10 Things About Today’s North Carolina Real Estate Market

1 - THERE’S NO SUCH THING AS A NATIONAL REAL ESTATE
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 generally are still worth more now
than they were just a few years ago. In fact, since 2000, the average
home sale price in our state has risen by 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, exceeded only by 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
Housing 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 homeowner’s 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 prospective 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 – your 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.

Raleigh NC Real Estate