More Evidence that Now is a Great Time to Buy a House in the Triangle! - Raleigh, Cary, Durham

It should be obovious that now is a great time to buy a house, but for some reason many people are not "buying it" yet. Home prices are at record lows. Interest rats are hovering around 5%. Sellers are moving and motivated, yet buyers are hesitant to "make a move".

Now is particularly a great time to buy for first time home buyers and move up home buyers in Raleigh, Cary, and Durham. For first time buyers, there is plenty of inventory for them to choose from. In the past, the Triangle market under $200K was very tight. If the house was in good condition, in a nice location, and priced under $200K, there would be multiple offers. The house would be under contract within a week. Now there are homes to choose from and buyers do not have to move quiet so fast on their offer. However, homes in this price range that are in excellent condition are still selling briskly.

Besides having inventory to choose from, first time home buyers also have the $8000 tax credit to help off set the expense of buying a home. This credit is good until November 30, 2009. So buyers planning to use this credit, need to be under contract by October 1, 2009 to make sure that they close on their new home by the end of November.

Home buyers looking to sell their existing home and move to a larger home should also take advantage of our current market. For sellers with homes valued under $300K, now is still a great time to sell. Yes, your home may not sale for as much as it would have a year ago, but on the flip side, home prices above $300k have come down more than those under $300k. The best deals can be found in resale homes or new homes priced $400k or above. In this price range there is tons of inventory and sellers are motivated.

For more information about improvement in the Triangle Real Estate Market, below is a link to a great article.

http://www.metronc.com/article/?id=1940