Where has the summer gone? It is hard to believe we are halfway through July. I wish I could report record sales this summer but, we are experiencing a “hangover” from the tax credit boom that ended April 30th.
Where is Everyone?
Since the deadline passed there has been an unusually huge lull in the market for May, June and now July. So many buyers that would have purchased in May, June and July bought in April to receive a tax credit. So if you feel it is quiet you are correct.
What Is Happening With Homes That Are For Sale In The Raleigh Area?
Sales reported on MLS are way down from earlier in the year as well as from the same time period last year. Each day the inventory of homes for sale rises as sales decrease. We do not know how long it is going to last as the market tries to find normal. So, I am starting a new advertising campaign to try and educate buyers to be happy that they missed the tax credit. It is a much better time for them to buy now. If they had purchased a $200,000 house in April to receive an $8,000 tax credit they would have paid $54,612 more for that house over 30 years. Interest rates were at 5.5% with the tax credit. Now they are at 4.25%. The reality is now is a better time to buy a house they can save $54,612 dollars!!!
Have a wonderful week and please call or email if you want to strategize about what would be a wise decision for your real estate investments.