The news on TV and radio can be very confusing because it is usually national news and not local news. Recently on the news, reporters were boasting that the US may see a 6% increase in prices this year. I love the positive thought train here but, there is no way we will see that in the Triangle. 4.5% was the Wake County average appreciation when we were in our glory days of the 2004 – 2006 market.
Our area depreciated in 2012 and is expected to see a 1% gain at best this year. Another report in the N&O this week summed it up very well.
It reported truth for our market based on real MLS sales data. The report read: “The inventory of homes for sale has decreased over last year and the number of buyers has increased over last year but, prices are still flat”. Keep in mind this article was also written in the season where inventory levels of homes for sale are always at the lowest point in the year. Unfortunately, we do not have a crystal ball to show where the inventory levels will be this spring. As the news reports the real estate market is better than it actually is, more sellers will bravely start re-entering the market again. This will cause inventory levels and your competition to increase.
- MLS shows 10,384 homes for sale today.
- In the past 30 days 1,523 have closed.
- This is a housing supply of 6.8 months which is still a buyer’s market.
- Appreciation does not occur in a buyer’s market. I own a lot of real estate and also wish that I might see 6% gain this year but, it will take a miracle like a man walking on water.
However, activity has increased. There are a lot of buyers shopping for homes right now and we at Linda Craft & Team are very encouraged by the positive vibes in the market. Since there are no crystal balls, time will tell which reporter was right in their predictions. This is one of those times that I would welcome being wrong. I would love a 6% gain for our market too.
If you would like to have a confidential consultation about your property here in the Greater Raleigh Area please visit our website or call 919.235.0007.
Have a great week,