As of December 2008 the Raleigh real estate market has an average of 11 months absorption rate for homes in all price ranges. This means it is the absolute best time to buy because there are so many good homes to choose from. Right now Raleigh homes have very motivated sellers including: REO, short sales, foreclosures and builders sitting on a lot of inventory. Best of all the interest rates are very low and there is a $7,500 tax credit for first time home buyers. It just doesn’t get any better for buyers than right now.
If you are planning to buy a foreclosure or short sale keep in mind all offers are contingent upon bank approval and the process could take 90 days to get an answer from the banks. Also, the homes are sold “as is” and it is difficult to get REO companies to pay any mortgage closing cost for buyers. FHA short sales will not pay closing cost at all. It is important to know what type of mortgage the short sale seller has before you make an offer so you can structure your offer correctly. If you need closing cost paid you may want to negotiate on a builder inventory home or motivated seller to assist instead of shopping foreclosures and short sales. If you have questions give me a call. My office number is 919-235-0007. I have access to short sales, foreclosures, builder’s inventory and buyer incentives plus thousands of Raleigh homes for sale. It is a buyer’s market which means it is best to explore all of your options with a consultation first.
Have a great day-
Linda