NO...the sky is NOT falling! The world, as we know it, is not coming to an end. Neither is the real estate industry coming to an end. In fact, things may be a whole lot better than the national media has led you to believe.
You've heard reports of the vast numbers of foreclosures across the country, the widespread drop in the number of home sales and the record-breaking decrease in property values. As a result, many potential buyers are terrified of purchasing a home now...for fear that it will be worth less than the purchase price on the day of closing. On the other hand, many home owners are reluctant to place their homes on the market because they have heard that it is a buyers' market...that they will have to ‘give their home away' if they want to sell.
If your mother was anything like my mother, she probably told you NOT to believe everything you hear. Your mother was right!
So...to whose voice should you be listening?
Who is telling the truth?
Who can you trust to give you accurate information and sound advice?
The answer is simple...TRUST the EXPERTS who KNOW the FACTS!
The following chart shows the TOTAL number of closed real estate sales for the Durham, North Carolina area between 2000 and 2007. In general, the graph shows a steady increase in total sales from 2001 to 2006...with a slight overall decrease by 50 sales in 2007.
This data was taken directly from the Triangle Multiple Listing Service. It represents ALL sales that were closed with a licensed REALTOR® who was also a member of the Triangle Multiple Listing Service. The data does not reflect 'For Sale By Owner' transactions.
In December, I wrote two other articles that address the challenges of our current market...as it relates to both BUYERS and SELLERS. I've included the links to these posts for those of you who have not read them.
REAL ESTATE MARKET IN TROUBLE??? It's just a matter of perspective!
Real Estate Market in Trouble? Part TWO for SELLERS!!!
Written and Posted by:
Elizabeth Nieves - Broker, REALTOR® -- The Elizabeth Nieves Realty Group @ Keller Williams (A Bilingual Real Estate Team serving Raleigh, Durham, Chapel Hill NC and surrounding areas.)
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