I am fully aware that many areas of the country are having some problems when it comes to home sales. Much of this is attributed to the second home market. I am not here to boast, or to show off. I want to let others know that not all the markets are suffering. The greater Raleigh Real Estate market has shown great stability for both sellers and buyers. I am asked quite often why this might be the case. I believe there several reasons, but there are three significant factors that have helped us greatly.
First, the stability of the Research Triangle Park. For those of you who may not the Research Triangle Park (RTP) is an area located within the three major cities of Raleigh, Durham, and Chapel Hill. These three cities comprise of three major univerisities: University of North Carolina - Chapel Hill, Duke University - Durham, and North Carolina State University - Raleigh. These three great institutions of higher learning also have fabulous research facilities. Because of these institutions and land available it has drawn such business as IBM, Glaxo-Smith-Kline, Nortel, Sony-Ericsson, not mention over 300 more. This causes a great amount of relocation and job security in our area, drawing people from all over the country. According to recent statistics we are seeing somewhere close to 60 people a day move into our area.
Second, steady accumulation of equity. Many parts of the country were experiencing incredible jumps in home equity. While did not have huge jumps in equity we have regularly sustained postive equity year after year.
Third, small amount of outside investors in the residential market. I have noticed that many markets experienced a high rate of outside investors. These investors were buying and selling properties like stocks and bonds. Sometimes flipping them with in weeks after purchase. When the markets starting slowing down in these areas, the investors left, leaving many of these area with a glut of houses and no buyers, save the local buyer. The Greater Raleigh area did not experience much of this in the residential market. Hence, we have had a consistent residential market of buying and selling.
I look forward you to coming to our Greater Raleigh, Research Triangle Park Area. Please email me with your comments and/or questions.