Despite more homes for sale on the Raleigh market, some North Carolina Realtors are saying that larger inventory makes it a better market.

"Why are the other "pundits" saying the market is so bad?" questions Realtor Tim Burrell. "The number of homes that sell is increasing in North Carolina. The North Carolina Association of Realtors reported 6,472 homes sold statewide in September, a 9 percent increase compared with year-ago figures.

"The average sales price in September was $176,402," explains Burrell. "Year-to-date sales were at 62,369 units on an unadjusted basis in September. This was 8 percent higher than the 57,773 units sold during the same period last year.

He accedes, "It is true that the number of days on the market is increasing, and the number of homes on the market is increasing. As a result, it is a more of a buyer's market than a seller's market. But, with the interest rates nearing an all time low, the number of houses that actually sell is increasing. So, the "trick" is to price the home right, have it in good condition that appeals to what the market is looking for, and it will sell.

Further, suggests Burrell, "The market does get worse as the price goes up. The homes for first-time homebuyers are selling well, as they are moving out of rentals and paying less than rent. With an abundance of no-money-down loans, there is no reason to rent. When you get into the "Trophy Homes," the number of homes on the market far exceeds the number of homes that sell, so only those homes with something special, or that are willing to deal, are moving. It is not a bad market, it is one filled with opportunities if you are a buyer, and one where you can sell well if you "read the market" properly."

"Raleigh is an absolutely beautiful place to live," cheerleads Realtor Sudie Wagner. "Much of the workforce is centralized in Research Triangle Park, focusing on technology, biomedical and environmental occupations. The downtown Raleigh area is a thriving small community of professionals, museums, schools, parks and wonderful restaurants.

Explains Wagner, "We are seeing great homes take longer to sell in this market. There are 15 percent more homes on the market than there were last year. Analysts say the market is down about 17 percent from this same time last year, due to the economy and job layoffs. It seems as though 9-11 has had an impact on the sense of urgency to make home buying/moving decisions. Nonetheless, its a great time to buy, with interest rates lower than they've been in 30 years. The feeling I sense from my customers is that there are deals to be had and many are willing to be more choosey to find the best deal."

"High-growth, and ranked as one of most desirable areas to live and work in the United States," says Realtor Wesley Treece, "the Raleigh, North Carolina area is a source of predominantly white-collar high-tech labor with Research Triangle Park as the major employment base, and has seen housing prices begin to level off following a moderate decline."

Advises Treece, "Buyers are still prevalent but have become less urgent, which could lead to a further downward push on pricing. With mortgage rates at or near record lows and no signs of dramatic increases forthcoming, the buyers' market should continue to prevail, supplying excellent deals for first-time buyers and bargain-hunters at virtually every price level."

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Published: November 11, 2002

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