Recently Forbes Magazine has named Raleigh, NC the best place to sell a home. They called it a seller's market and backed that up with the average time to sell as being 90 days on the market. A Seller's Market is when homes sell quickly and sellers have the upper hand in pricing and usually can get close to full price or more than they are asking...also there tends to be more buyers than sellers. A Buyer's Market is ....the opposite, when it may take longer to sell a home so sellers are more flexible and buyers have the advantage and can have the upper hand in negotiating...also in this market there tends to be more sellers than buyers.
Well what is Raleigh? There really is A LOT of people moving here recently so you would think more buyers equals a seller's market. Then you hear that houses are not selling as fast as they used to and there are a lot more houses for sale than usual so you may think buyer's market. So which one is it? The answer is the infamous phrase in Real Estate....IT DEPENDS. It really does depend what area of town you are in....what size house....what school district....ect. ect. ect. Yes, even in the same city/market you can have some areas in a seller's market and some in a buyer's market. The best answer in my opinion... if you take all of Wake County as a whole.... is that we are BALANCED. Not leaning one way or the other....just in between. This scenario is healthy for a Real Estate Market. A very good point mentioned in the article about Raleigh is the only down side to the market here now is that people are having a hard time selling their homes in other cities. Without the sale there, they can't buy here. So if you look at our market from a national perspective we are doing very well and have far less troubles than other areas. You can find statistics and other area facts here. I hope this helps...Stu
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