Hello – Thanks for stopping by my blog today. At the top of the most frequently asked questions I am asked is: “How will we know when the market has ‘bottomed out’ and when should I buy a home?”
Historically, two major indicators that a market has bottomed out are: a decline in the number of listings and an increase in listing and sold prices. Obviously the key here is making your move at the right time-which would be right before these two items begin to manifest in the market.
Based on sales data provided by MLSs, it appears that we are beginning to realize a slight decline in listing volume. I say “appears” because with the factors affecting the market today-and the foreseeable future-this may be a seasonal issue or being caused by any number of things.
Tracking the listing volume over the next several months will provide additional information regarding this question. In regard to sold prices, this is more difficult. Across the , Real estate-owned property or property in some stage of the foreclosure or short sale process has been driving the price point for real estate for some time now. This is also true in Raleigh, Cary and throughout the Triangle market.
With a significant volume of lending institution-owned property on the market selling at what historically, could be viewed as discounted prices, we do not anticipate seeing an increase in sales prices in the near future.
With sales showing increases compared to last year in most areas in July and early August and slight declines in listing volume, it would appear that the market is slowly changing from the buyer’s market we have experienced for the past year.
A large listing inventory remains, however, and challenges in the job sector-coupled with rising fuel costs and the overall economic state in the country-will undoubtedly prolong the market conditions we are currently experiencing. Our local Triangle real estate market was one of the last if not “the very last” market to yield to slowing sales. If we were the last ones in a slowing market – it is probably that we will be the first ones out of our current cycle.
.When buying and selling real estate, common sense should remain at the top of everyone’s list. This has been-and remains to be-the basis of business success and successful investing in real state. Common sense leads to me review the positive trends that point to a bright future and excellent home appreciation.
We have complied a 20 minute “Smart Buyer Home Buying Guide”. Our power point and video presentation will show you – THE GOOD AND THE BAD about our local market. It will undoubtedly make you a more educated home buyer. Smart buyers make better home choices. The best part is that our guide is absolutely FREE. E-mail me today @ Marti@MartiHampton.com to get edge on Raleigh real estate and Cary real estate.
Stop back soon. God Bless!