In Part 2 of this series I discussed the impact of the mortgage meltdown on clients wishing to buy a home in Raleigh and surrounding areas. Today’s final installment will cover what this means to the average Raleigh home seller. I will also attempt to address the reaction of financial markets to the mortgage meltdown and speculate on whether we’re done, or if there is more bad news to come.
Selling a Home in Raleigh
The Raleigh real estate market is very good right now. Forbes magazine reports that Raleigh is the #1 seller’s market in the country. Well prepared, professionally marketed Raleigh homes that are accurately priced are easily selling in 4-6 weeks. Some even quicker. Let’s talk about why the ability of Raleigh home buyers to obtain financing changes things for sellers.
If you’re selling a home in Raleigh, the effects of the changes in the mortgage industry on you is much more subtle that it is for home buyers. The agent you choose to represent you and how up-to-date he or she is on this topic has become critically important. Home sellers and their real estate agents must now look at the financing terms on offers in a very different way.