Interest rates set to drop this coming Wednesday (Raleigh, Durham: days on market, sales)

[Grizzmeister]

The Fed is about to cut rates for the first time since 2008 as trade war weighs on economic growth

Will this help the Triangle real-estate market bounce back?

[Edward Teach]

Does the Triangle real estate market need to bounce back?

[wheelsup]

The overnight rate is not what mortgages are based on...it's the 10-yr.

[GVoR]

My neighbor just sold his house for 157/sq ft (I paid 138/ sq ft 2 years ago)

Keep that train a rolling

[BoBromhal]

Originally Posted by Grizzmeister

The Fed is about to cut rates for the first time since 2008 as trade war weighs on economic growth

Will this help the Triangle real-estate market bounce back?

bounce back from what?

[DPK]

Originally Posted by Grizzmeister

Will this help the Triangle real-estate market bounce back?

I must have missed something but I don't believe our market went anywhere. Where are we bouncing back from?

[MikeJaquish]

Higher priced homes, crummy homes, and homes in fringe "drive 'til you qualify" areas, will need more than a lower interest rate to sell like mid-market homes in good locations.

MLS records show Resale closings since May 29, Areas 005 Central Cary, 001 ITB, 002 Raleigh, 015 Apex, 010 Morrisville/West Cary:
1315 closings.
Average Days on Market: 22
Median Days on Market: 7

Not much need for "bounce back" seems to be indicated in those areas.

[Grizzmeister]

Mortgage Rates Were Falling Before Fed Signaled Rate Cut

While the decline in mortgage rates hasn’t done much to lift U.S. home sales from their slump, it has important implications for homeowners, buyers and the broader U.S. economy. Mortgages accounted for two-thirds of the $13.67 trillion in U.S. household debt in the first quarter, according to the New York Fed.

[MikeJaquish]

Actually, probably a good topic for the CD real estate forum, since local applicability is eclipsed by the national picture.

[TarHeelNick]

Originally Posted by MikeJaquish

Higher priced homes, crummy homes, and homes in fringe "drive 'til you qualify" areas, will need more than a lower interest rate to sell like mid-market homes in good locations.

MLS records show Resale closings since May 29, Areas 005 Central Cary, 001 ITB, 002 Raleigh, 015 Apex, 010 Morrisville/West Cary:
1315 closings.
Average Days on Market: 22
Median Days on Market: 7

Not much need for "bounce back" seems to be indicated in those areas.

And because Durham and Orange counties exist too....

Areas 101, 103, 104, 105, 106 (South Durham), 113, 114,115 (West Durham/American Village/Duke), 201, 202, 203, 204, 205, 206, 207 (Chapel Hill/Carrboro)...

740 Closings
Average Days on Market: 18
Median Days on Market: 5


Still going strong across the whole core of the Triangle