We can all be very grateful we live in the Triangle for lots of reasons. With the official release of the Triangle Area Residential Realty report, we have another reason to celebrate our good fortune. Wake County and the surrounding areas have shown a strong appreciation rate this first quarter of 2008.Wake County 4.81%
Durham County 4.22%
Orange County 7.25%
Chatham County 4.82%
North Carolina as a state is also appreciating nicely (4.85%) compared to the first quarter of 2007. Despite the current national real estate market news, as a nation we still had an appreciation rate (0.84%)! As I said, we can count our blessings that we live in the Raleigh area.
Not all the news is good, however. While the average sales price was up 1.27% to $251,185 this quarter, the monthly sales were DOWN -30.21%. There is no question we have more homes on the market and less sales than in the past few years. In Cary, the number of sellers who reduced their prices in the first quarter rose from 172 in 2007 to 371 in 2008 -- making this an excellent time to buy! It’s like the day after Thanksgiving sale in the real estate market.
I currently have several investors actively looking to purchase investment properties. If you, or someone you know, has ever considered building wealth through real estate investing, please pass my information on to them. Now is a good time.
Of course, several specific neighborhoods continue to have a strong market. I took a listing last month and within 12 hours had 7 offers! The seller ended up getting thousands of dollars more than our asking price. There is no question that pricing strategies are the key to get homes sold right now. You can be confident that you will receive the best advice to get your home sold when you allow me to partner with you to sell your home for top market dollar.
The three top appreciating neighborhoods in Cary were Brier Creek, MacGregor Downs and Park Village. Five subdivisions in the Triangle topped the list in the number of sales this first quarter: Brier Creek, Hedingham, Cary Park, Wakefield and Kildaire Farms.
When you need someone with all the right tools and skills to buy, sell or invest in Triangle real estate, call me – your trusted real estate partner!
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