeping your eye on market shifts, and adjusting your strategy as needed.