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Real Estate Market Conditions in the Raleigh area – Spring 2012 Summary

When people see my little name tag that reads, “Teresa Bowen, Broker / Realtor Keller Williams Cary NC”, many give me a look of sympathy and ask quietly, “how’s it going?” As any good agent should, I reply “GREAT!”  But in truth, it IS great.

I was recently interviewed by Christa Gala of the News and Observer Newspaper to explain the current Raleigh area real estate market conditions and forecast.  I was happy to report that home sales are up by 35% from this time last year, and inventory is down. Our foreclosure rate is only 9% which is enviable for the rest of the country.

Forecasts predict that Raleigh / Cary home prices may fall slightly this year ( 2-3%),  remain even next year, then rise 3%. Read my interview below for more info:

We’re one to watch 

Teresa Bowen Interview News and Observer Real Estate Market
Teresa Bowen Raleigh Real Estate Evaluation for News and Observer
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Cost of Home Ownership in Cary, Raleigh Area is Low!

Many people moving to the Cary, Raleigh area do so for various reasons: our great school system, local Universities, low unemployment etc.  There is another great reason to move to Cary and Raleigh…the fees for basic services these cities provide is relatively low compared to other cities in North Carolina. I can tell you that Cary has a bad rap for high taxes but it is quite unfounded. Below is a chart which shows that the costs of water/sewer fees and taxes combined put Apex and Raleigh are lower than 75% of the other NC cities; Cary is less expensive than more than half.

Wake County tax rates are lower than most

Read more of the article by Micheal Jacobs “Charting Cities’ Financial Stewardship”:

http://www.newsobserver.com/2012/02/21/1871085/charting-cities-financial-stewardship.html

Cary and Raleigh Area Real Estate is Heating UP!

This has been a really really busy Dec, Jan and February for Raleigh and Cary area Real Estate Sales.  Inventory is down, and showings are up. I had a Cary home for sale show 28 times in 6 weeks!!  We were under contract lickety split. (It was priced right and staged well, which is still totally key to selling in this market).

The strength of the Cary and Raleigh Real Estate Market was noted last week in Inman’s annual ranking of the Top 10 Real Estate Markets to Watch.

Andrea Brambila noted, ” To compile the list of 10 markets to watch this year, Inman News looked for markets with above-average median sales price growth, a low unemployment rate, a high rate of sales per population, high affordability, low and falling foreclosure activity, a low share of distressed sales, above-average projected job growth, median household income growth, low and falling vacancy rates, growth in the number of building permits issued, above-average population growth, high projected population growth, and a rise in in-migration from other states.”

Raleigh and Cary Home Sales are up this year

Get the Best Mortgage Rate by having the Best Credit Score HERE IS HOW!

If you are thinking of buying or selling Wake or Chatham County real estate, you need to know that mortgage lenders look up what seems like every detail of your life now to determine if they will lend you money. A primary factor that determines the interest rate that they will extend to you is your credit history. Once a year you can get your credit report for free at www.annualcreditreport.com .  Do not buy anything from any site.   This report does not give you your credit score; however, for that go to a site called  Credit Karma.

Credit Karma is a completely pro-consumer service to empower consumers to learn about how to improve their score and to come up with action plans. Watch this short video by consumer advocate Clark Howard (he’s so geeky he’s cute) click:  CLARK’S VIDEO

Wake County Home Buyers