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Also 30-year fixed rates are averaging 5.87% right now, which is the lowest they've been in over 2 years. With the fed about to cut the federal lending rates again this week, we might see mortgage rates dropping farther heading into spring.
This will hopefully help fuel and uptick in the lousy housing market being seen by most of the country right now, including the Triangle area which is fairing much better than most places.
We are attempting to sell our house here in Virginia and things were completely dead during the holidays, but as soon as the new year hit we started getting more traffic than I expected in this market....which I am very excited about! No buyers yet..but hopefully soon.
...things were completely dead during the holidays, but as soon as the new year hit we started getting more traffic than I expected in this market....No buyers yet..but hopefully soon.
Is this not a tried and true year-after-year cycle?
Yes my experience and understanding that it is a tried and true cycle which is great that it continues. Glad that homes are being sold and as the workers I was talking with today put it glad their families will keep getting fed. If builders can keep their crews working they will keep being able to build with quality. I am certainly looking forward to new neighbors and the remaining lots being developed. Glad to see it is not just my neighborhoods but many others also.
Good luck to those of you out-of-staters still trying to sell. If there is one thing that has really hampered this market, it's the trickle-down effect from potential buyers not being able to sell in other markets. I have several clients up north that have been casually looking from afar for months, just waiting for that decent offer to come in so they can get serious about a new home in this area. I've also had buyers recently who were ready to go and knocked others out of contingency positions. It's a tough situation.
Here's hoping it happens very soon for all of you waiting!
We're one of those out of state buyers who finally sold in December so we are now able to start looking in earnest. We have been told by friends that the market in Raleigh (we're thinking N. Raleigh at this point) has been very slow but that the prices themselves have not gone down at all. The houses are just taking a longer time to sell.
In all the other markets I have had a house, when the house takes a long time to sell (4 months or more), the seller usually lowers the price up front or is willing to accept a lower offer. But I'm told that's not the case in the Triangle. Do you feel that's accurate? Are sellers simply more patient in Raleigh?
We're one of those out of state buyers who finally sold in December so we are now able to start looking in earnest. We have been told by friends that the market in Raleigh (we're thinking N. Raleigh at this point) has been very slow but that the prices themselves have not gone down at all. The houses are just taking a longer time to sell.
In all the other markets I have had a house, when the house takes a long time to sell (4 months or more), the seller usually lowers the price up front or is willing to accept a lower offer. But I'm told that's not the case in the Triangle. Do you feel that's accurate? Are sellers simply more patient in Raleigh?
New Inventory homes are seeing drops in homes thus private sellers are usually dropping their prices.....that being said, there are areas in the Triangle (ones with great schools that are usually not in danger of being redistricted or closer to the business areas) that have retained their values if not appreciated. If you have kids then most likely you will want to end up in one of those districts because of the debacle that is Wake County Public Schools.
New Inventory homes are seeing drops in homes thus private sellers are usually dropping their prices.....that being said, there are areas in the Triangle (ones with great schools that are usually not in danger of being redistricted or closer to the business areas) that have retained their values if not appreciated. If you have kids then most likely you will want to end up in one of those districts because of the debacle that is Wake County Public Schools.
If someone NEEDS to sell for job or other reason and their house is not selling for months they will have to lower their price. This is true everywhere.
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Let's hope it is and stay that way
