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10 Things You Should Know About Today´s North Carolina Real Estate Markets
1. There´s no such thing as a national real state market. If you read the newspapers, it´s easy to get the idea that real estate markets are the same everywhere. If conditions are bad in Orlando or Los Angeles or Chicago, they must be bad everywhere, right? Wrong. All real estate is local. When you´re looking to buy or sell, pay attention first to sales price trends, volume and inventory in your target market or region, rather than to misleading headlines about national sales trends.
2. North Carolina Home Values are Stable. In 2007, the average sales price of a North Carolina home grew by 4 percent, an indicator that homes generall are still worth more now thatn they were just a few years ago. In fact, since 2000, the average home sale price in our state has risen more than 25 percent. And in a 12-month period through September 2007, North Carolina had the seventh-highest appreciation in home prices in the country.
3. Housing demand in North Carolina is on the Rise. Even in what was considered a down year in 2007, there were more than 125,000 existing home sales in North Carolina ? that´s the third highest number ever, exceeding only by the 2006 and 2005. And estimates indicate that the Tar Heel state´s population will increase by more than 400,000 by 2010. These new North Carolinians will need a place to live!
4. A house is where you make a home, not just a buck. Most purchasers don´t buy a house to flip it. They buy it to live in it, to establish their roots, to raise a family and to build on the American Dream. The value of strong communities, civic pride, comfortable retirement, and a higher quality of life can´t simply be expressed on a balance sheet.
5. There are hundreds of reputable mortgage companies ready to lend. If you have good credit and a realistic understanding of what you can afford, getting mortgage approval to purchase a home can be more easily attained. Help is also available through the North Carolina Finance Agency and other organizations.
6. Owning a home builds wealth in a way that renting can´t. According to the Federal Reserve Board the average renter´s net worth is $4,800. Contrast that to the average homeowners net worth of $171,000. Clearly, it pays to own a home, as the hard-earned equity you build will pay future dividends.
7. It´s a prime time for second homes. Savvy investors and prospectives retirees understand how important real estate is to their portfolios. Nationally, about one third of all home sales are second homes or vacation properties; in North Carolina, that figure is nearly 40 percent ? largely because of our inventory and desirable locations in the mountains and on the coast.
8. It makes sense to use a North Carolina Realtor®. If you had a $150,000 legal question, would you deal with it without an attorney´s assistance? If you had a $150,000 income tax issue, would you dare risk not consulting a CPA? There are nearly 45,000 REALTORS® in North Carolina, who subscribe to a strict code of ethics and are expected to maintain the highest level of knowledge of the process of buying and selling a home.
9. Now really is the time to buy. Interest rates significantly dropped twice in January in an effort to stimulate the national economy. While North Carolina´s economy hasn´t suffered as much as some states, we nevertheless can benefit from these lower interest rates. The bottom line is this: If you´re a buyer, this market is for you!
10. And if you´re a seller, be patient . . . and smart. Price your home correctly ? you home´s value is what someone is willing to pay for it, not the price that you think it should sell for. Competitive pricing is the single biggest reason that a home sells or does not sell. REALTORS® know the marketplace and help you determine an optimum sales price.
Information courtesy NC Association of Realtors®
The Rush is on for Raleigh North Carolina Real Estate!
 Raleigh and Durham North Carolina together ( Raleigh-Durham) with nearby Chapel Hill comprise the area locally referred to as The Research Triangle. The US Census Bureau recently named Raleigh North Carolina together with the adjacent city Cary North Carolina the 10th fasting growing metropolitan areas in the United States. The rapid growth of Raleigh and Durham is most understandable when you consider Forbes magazine named Raleigh North Carolina the 2nd best place for business and careers. In addition, Expansion Management magazine named Raleigh North Carolina the 16th Hottest City for Business Relocation and Expansion. Business is booming with the area having all the right ingredients. According to Public Policy Forum, Raleigh North Carolina is the #1 city in the nation for Federally Funded Economic Development Incentives. Our workforce is young! Forbes magazine called Raleigh Durham North Carolina the 6th best city for singles. Kiplingers Personal Finance has named Raleigh North Carolina one of the top "Seven Cool Cities" for Young Professionals.  Were smart! The US Census Bureau calls Raleigh North Carolina the 3rd most educated city in the country. North Carolina State University at Raleigh was named by Princeton Review the 2nd best value public college in the country.
Our business schools are outstanding! US News and World Report ranked Duke University Fuqua School of Business in Durham North Carolina the 11th best College in the nation. That same report named Kenan Flagler Business School at the University of North Carolina at Chapel Hill the 20th best. Were innovative! The Silicon Valley Leadership Group has called Raleigh Durham North Carolina the #1 area for Tech Business. Entrepreneur magazine has called Raleigh Durham the 3rd Hottest City for Entrepreneurs.
But were not just about business. Raleigh Durham North Carolina has been ranked by Fast Company magazine among the Top Ten Fast Cities / Hubs for Creative Class Talent. Duke Medical Center located in Durham North Carolina was ranked the 7th best hospital for specialty care by US News and World Report. Prevention magazine calls Raleigh North Carolina the 10th best walking city. The Sporting News calls the Research Triangle area the 12th best area for sports -- a ranking put punctuated by Raleigh's own Carolina Hurricanes winning the Stanley Cup as the best team in professional hockey. Then again, perhaps it is just our central location between the beautiful Blue Ridge mountains and its ski resorts and our pristine beaches making Raleigh and Durham North Carolina a veritable sportsman's paradise.
It all adds up to a 5-Star Quality of Life reported by Expansion Management magazine and the reason why so many families are moving to Raleigh North Carolina.
Make the Raleigh Durham North Carolina area your number 1 place on your list when you think of relocating. It makes even more sense now that Veros Real Estate Solutions of Santa Ana CA projects that home prices in Raleigh North Carolina and Durham North Carolina are expected to rise at the fourth highest rate in the country over the next year. After all, it is not just a home, it is your largest personal investment.
Whether you investigating are the advantages of moving to a location where housing is both affordable and increasing in value, waterfront property on either Kerr Lake or Lake Gaston or looking at advanced investment strategies for developing your real estate portfolio, in the Raleigh or Durham North Carolina area doesn't it make sense to use a Realtor who understands the area and its business environment. We do! We know the area, its housing including available Green Building homes and where the area is growing. We are Marsha Burger and the team at Hallmark Real Estate.
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Marsha Burger and the Hallmark Team |
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Serving Raleigh, Wake County and the Research Triangle |
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