Did You Know? 1 in 4 New Hanover County Listings Never Sold

0:00Welcome to Real Stories with Buddy Blake. Today's episode features real estate insights from Buddy Blake. Let's dive in. Okay, so I gotta be honest. When you first told me this stat, I actually made you repeat it. Welcome back to Real Stories with Buddy Blake. I'm here with Buddy, and today we're talking about something that I think a lot of sellers just don't realize is happening in New Hanover County. Yeah, this is the one that stops people mid-sentence every time I bring it up. Over the last 12 months, one in four homes

0:38listed in New Hanover County never sold. They expired, they got withdrawn, or they got canceled. That's not a small slice of the market. That's a quarter of it. A quarter. Okay, wait. Walk me through the actual numbers, because I feel like people hear one in four and think, eh, that sounds made up. What's the real breakdown? It's not made up, unfortunately. 5,638 homes finished on the market in that stretch. 4,183 of them sold, and 1,455, that's the 26%, didn't.

1:15Now the ones that did sell, typical time was 30 days from first listed, and they sold for about 97.2% of asking. So the market's healthy, it's just, it's not automatic. Right. It's not like every house just sells eventually. Okay, so what actually separates the homes that sold from the ones that just sat there? Honestly, it comes down to pricing strategy more than anything. Homes that were priced right from day one typically sold in 10 days.

1:46There were 2,159 of those, but homes that needed a price cut along the way, median of 69 days to sell, and they landed at 93% of asking instead of the higher number. 2,124 homes fell into that group. So even the ones that eventually sold after a price cut, they left money on the table, basically. Exactly. 10 days versus 69 days, and a few points off the sale price, that adds up fast. Okay, so does price range play into this too? Like, does it matter if you're selling a starter home versus something bigger? It matters a

2:23lot actually. In the million dollar plus range, 34% of listings didn't sell. Compare that to the 400 to 500,000 range, where it's 21%. Same county, same market conditions, really different outcomes just based on where a home's priced. Huh. So the higher up you go, the harder it gets. Right, but here's the thing. Price range isn't the whole story.

2:53Pricing strategy is the bigger factor. And look at the homes that never sold at all. They sat a median of 131 days before coming off the market. And even then, the typical price cut was only 2.1%. Wait, only 2%? So these weren't wildly overpriced homes? That's exactly it. A lot of these homes weren't priced way off. They were just priced a little too high for a little too long. And that's often enough to keep a house sitting on the market.

3:26Okay, so let's talk real dollars here. Because sitting on the market sounds annoying. But what does it actually cost someone? So at a median sold price of $469,000, and today's mortgage rate around 7.03%, the estimated monthly carrying cost on that home runs about $3,510. That's the payment reality a buyer's working with, but it's also the clock a seller's running against every single month the home sits.

3:58And that's not like a fee you're paying somebody. That's just the house existing. Right, exactly. It's the mortgage, insurance, taxes, upkeep. Now stretch that out. A home that sits unsold instead of selling quickly can add up to roughly $15,100 in carrying costs. Pricing right from day one isn't just about speed. It's about what stays in your pocket at the end.

4:28Okay, that number, $15,000, that's real money. All right, let's shift gears. You mentioned contracts falling apart. That's a different problem than a listing never selling, right? Totally different. So separate from the homes that never sold at all, 15% of accepted contracts in the county fell apart before closing, about 1 in 6. The MLS doesn't tell you why, but in my experience, it's almost always inspection, appraisal, or financing.

4:59One in six. Okay, so if a contract falls through, is that home basically doomed, or does it usually still sell eventually? It's mixed. Of the homes where that first contract fell through, 65% went on to sell later, typically at 94.1% of asking, but it took a median of 78 days to get there. The other 32% never sold at all after that. Compare that to homes where the first contract hailed.

5:30Those sold at 97.5% of asking in just 25 days. Wow, so that first contract really matters, like a lot. It really does. And that's exactly why I have my sellers do a pre-market inspection before we ever put a sign in the yard. You want to know what an inspector's going to find before a buyer's inspector finds it for you.

5:56That makes so much sense. Get ahead of the surprises instead of getting hit by them mid-contract. Okay, last thing. What about buyers? How's everybody actually paying for these homes right now? Good question. Over the last 12 months, 26% of buyers paid cash, 58% used conventional financing, 5% used VA loans, and 5% used FHA loans. Financing type matters a lot when you're putting an offer together, especially in a market where 15% of contracts don't make

6:31it to closing. So it's not just about the price you offer, it's about how solid that offer actually is. Exactly right. A strong price with shaky financing can fall apart just as easy as a weak offer. This was such a good breakdown, buddy. Honestly, the one in four stat alone is going to stick with me. Any last thing you want folks to know?

6:53Just that there's a lot more in the full New Hanover County report. How these numbers break down by price range and property type, all of it. We've got that linked in the show notes for you. And if you've got a house you're thinking about selling, or you're just wondering what any of this means for your situation, give me a call or text 910-395-1000. Happy to talk it through.

7:18Love it. Thanks so much for breaking this down, buddy. And to everyone listening, check the show notes for that full report. We'll catch you next time on Real Stories with Buddy Blake. Thanks for listening to Real Stories with Buddy Blake. For the full article and more, check the show notes.