There's an article today on the local channel 11 ABC News' website titled "Local housing professionals drum up business" that is well written and factual, however gives the overall impression that the Triangle's real estate market is suffering as badly as other markets around the country. The very first line of the article reads, "Home prices continue to fall across the country and the Triangle is no exception." Contrast that with the first sentence of the last paragragh in the article, "In this market, Triangle home prices rose 3.6 percent in January compared to a year ago." Hey! Wait a Minute! Sounds to me like the market's a heck-of-a-lot better here than in other markets around the country.
That said, our market is considerably tougher for home sellers this year compared to last year with more inventory and longer days on market (In January the average days on market was 92). The average list price to sales price was 97% for 2007 but 92% in January of 2008 - still considerably better than many markets. However, as indicated by the REALTOR quoted in the article, we are experiencing a buyer's market and if you are renting or do not have a home to sell, now is a great time to buy a home. Interest rates are still very low, inventory is higher than it has been in several years, and builders are offering attractive incentives to home buyers.
The article refers to a home seller that is currently listed with her 3rd Real Estate Agent in 7 months and has not been able to sell her home. There are a lot of factors that affect how long it will take you to sell your home, including: asking price, the condition of your home, features of your home compared to others in the same neighborhood, your lot (do you need 4-wheel drive to get up the driveway of your home that backs to an interstate or are you water-front in a golf course community?), curb appeal, the number of other homes for sale or rent in your neighborhood, new construction availability in your neighborhood, etc. Don't allow one homeseller's experience determine your opinion of the real estate market.
So - No, Chicken Little, the sky is not falling, but barriers to you becoming a new home owner may be!
If you or anyone you know is considering buying or selling a home in Cary NC or the Triangle area of North Carolina or is relocating to or from the area, contact Kelsie or Lisa Compton with RE/MAX UNITED for professional real estate services provided by folks who have "been there and done that."
Visit www.TriangleChoiceRealty.com for more information. REALTOR referrals welcomed.