6020 Creedmoor Road, Raleigh, NC 27612 ~ Cell: (919) 280-2726 ~ Erin@HomesInRaleigh.org

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Raleigh Housing Market Report

Homes in Wake County, April 2011

Closed Sales
Average Sales Price
Average Days On Market Until Sale
Number of Homes For Sale

April
2010
1,311
$244,715
100
9,659

April
2011
946
$242,462
128
8,512

Annual
Change
-27.8%
-0.9%
+28.5%
-11.9%

Data from Triangle Multiple Listing Service

"Opportunity is a favorable occasion for grasping a disappointment." Ambrose Bierce

April data shows:

• The number of Raleigh home sales fell by 27.8% from April 2010.
• The average Raleigh home sale price was down by -0.9% from the previous year.
• The number of homes listed for sale fell by 11.9%.
• The average time it took a home to sell a home in Raleigh increased by 28.5%

What Does All this Mean?

If you are a buyer, it can be no clearer that now is the time to buy. If you are contemplating selling your home, there are things that you can do to make this market work for you. With proper representation by a skilled Broker who is a strong negotiator, there is a whole array of absolutely marvelous opportunities to buy and own a home of your dreams at dream-like prices.

There are short sales and foreclosures, many of which are in excellent condition. (By the way, if you would like some information as to the specifics involved in either Short sales or Foreclosures and what they mean, please contact us. We'd be delighted to provide you with some important information for each.) These distressed home have proven to be outstanding investments for many of our clients.

The regular inventory of homes also has extraordinary buys. If you are currently renting, you are almost guaranteed to find a comparable home for no more than you are now paying in non-tax deductible monthly payments.

Now some notes for folks out there who might like to put their homes on the market but, based upon statistics just feel that they can't. There is the nagging fear that they will just take a bath on the value of their present home.

Yes, the possibility of reaping a profit on a present home probably isn't there. But, there is good news if you are looking to move up to a larger, more expensive home.

Let's say you have a home which might have sold for $200,000 in a previous market. It be that you may take a hit of maybe 10% or $20,000 less than you would like to get. Now, you find a home that you fall in love with that might, at one time, have sold for $350,000. But, you now can buy that home for 10% less. That's a savings of $35,000. So, you may be disappointed with the $20,000 you didn't get when you sold but, what about the $35,000 that you saved on the home of your dreams? You are $15,000 ahead of the game!

We've gone through cycles like this before. So, take advantage of this particular cycle. You will be glad you did.

Take care and we will be back next month.

Ed and Erin

Triangle Multiple Listing Service Local Market Updates - April 2011

Feel free to contact us with your questions about the Raleigh housing market. We're easy to talk to and can answer questions you may have about current Wake County market conditions, interest rates or what we see happening on the ground.

If you're interested in selling your home we'd be happy to provide our recommendations and input on how best to proceed to market your home to the buying public.

We'll also provide you with a neighborhood report that will let you know what has been happening with home sales in your individual neighborhood.

Email Us to request a Raleigh Neighborhood Report Sample

If you have questions about the Raleigh Housing Market Email Us or Call Us Today at 919-280-2726

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