At times I feel like a broken record - our market is different, we haven't been like the rest of the country, we are seeing houses sell, etc. It looks like other areas are beginning to experience what we are experiencing here in Raleigh, North Carolina. In a recent article on MSNBC it was reported that existing home sales are up 3 months in a row - check it out here: http://www.msnbc.msn.com/id/32104105/ns/business-real_estate/from/ET. I am not sure if other markets are experiencing the number of multiple contract situations that we are facing in the lower and middle price ranges, but we will find out. However, I am sure they are having challenges with HVCC (see blog 6/27/09) as it is a nationwide problem and they will experience the same problems we will have with H.E.R.A. (see blog 7/23/09). Please be sure to review the H.E.R.A. rules to give our clients the right advice with timing on closings. The new rules will be implemented July 30.
In addition to the great news on existing home sales, new home starts were revised and reported to be up 3.6% in June over May 2009 numbers to an annualized rate of 562,000. It is our hope that with more good news like this, the media will start to report more positive information on the housing market as was the case in The News and Observer today. The Raleigh market has seen increases over each previous month for the past 5 months, not just 3 and it seems to be climbing still with July being stronger than June.
The advice for the day is to continue staying positive, find the good in each situation and keep the ball moving down field and we will get the results we are looking to achieve.
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