When the home buyers tax credit came to an end in April, so did the large amount of home sales it seems, with the Triangle area also being impacted. Many experts had predicted that there would be a decline in home sales, but did not predict that it would be as big a drop as it has been.
The National Association of Realtors (NAR) reported that pending home sales fell a drastic 30% in May. Mike Larson, a real estate analyst for Weiss Research sales say, “Sales fell off a cliff after the tax credit expired. It’s the biggest monthly decline ever and the index is at its lowest since NAR began tracking in 2001.” However, economists do not seem too concerned by this drastic drop in the sale of homes and feel that once the economic recovery returns in full force the housing market will once again heat back up. Economic experts expect the job market to begin to recover later this year, and expect to see the housing market recover right along with it.
Currently the market is very favorable for the purchasing of a new home with much lower home prices, and low mortgage rates.
If you are interested in buying a home in the Triangle area, now is the time to contact Marti Hampton and let her and her team at RE/MAX One Realty help you find a perfect home in Raleigh or the surrounding area.