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.
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My wife (Lisa) and I are REALTORS, Real Estate Broker Associates w/ RE/MAX UNITED in Cary, NC, parents of 4, & grandparents of 1. Services include: Relocation Assistance, Home Sales, & Buyer Agency
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Kelsie the market does not sound like you have had much of an adjustment in the Cary area. In my area of Massachusetts prices have dropped about 15% since the Spring of 2005. We have not hit bottom yet either...hopefully soon.
Kelsie - I've noticed similar discrepancies in other news stories. The headline and the facts noted in the article just don't mesh. Yes, things have slowed somewhat, but the market is still very healthy, and sellers are not desperate.
Bill - Best wishes for speedy market recovery! I'm hearing/reading that most markets may be a little bumpy until after the election or Spring of next year...The longer things are rough elsewhere, the greater the chance that the Triangle, NC market may feel "sympathy pains". No market exists as an island...
Penny - Thanks for visiting and for the comment! You're absolutely right! When we scan headlines (as most people do), we're succeptible to the author's slant. Hopefully, the authors' intent isn't to mislead their readers, but instead the intent is to grab the readers' attention. We, as REALTORS and builders, have to work together to ensure market news is accurately provided to potential homebuyers.
Best Wishes,
Kelsie
Thanks! A lot that is taking place in the market needs to be correctly interpreted.
Jim Crawford ~ Atlanta Real Estate-ABR E-PRO - You do a super job of interpreting news and market data with your blog, for consumers and real estate agents. Thanks for your great posts re: Atlanta Real Estate and thanks for visiting my blog.
Best Wishes,
Kelsie
The media really doesn't seem to have a clue. They think every market is exactly like the others when in fact that is not true.
Don Draughn - Mortgage Professional
Don - Thanks for visiting my blog! You're right - we have to be diligent in keeping our clients and customers informed with the facts in order for each of them to make the best decisions for their families (even when the facts are bad news).
Best Wishes,
Kelsie
Gret post, too bad many of these stories do not tell you the home was grossly overpriced 3X.
Jim Crawford ~ Atlanta Real Estate-ABR E-PRO - Jim, you're right - while our market has softened considerably, homes that are priced right and marketed well are still selling within about 3 months. The exception to that is our Luxury market, which has slowed to a crawl.
Best Wishes and Thanks for Visiting,
Kelsie