Raleigh has weathered the housing storm better than many parts of the country, but we are not out of the woods just yet. I am encouraged seeing areas that I serve improve as bank owned properties continue to sell. I even bragged about some of the bargains in outlying areas writing What is urban sprawl worth to you?.
The sky is not falling
The good news is that our market has not collapsed. We still have a large number of areas that are appreciating despite increased numbers of distressed sales. Buyers are bargain hunting and the number of homes for sale is in their favor but careful planning will help you. Waiting until next year to sell your home is not necessarily going to help.
If you plan to wait, then you could be waiting for 3 to 5 years as the market recovers. You also stand to miss out on the amazing mortgage rates we have today when you buy again.
The next big thing
I am hearing buzz that there are about 5 million foreclosures lurking in the shadows waiting to be released for sale nationwide.
Parts of the country already pummeled by the housing crisis, such as Las Vegas, Phoenix and Miami, will be hit hardest. But even some places that have held up relatively well – including New York, Los Angeles and Washington – will suffer, too.
Read more from U.S. home prices likely to sink from the Raleigh News & Observer.
Raleigh is a growing city and many of our home buyers are relocated here. Our market suffers when transplants don’t have as much equity to buy houses here because of slower sales and lower prices in other markets.