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What is Happening Right Now in the Raleigh and Cary Real Estate Market?

Hello and thanks for stopping by my little bloggie today. It’s kind of fun talking to you guys out there. It reminds me of the CB radio craze (if under age 45 – ask parents). In CB radio days – nobody knew who was listening and no one knew who was talking. So the big difference here is that you do know who I am. Yes, this really is me writing you on Sunday afternoon and not a canned ghost writer. I am constantly amazed when people come up to me and note something I have “just posted” on my blog that day. Thank you for the compliment – I will try to stay relevant to our joint interest of prospering by buying & selling real estate in the Triangle market.

So let’s get to it. Here is what I know about our “right now real estate market”. I know we are still getting rave reviews from national publications touting Raleigh, Cary, and Holly Spring as the strongest sellers market. That should make us all feel good, right? But wait – if everyone at the party has only graduated from the 8th grade but this one guy made it through the 10th before dropping out – would that be an exceptional educational standard? I don’t think so. You have to admit there is a little of this in our current situation with the rest of the down – we are “looking” sweet – but some of it is smoke and mirrors.

Here are some real numbers to “noodle”. Let’s take close in North Raleigh’s real estate market from 300k to 400k. In this segment, there were 37 active home listings available in June of 2006. Same segment this year – there are 71 active listings. Another note is that 27 of those 71 listings came on the market in the last 30 days. Now here is one of the most revealing numbers I’ve seen this year. The number of showings recorded for this time segment in 06 was 308 showings (granted – this is a high month). But the amazing number for this year at the same time slot is 538 showings! Nearly double the amount of showings from last year to this year. The final fact is that double the showing from last year until this year only netted 11 more sales in this segment. We went from 104 closed sales in this price bracket to 115. I also noted an increase in Days on the Market.

Our current real estate market is steady – but “lack luster” and is extremely competitive. Underestimating your homes competition can cost you a sale in today’s market. One of the aspects of your homes competition is which agent is handling the sale and marketing of your home on-line and elsewhere. Pricing your home and choosing the right agent is critical key to getting your homes highest value.

The good long term news is that we are a steady market and the next 5 to 10 years look amazingly bright. Look at incoming development both commercial and residential. Note that Raleigh just moved into the Top 50 cities and also just entered the TOP 10 cities in the South. (Why do they count Florida part of the South anyway – I’m all against that. I think we should take out Miami and Jacksonville and then we would be the #8 position and we haven’t even touched Cary , Apex, Wake Forest or Holly Springs !!) Tip: buy real estate now – and lot’s of it.

Today, Wake County and the Triangle’s top 5 neighborhood Appreciation Rates as calculated by housing that has been re-sold through TMLS (Triangle Multiple Listings Service) between 1/1/05 and 6/30/07 are as follows:

Five Points, inside the belt line appreciated at an amazing 12.53%

Brier Creek: somewhere between Cary and North West Raleigh still strong @ an appreciation rate of 11.27%

North Ridge in North Raleigh strong and steadily appreciating @ 8.62%

Cameron Village, inside the belt line @ 8.55%

Stonehenge in North Raleigh appreciated @ 8.03%

Thank you for stopping by – please come again – remember buy real estate and hold on to it for “appreciation”.

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