At a cookout, in the grocery line or at the soccer field, someone trying to make conversation will invariably ask an agent, “How’s the market?” A good response is, “It depends where you live.” Actually the correct answer is more complex than that, and it’s always changing, but where you live is a good place to begin.
The Triangle market is strong when compared to many other regions of the country, but anemic when compared to the bubble years. Raleigh, Chapel Hill and Durham each have their own markets conditions and within each of them there are hundreds of micro-markets that differ due to location, price range and age.
The strongest market has been what I call the “shelter” properties composed of primary residences and investment properties up to the $400,000 range. The upper or “lifestyle” market has been much slower in spite of generous discounts by motivated sellers.
Some buyers believe that they can get the most value by just considering properties in foreclosure or short sales, not realizing that all properties should be priced in relation to the most recent sales in their neighborhoods, foreclosures or not.
There are other mini-markets such neighborhoods near universities, medical centers, high achieving school districts, and certain downtown areas that are holding their value better than others.
If you are a buyer this is the ideal time with prices just beginning to tick upward and interest rates still unbelievably low.
If you are a seller, you can only control what goes on inside your property lines so put your property in tip top condition, stage to attract the buyer’s eye, and price aggressively right out of the box.
Navigating this market is challenging even for professionals, so choose your agent wisely. Let our knowledge be your edge.
