Triangle Connection

It takes time to find the house that is best suited for your family’s needs.  Once you find the house you want, it typically takes from seven days (cash sale and a vacant house) to 45-60 days depending on the sellers need to sell and move and the buyer’s ability to finalize their loan and close.  This means that if you buy a house now you can celebrate your first holiday season in your new home this season!

I’ve spoke to many buyers and sellers this week and they all have two things in common.  First, their confidence in the market is down.  Second, they have high hopes that the market will rebound soon.  I believe their lack of confidence is unfounded in the Raleigh area.  This spring was slow but the market is picking up pace again.  As for their high hopes, keep ‘em up!  Raleigh’s real estate market is still in excellent condition.

Nationally we’ve seen many real estate markets completely fail.  Foreclosures are on the rise as adjustable rate mortgages are eating borrowers alive.  Locally, the
Raleigh market has been less than stellar, but still better than most of the country.  It’s taking twice as long to sell a house this year compared to last which is good for buyers since sellers are more willing to negotiate.  There is a great article on this:   

Home Prices: Steepest Drop in 20 Years, By VINNEE TONG, AP Business Writer 

NEW YORK —
U.S. home prices fell 3.2 percent in the second quarter, the steepest rate of decline since Standard & Poor’s began its nationwide housing index in 1987, the research group said Tuesday.  The decline in home prices around the nation shows no evidence of a market recovery anytime soon, one of the architects of the index said.

Read the entire article by Vinnee Tong at http://www.wral.com/business/story/1750020/