Hello – thank you for stopping by my blog today. What have you been reading about Raleigh real estate and Cary real estate? I imagine that the Marti Hampton Team’s version of what is actually occuring daily in our local real estate market since the beginning of 2008 might vary a bit (or quite a bit) from what you are reading and hearing in the local and national news media. Let’s explore.
I am blessed with a very talented and diverse team of professionals. One of my team leaders, Claire Slaughter, has a background in health insurance before becoming a successful real estate broker. Claire was a former Regional Sales Manager for Blue Cross and Blue Shield of NC and Vice President of Marketing at Medical Mutual Insurance Company. Claire has a strong business sense that gives her unique & experienced prospective when evaluating our current real estate market. Here is Claire’s review of the “real world” of Raleigh and Cary real estate:
Have you read a newspaper lately? Or watched the evening news? If you have, I’m sure you’re convinced where real estate is concerned—the sky is falling. You are being told you can’t get a loan, if you could get a loan you would have to have led a perfect life and the price of houses will plummet into the year 2010. Taking all this into account, why should you even consider buying a home in 2008.
Well, not so fast there, Chicken Little!
Here are some things you should know about the Raleigh, NC real estate market.
First, let’s look at mortgage loans. Interest rates are as low as they have been at any time in the past three years, even in 2006 when the Raleigh market was booming. And you don’t have to have perfect credit or a 700 score to get a mortgage loan today. In fact, anyone who qualified for a conventional loan in the past 10 years can still qualify. Local mortgage lenders, both banks and brokers, are aggressively soliciting loan applications. Don’t believe me—-call one.
Next let’s look at the future. Opinions vary as to when the current real estate cycle will end. Be careful about comparing the Raleigh market to the national market. In fact, there is no true national market. Real estate varies state to state and even community to community. True, sales were down in the Raleigh/Durham/Chapel Hill area in 2007 as compared to 2006 when there were record highs, but prices of homes that did sell were 6-7 percent higher than the year before. According to the Comptroller General of the , this area is one of the top 5 markets nationwide for real estate sales.
What does this mean to you as a buyer?
Waiting to buy a home here may not be to your advantage after all. Interest rates are historically low, loans are readily available and prices are continuing to rise. Unlike in recent years, you have the opportunity to make a negotiable offer on a house without having to enter a bidding war with other buyers. And if mortgage rates rise as expected, you may pay more for having waited! By the time you hear things are getting better, the best opportunities are gone. We are already seeing a pickup in the market as we would every year at this time and we expect it to continue into the spring and summer.
People want to buy homes. And when they have a job to pay the mortgage, the ability to borrow and the availability of reasonably priced homes, all of which we do here in Raleigh —they will.
The Sky Is Falling is a great headline but as Chicken Little found out, in some places its only a passing cloud.
Thank you Claire. It is good to hear from you.
Thank you for stopping by today. Please call or e-mail us anytime. We’d love to hear from you. Take care & remember, by the time you hear that our local real estate market is going up – it will be too late to get one of the outstanding values that are available in today’s market. Stop by again soon. God Bless!