For Triangle, North Carolina and Raleigh realtors, the last few years have not been pretty and while we did see good glimpses of real estate recovery, the good begat the bad and it has often been down right ugly. We all knew that the expiration of the home buyer incentives in April would bring a drop but predetermining activity on North Carolina homes for sale and Raleigh homes activity is much like playing the stock market; there are economic principles involved but human behavior and reaction is not predictable. In May and June of this year, we saw the low showings numbers and the fewer pending sales but were encouraged by the number of home closings in June. But just like when any retail business has a “sale”, more sales are expected and following the sale, the shoppers decline. If your home is on the market and you’re becoming frustrated at the lack of activity, picture yourself as a store in the mall and it is mid-January; the women’s clothing at Hudson Belk is still just as nice today as on Black Friday, the tools at Sears are just as heavy duty, the cosmetics at Macy’s just as fragrant and the Build-A-Bear still has a heart. Simply put, homes were no longer $8,000 off and the shoppers’ excitement has subsided. The majority of homes on the market right now are very nice homes and three great listings that I have here in the Triangle 6502 English Oaks Drive in Raleigh, 7 Peridot Place in Durham and 6729 Middleboro Drive in Raleigh, are three of the most beautiful Triangle North Carolina real estate listings on the market.

When I say “simply put,” that’s an understatement because tax credits and prices, while significant, are only a small part of the country’s economic problems; unemployment and uncertainty are key issues that only time will adequately address. While NC’s jobless figures fell in July, the news was less than encouraging; there’s even news that NC’s true unemployment rate tops 17.8 percent. The lack of both jobs and consumer confidence led to a very cool summer for Raleigh homes sales and the Triangle real estate market. While the average price of re-sales increased 7% and the overall average sales price increased 6%, area Raleigh re-sale listings increased 20% compared to this time last year and are at their highest level within the prior 4 year period; 55% of the Raleigh Durham area has an oversupply of housing. Now, add that July pending sales were down 32%, showings were down 23% and closings were down 33% and what you have is a picture of very sluggish sales.

Residential real estate often drives the economy but now, the economy is driving residential real estate. This all goes back to a blog I wrote many months ago about the role jobs play in realty. If I were to end this article now, I would be doing you a disservice because the brightest news in all that is going on now is that “homebuyers who qualify to buy can get a great buy.” With the number of homes on the market today and the lowest mortgage interest rates in decades, if you’re looking to make a real estate purchase, let’s get your home search started today.

Rick Freeman has been practicing Raleigh real estate since 2001.

A residential broker with the Carolina’s number one real estate firm, Allen Tate Realtors. 

Search Raleigh Homes Online!

The economy grew faster than expected at the end of last year, though the engine of that growth, companies replenishing stockpiles, is likely to weaken as consumers keep a lid on spending.

The 5.7 percent annual growth rate in the fourth quarter was the fastest pace since 2003. The Commerce Department report Friday is the strongest evidence to date that the worst recession since the 1930s ended last year, though an academic panel that dates recessions has yet to declare an end to it.

The two straight quarters of growth followed a record four quarters of decline. Still, the expansion in the fourth quarter was fueled by companies refilling depleted stockpiles, a trend that will eventually fade. Some economists worry that when that happens, the recovery could

Growth exceeded expectations mainly because business spending on equipment and software jumped 13.3 percent — much more than forecast. It’s the second quarter in a row that business spending has increased, after six quarters of decline.

Hopefully, this is good news for the Raleigh real estate market.  We’re seeing signs of growth here in the Triangle area of North Carolina and the homebuyer tax credits have been extended.  Call the Freeman/Davis Team at Coldwell Banker and we can review your real estate goals and form a plan that will aid you in attaining those goals.  Visit us online at www.HomeSearchRALEIGH.com and www.FreemanDavisHomeTeam.com for more details. Find us on Facebook at www.HomeSearchRALEIGH.info.

Consider destinations
Where will family members go most often from this new location? How easy is it to reach those places from the house? How accessible are schools, churches, grocery stores, medical care, public transportation, shopping malls and emergency services?
Be sure rooms have a view
What is the view from the house and yard? Is the yard right for your anticipated activities? What uses are possible for nearby undeveloped land? Is a new road or commercial development planned?
Check around the clock
 Is rush hour traffic a problem? What will be the impact of special events such as local high-school games or church picnics? Crash test the driveway. How easy is it to get into and out of the driveway?
Be service conscious
What utilities serve the property? Are the rates competitive? Do you want an all-electric house, or do you want gas or oil heat? Where will you get your mail? Are there any easements?
Dig below the surface
Is the soil stable? Is part of the property on a flood plain? If so, what is the history of floods on the property and what would flood insurance cost?
Visit the neighbors
How will you fit in with the neighbors? Do people seem to be friendly? Are houses well-maintained?
Read the fine print
If the community has special by-laws or architectural controls over changes to a house, what are the pros and cons?

Make a list of the positive and negative aspects of each property as you tour it. Assign priorities to important elements of the house’s location. If you have questions about a home’s location, we can help.

Call 919-649-6638 or visit www.FreemanDavisHomeTeam.com or www.HomeSearchRALEIGH.com and click the “Contact Us” button.  We are here as your TRUSTED ADVISORS and to help you make GOOD DECISIONS!  Rick Freeman and Amy Davis, award-winning Coldwell Banker / HPW Real Estate Brokers.