The most asked question I get regarding Raleigh real estate is, “how’s the market”? To be honest, it’s a challenge to give that one a quick answer. Great doesn’t exactly feel like the right response, because sales are down and inventory is up. People from other markets wanting to relocate to Raleigh who are having trouble selling their homes is what is driving these numbers. Not so good certainly isn’t the right answer either. My personal business is doing quite well and prices are holding steady with the exception of new construction. So I guess my answer is, “it’s doing pretty well especially considering the slow down in relocation business.”
Personally speaking, having a deep pipeline of clients and being able to keep in touch with them has really helped me. People are still buying and selling homes, now it just takes longer in many cases. As a result of the extended time that we have to communicate, and the “extra” help that my clients need to successfully deal with the challenges they face, it has allowed me more opportunity to build deeper relationships. Being someone who firmly believes things happen for a reason, I’m simply embracing the opportunity to add more value to people’s lives.
Okay, now on to the reason you began reading this article. Here’s the short story on Wake County real estate market statistics. Inventory is up 28% compared with last year. Pending sales are down 26%. Even so, the absorption rate is right at 5 months of inventory. All things considered, the local market was better last year, but is still doing pretty well this year.
Nothing dramatic will happen unless our inventory creeps up over the 6 month mark. Builders are doing their part to keep that from happening. There are lots of incentives out there right now for new construction that can close within the next 30–60 days. And there is good new home inventory to choose from. With 3,326 new homes listed for sale in Wake County, and all the incentives in the form of lower prices, free appliances, builder paid closing costs, and so on, now is a great time to get a great deal on a new home in the Raleigh area.
If you are anywhere close to being ready to buy a home in Raleigh, or any of the surrounding areas, give me a call and let’s talk about how you can take advantage of the current conditions.
