Many buyer's are first time homebuyers, a group that NEEDS to buy right now ($7500 tax credit, lots of choices, low interest rates)
· 98.83% of all mortgages in the US are current; foreclosures are up 64%
o 1 in 6 homeowners would be upside down if they HAD to cash out now but they don’t HAVE TO cash out
o The percentage growth in foreclosures is large because the overall number is small
· The Triangle has had 29 consecutive months of inventory growth but the pace has slowed to less than 10% growth the last 2 months
o 63% of all price points have an oversupply
o Overall MLS supply is 11 months
o In our 4 major counties (Wake, Durham , Orange , Johnston) our supply is 8 month; national average is 11 months
· Our average appreciation is 4%
o the national average is -4.8%
· Our MLS shows more listings with price drops
o our sellers are listening
· 2008 was the 6th best 3rd quarter on record for number of closings
· While we currently do not have net job growth in the region, we have added over 100,000 jobs in the last 5 years; we have a very resilient economy
o Projection is for 30% job growth between now and 2030
· Our job pipeline is good; the region had the biggest summer ever with over $1 Billion in new investment
· Raleigh is the second most educated city in USA
o Can you guess which city is #1?
Monday, November 24, 2008
Sunday, November 2, 2008
Real Estate and Crisp Fall Air
Hello all who have found my little blog on the great city of Raleigh! I apologize for my lack in posts and promise to keep it up from here on out, so enjoy!
Lets discuss the business first - our real estate market! I think that from this point we can only go up! (Well, in home sales but not in home list prices.) Sellers are having to drop the price of their homes lower. It doesn't mean that the homes on the market are no good, it just means that sellers are realizing that their homes are not what they were worth this time last year. But, slowly but surely, I do think that things are getting better and I can tell you one thing - it is a great time to buy a home!
You probably laughed at that last sentence, but I am not kidding you. Sellers are dropping prices because they want to sell, interest rates are down, there are so many homes to choose from and many other reasons. Please take me seriously, I would buy a house right now if I didn't already have one that I love.
That brings me to my house. As I mentioned above,I love my house. We are located in Midtown - one of the quickest appreciating areas in all of Raleigh, North Carolina. I love Real Estate in this area of town. My house is far enough away to be nice, quiet and well established, but close enough to enjoy all that Midtown has to offer. For example, my family and I have a weekly tradition of walking up to Panera at North Hills every Sunday morning for breakfast. We sit outside and watch the people go by, starting their days with coffee and treats from either Panera or Starbucks. I must say that this short period of time is my favorite of the whole week. Its so enjoyable to be about to get out and enjoy this beautiful fall weather! Another thing to take me seriously on, get out and enjoy this beautiful weather!!! Its not be be missed. You can kill two birds with one stone and we can go look at houses in this weather! :)
On that note, its time to end this for now. I hope you all have a great week - take my advice and get some fresh air! Please comment on my blog if you like it!
Lets discuss the business first - our real estate market! I think that from this point we can only go up! (Well, in home sales but not in home list prices.) Sellers are having to drop the price of their homes lower. It doesn't mean that the homes on the market are no good, it just means that sellers are realizing that their homes are not what they were worth this time last year. But, slowly but surely, I do think that things are getting better and I can tell you one thing - it is a great time to buy a home!
You probably laughed at that last sentence, but I am not kidding you. Sellers are dropping prices because they want to sell, interest rates are down, there are so many homes to choose from and many other reasons. Please take me seriously, I would buy a house right now if I didn't already have one that I love.
That brings me to my house. As I mentioned above,I love my house. We are located in Midtown - one of the quickest appreciating areas in all of Raleigh, North Carolina. I love Real Estate in this area of town. My house is far enough away to be nice, quiet and well established, but close enough to enjoy all that Midtown has to offer. For example, my family and I have a weekly tradition of walking up to Panera at North Hills every Sunday morning for breakfast. We sit outside and watch the people go by, starting their days with coffee and treats from either Panera or Starbucks. I must say that this short period of time is my favorite of the whole week. Its so enjoyable to be about to get out and enjoy this beautiful fall weather! Another thing to take me seriously on, get out and enjoy this beautiful weather!!! Its not be be missed. You can kill two birds with one stone and we can go look at houses in this weather! :)
On that note, its time to end this for now. I hope you all have a great week - take my advice and get some fresh air! Please comment on my blog if you like it!
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