Raliegh, North Carolina Rallies For Late Winter Homebuying

Written by Posted On Thursday, 27 January 2005 16:00

Realtors in Raleigh, North Carolina say the market is improving as new homes and the area's many attractions keep people buying homes. "Nestled among the native long-leaf pines in the heart of the Tar heel State, lies a cluster of delightful communities with a quality of life second to none," says Realtor Tom Menges . "Raleigh, Cary, Wake Forest, Durham and Chapel Hill make up an area that has been ranked among the nation's best places to live, start a business, raise a family and get a world-class education. At the core of the criteria for these rankings, you'll discover unique neighborhoods and communities that are steeped in tradition and history with a rare blend of cultural diversity of people from around the world."

He asks, "What is your dream home? Is it brand new, or in an established neighborhood? Out in the country or within walking distance to restaurants and stores? No matter what's on your house "wish list", there's a home that's just right for you. You can choose from anything from a home on the golf course to a loft apartment downtown, a trendy townhouse to a horse farm or a great retirement community."

Says Realtor Aletha Austin , "Raleigh is definitely a growing city, with growth overflowing into the surrounding counties. The new home market is exploding and new businesses and new shopping centers certainly give the shopper lots of choice and convenience. The existing (resale) market is strong, and prices are continuing to go up in most communities. In new construction - the condo market is very strong. Gated community developments and golf course communities continue to grow! You will not be missing an area to shop - for commercial growth in shopping malls is up significantly!"

"The market is improving," says Realtor Tim Burrell as the number of homes for sale in December 2004 was significantly less than the number for sale in December 2003 for all price ranges of houses, except homes priced $250,000 and up in East Raleigh (the supply is slightly higher), and townhouses in West Raleigh (the supply increased by 19 percent).

Burrell advises, "With the existing inventory, if homes keep selling at the same rate, there is only a 2 to 4 month supply of homes in most price points in North Raleigh, 3 to 4 months supply Inside the Beltline, 2 to 4 months supply in West Raleigh, and 4 to 9 month supply in East Raleigh. The exception is the luxury housing market, where the supply is 5 months. Inside the Beltline, up to 19 months in East Raleigh. In 2002, that figure was around 11 to 15 months. The time it takes to sell a house is also decreasing, with the average number of days on the market ranging from the lowest of 53 (for homes priced $200,000-250,000 in West Raleigh) to a high of 128 (for townhouses in East Raleigh). What do all these number mean? There are less homes for sale, they are selling faster, and the total number of homes sold in Wake County went up dramatically this year. While it is still a buyer's market, it is moving more towards a balanced market. So, if you want to be able to negotiate a good deal, do not wait too long, as it may not be a buyer's market for long."

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