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Rain,Rain, Go Away

By
Real Estate Agent with New Native Realty NCREC# 216375

The Raleigh Market is showing signs of recovery. Sales are up. Inventory is shrinking. More people are looking at our listings. Perhaps the dark clouds that have brought the torrential downpours of short sales, foreclosures, and updside down sellers are starting to move out. I certainly hope so. In my former life as a pharmaceutical professional I didnt realize how important the housing market is to a local economy. The past 6 years have opened my eyes. When our market was hot, jobs were plentiful, retail was sailing along, and people had a great attitude about things in general. Once the housing bust hit the Raleigh market we began to experience the same symptoms of this recession that the remainder of the country had been feeling for several years. Our employment picture has been particularly bleak.  I attribute alot of that to the fact that so many people were employed in the residential construction field due to the large number of new homes being built. At our peak over 6,000 students were being added to our local public school system every year. That's alot of homes to be built. When people couldnt sell their homes in other areas they quit buying here and the residential construction industry took a huge hit. Now, we are starting to see a little more activity in the new construction sector and homes are starting to sell at a faster pace. I am hopeful that we have weathered the worst of this mess and can now begin to focus on learning from our mistakes and moving on.

Comments (3)

Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

I didn't know the Carolinas were affected at all. I have heard how busy most are but I guess not everywhere uh. Same here pretty much but unemployment is killing us.

Nov 13, 2009 05:29 AM
Tim Devinney
New Native Realty - Cary, NC
New Native Realty, Cultivating Home!

Oh we are one of the top markets in the Carolinas and we have definitely felt the hit but we are digging out now.

Nov 13, 2009 05:57 AM
Paul Gapski
Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA
619-504-8999,#1 Resource SD Relo

Thank you for sharing your blog; we need Real estate Professionals to share their comments and information regarding their markets and experiences. Thanks again from beautiful Sunny San Diego!

Jun 16, 2012 06:40 AM