Is it a Buyers or Sellers Market in Durham?

By
Real Estate Broker/Owner with Team Jodi Realty

Last week I posted the chart below to show that interest rates are truly at an all time low.  With rates as low as they are, this is the time to take advantage by either refinancing your home or purchasing a new home. 

Please note that if you can reduce the rate on your mortgage by a full point, it is really worth considering refinancing. 

Mortgage Rates - A 10 Year History

Here are todays updated mortgage rates:

 CONFORMING                                                        JUMBO (Over $417 Loan Amt)

30 Yr Fixed    4.25%                                                  30 Yr Fixed   5.375%

15 Yr Fixed    3.75%                                                  15 Yr Fixed   4.875%

30 Yr Fixed (FHA)     4.25%                                     7/1 Arm         4.75%

7/1 Arm           3.5%                                                   3/1 Arm         4.375%

5/1 Arm           3.25% 

Last week I reported on the inventory in Chapel Hill which showed the existence of quite a buyers market.  This week I want to show you what is going on in Durham. 

In Durham, there is about 7 months of inventory on the market for houses priced between $100,000 to $400,000.  This is a balanced inventory but I truly think that more than 5 months of inventory is starting to tip the scales in favor of the buyer.

There is 10-12 months of inventory for houses priced between $400,000 to $600,000. 

There is more than 12 months of inventory in Durham for homes priced above $600,000.  Houses price above $600,000 are in the extreme buyers market category. 

If you look at the numbers below, there is far more inventory in Durham priced below $400,000 than above.  Overall, the market is balance in Durham.  

Given that mortgage rates are so good right now and there is still great inventory on the market, it is worth evaluating your options to buy. 

Durham July 2010 Single Family Home Sales By Price Range

If you would like loan information or to talk about the market and your options, give me a call at 919-697-5014 or toll free at 1-88-TeamJodi (888-326-5634).

Interested in knowing your homes value or getting a snapshot of the market?  Visit www.TriangleHomeValue.com.

Interested in looking for a home in Chapel Hill, Durham or the surrounding area, visit www.TriangleHomeSearch.net and register for an auto home search with emails sent to you every time a property comes on the market that meets your criteria or when their is a price or status change in properties of interest. 

These are great tools for tracking the real estate market!

Comments (1)

Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

I have a buyer that just bumped him target home price by $70k due to low interest rates.

Aug 16, 2010 10:34 AM