Coming To Raleigh North Carolina

Dated: 02/23/2018

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As a Realtor in Raleigh, NC when I first open the door for a showing to a prospective buyer client to enter. It sounds much like; "This is a 2250-square-foot, three bedrooms two and half bath unit," This house was originally built in the mid 1940’s and was recently remodeled.

This Craftsman home is representative for the inner belt line of Raleigh.  AND if you can see yourself living here you will need to get serious as there will be multiple competing offers for this home.

Re-counting Raleigh’s housing market, 2017, was the ultimate recovery thank goodness!  We are now seeing in the current market augmented home prices due to low inventory and increased demand.

Houses are on the market for hours, not weeks. In rare cases, buyers are making unsolicited offers on houses not even on the market.

Across the Triangle area, the median sales price of houses has increased sharply since 2012. In some ZIP codes, the price has more than doubled, according to data from Metrostudy a national data solutions service. That translating into higher profits for sellers.  

In looking at the entire Triangle Region, the average sales price topped $300K for the first time ever in June 17’, according to the Triangle Multiple Listing Service. This price point held though into December!

The sharp increases come in large part because of the influx of people to Wake County.  Wake County’s growth rate is averaging 72 people per day per wake county demographics data. If only one of those people decides to reside in Raleigh, we must find them a place, more people in less people out means we literally have fewer places to find for them.

New construction is lagging and can't keep up with the demand. Sellers can ask a higher price for existing homes, simply by the law of supply and demand.

So, when a desirable and captively priced houses does come on the market, we can get three, five, 10, 15, 20 people that are interested and submitting offers. It's just like Milk, Bread and Beer before our epic snow storms. The person that going to get it is well prepared in advance and willing to do what it takes to pay a competitive rate!

It only natural for people to remember the last time the housing market went gangbusters in early 2000’s, though this housing market is different.

Interestingly the Triangle area overall, historically has a slow appreciation, it’s not speculative like marketplaces are in California, Nevada, Washington and Texas where all those homes literally were jumping twenty and thirty-thousand or more dollars a month.

The one thing though, is there is a tale of two markets, people in the upper price ranges are the ones who stay informed. They are the ones who stay aware of the national picture and translate it to the local economy. On the flip, they're the ones who also need counseling in terms of, this is what you're reading but here is what’s impacting our market.

Of course, these homes too are appreciating in value, just not at the same degree of the lower price points homes.

I think we all can agree that a market correction is going to happen. It's the truth of cyclical real estate market. When that happens, no one knows exactly that time frame, and with the complexity of our economy it just impossible to know the gravity. But until that time, Raleigh’s sellers are King. 

If you are deciding to enter the real estate market in the Triangle, you have to be prepared! To learn how to winstart here or contact Greg Buscher at HTR Capital Group at 919-795-9720 or email [email protected]

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Gregory Buscher

Anyone who knows me will tell you I have never met a stranger. I enjoy getting to know people and helping them however I can. That’s what prompted me to change career paths and become a Licensed R....

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