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 10 Things You Need to Know About
Today’s North Carolina Real Estate Markets
NC Association of REALTORS® 2008
#1. There's no such thing as a national real estate market.
When you read the newspapers and surf the web, it’s easy to get the idea that real estate markets are the same everywhere. If conditions are bad in Orlando or Los Angeles or Chicago, they must be bad everywhere, right? Wrong. All real estate is local. When you’re looking to buy or sell, pay attention first to sales price trends, volume and inventory in your target Research Triangle MLS market or region, rather than to misleading headlines about national sales trends. North Carolina homes are not sinking. We are an island of hope worth your optimistic and determined effort to get here.
#2. North Carolina home values are stable.
In 2007, the average sales price of a North Carolina home grew by 4 percent, an indicator that homes generally are still worth more now than they were just a few years ago. In fact, since 2000, the average home sale price in our state has risen by more than 25 percent. And in a 12-month period through September 2007, North Carolina real estate had the seventh-highest appreciation in home prices in the country. Here's a great tool for 2008 Tax Valuation!
#3. Housing demand in North Carolina is on the rise.
Even in what was considered a down year in 2007, there were more than 125,000 existing home sales in North Carolina – that’s the third highest number ever, exceeded only by 2006 and 2005. And estimates indicate that the Tar Heel state’s population will increase by more than 400,000 by 2010. These new North Carolinians will need a place to live! Pure logic, huh? No new ground - more houses!
#4. A house is where you make a home, not just a buck.
Most purchasers don’t buy a house to flip it. They buy it to live in it, to establish their roots, to raise a family and to build on the American Dream. The value of strong communities, civic pride, comfortable retirement, and a higher quality of life can’t simply be expressed on a balance sheet. It's rarely higher than in the Raleigh, Cary, Apex, Wake Forest and Research Triangle real estate area ... Temperate climate, North Carolina State University, University of North Carolina at Chapel Hill, Duke University, Research Triangle Park (200,000 jobs), Golf, Falls Lake, Lake Jordan, Wake County Schools, Johnston County Schools, ACC Basketball, Stanley Cup Hurricanes Hockey Champs, NASCAR, NFL Panthers, NC Beaches, NC Mountains, Employment...and on it goes!
#5. There are hundreds of reputable mortgage companies ready to lend.
If you have good credit and a realistic understanding of what you can afford, getting mortgage approval to purchase a home can be more easily attained. Help is also available through the North Carolina Housing Finance Agency and other organizations.
#6. Owning a home builds wealth in a way that renting can't.
According to the Federal Reserve Board, the average renter’s net worth is $4,800. Contrast that to the average homeowner’s net worth of $171,000. Clearly, it pays to own a home, as the hard-earned equity you build will pay future dividends. Keep your mind focused on the goal of of owning a North Carolina home in the Research Triangle, Raleigh, Cary, Wake Forest region. Few will regret including that North Carolina relocation in their lifetime estate!
#7 It's a prime time for second homes.
Savvy investors and prospective retirees understand how important real estate is to their portfolios. Nationally, about one third of all home sales are second homes or vacation properties; in North Carolina, that figure is nearly 40 percent – largely because of our inventory and desirable locations in the mountains and on the coast. Come to the Research Triangle - purchase your primary residence in Raleigh, Cary and Wake Forest - and then strive for a NC beach or Blue Ridge Mountain investment property.
#8. It makes sense to use a North Carolina Realtor®.
If you had a $150,000 legal question, would you deal with it without an attorney’s assistance? If you had a $150,000 income tax issue, would you dare risk not consulting a CPA? There are nearly 45,000 REALTORS® in North Carolina, who subscribe to a strict code of ethics and are expected to maintain the highest level of knowledge of the process of buying and selling a Raleigh, Cary or Wake Forest home.
#9. Now really is the time to buy.
Interest rates significantly dropped twice in January in an effort to stimulate the national economy. While North Carolina’s economy hasn’t suffered as much as some states, we nevertheless can benefit from these lower interest rates. The bottom line is this: If you’re a buyer, the Research Triangle real estate market is for you!
#10. And if you are a Seller, be patient… and smart.
Price your home correctly – your home’s value is what someone is willing to pay for it, not the price that you think it should sell for. Competitive pricing is the single biggest reason that a home sells or does not sell. REALTORS® know the marketplace and help you determine the optimum sales price. And you can still preserve home equity.
Best Cities for Bargain House-Hunters: Raleigh, NC #2 FORBES 02/07/08
Raleigh is another market that has been driven by job growth. Like much of the Southeast, the expanding economy here has kept people moneyed enough to make home payments. According to RealtyTrac, there is only one foreclosure per 319 households, one of the lower rates in the country. The inventory of homes available is slightly lower than Salt Lake City (No. 1 on our list), at 14,764, despite Raleigh's larger population of 408,985 people.
We are rated consistently for best business relocation environment, job growth, etc. All indicators point to Raleigh, Cary Wake Forest Research Triangle North Carolina Relocation!
"From January 2007 to January 2008, established businesses added more jobs in North Carolina than in any other state, except Texas and New York." News & Observer, March 15, 2008. These folks need homes in Raleigh, Cary and Wake Forest!
...and the reason there are no lease/rental listings below is because our rental market is saturated with relocation executives waiting to sell their homes back home and relocate here permanently. The North Carolina Triangle Real Estate Market is still the #1 Relocation Destination, and when the national market corrects, thousands more are coming across the North Carolina borders from California, Ohio, New York, and Florida, and we will have the best real estate market in our history! Search for your new North Carolina Home to buy here now. - Mark | |
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