Dudley Price, staff writer for "The News & Observer" did a GREAT JOB portraying the current status of the North Carolina Triangle real estate market in his article in Sunday's paper titled, "Ready to rumble". Check it out online at: http://www.newsobserver.com/print/sunday/work_money/story/1076807.html.
Mr. Price accurately decribes the gap between home buyers who have an unreasonable expectation of how much below list price homes in Wake County can be purchased and home sellers who ignore market statistics and comparable home sales when establishing the list price for their home. The Raleigh-Durham-Chapel Hill Triangle market is beginning to feel the effects of increased inventory that has reduced average home prices in many metropolitan markets - increasing Average Days on Market (still - it's increased to only 92 DOM for 2008) and causing price reductions for 42% of the active listings.
Mr. Price also lists the following advice for home buyers and sellers (source stated as staff research, LendingTree.com):
1. Get pre-approved for a mortgage before you make an offer.
2. Hire an experienced real estate broker familiar with the market. (You've got to love this journalist!)
3. Get an idea of homes' selling prices.
4. Insist on a home inspection.
1. Before listing your house, research the local market.
2. Hire a solid broker, get a comparative market analysis
3. Maximize your home's value. (a few tips are included)
4. Set the right price."
In view of all the negative sensationalism we've endured from the media recently, Mr. Price's accurate reporting and sound advice for home buyers and sellers is truly refreshing. No, the Triangle real estate market is no longer "smokin'", but it's still solid: home buyers can get a great deal on new construction and luxury homes - and Sellers who hire a solid, experienced REALTOR (and heed his or her advice) can expect to sell their home within a reasonable time frame.
If you're considering buying or selling a home in Cary NC or the Raleigh-Durham-Chapel Hill Triangle area, visit www.TriangleChoiceRealty.com for information about our team and how we can help. If you're a REALTOR, we'd love the opportunity to serve your referrals.