The Impact of a Slow Market Somewhere Else on Raleigh Home Sales
August 18th, 2007 Categories: Real Estate Market Trends
The Raleigh real estate market is doing great. Forbes magazine declared Raleigh, North Carolina to be the number one seller’s market in the country in a study released in June of this year. Are the slow markets in other areas of the country having an effect on us?
I think the answer to that question is YES. Personally I have buyers ready to purchase a combined $3 million in the Raleigh area as soon as their homes sell in various parts of the country.
The trend of strong population growth due to people from all walks of life relocating to Raleigh continues. Still I have to wonder what our market would be like if relocation clients were not slowed down by the extended time it is taking to sell their homes in markets like Metro DC, California, Florida, Detroit, and a good part of the Northeast.
I just found a lovely couple from the DC area the home of their dreams in nearby Clayton, NC. It took them 50 weeks to sell their home in DC! As crazy as that sounds, this is very much in line with the conditions my counterparts in that area and many other hard hit real estate markets around the country tell me they are experiencing.
Real estate is largely a local business. But it’s complex enough that markets located thousands of miles away can have an impact.
Home sales remain strong for us here in the Raleigh area. Very strong. The big difference for me personally is that I’ve had to get better at keeping in touch with prospective buyer clients over a longer period of time. I’ve also had to get better at evaluating offers for my sellers from buyers with homes to sell in other markets.
If you’re looking to relocate to the Raleigh area send me an email or call me and I’ll be happy to help you establish a plan to deal with all of the complexities involved.
[...] The Impact of a Slow Market Somewhere Else on Raleigh Home Sales [...]
We’ve got 4-8 months of inventory in Tampa….depending on the neighborhood! The market is just starting to pick up!
Thanks for the info Jackie… I’m glad to hear things are picking up in Tampa! Any info on other parts of Florida? I’ve got clients relocating to Raleigh from Orlando and Sarasota who are still struggling with selling their homes.
[...] I still firmly believe that one of the biggest challenges we are faced with is the slow down in the number of people relocating to Raleigh. The demand is still strong among people who want to relocate here. However, many of them are still struggling with selling their homes in various markets around the country. Most people need their equity to buy a home when they get here. [...]
[...] I’ve written before about how various markets around the country are affecting home sales in the Raleigh real estate market. Several of my relocation clients in major markets are having great difficulty selling their homes so that they can move to the Raleigh area. Some of these other markets have more than a year of inventory. Ouch! There is an alternative that is becoming popular and, if you are in this situation, it might just be the answer you are looking for. [...]
[...] I still believe that the slowdown in people wanting to relocate to the Raleigh area, due to the difficulties sellers in other markets are having selling their homes, is what is responsible for the reduced demand. So far sellers are okay waiting another 30 days or so to sell their homes and therefore the pressure on price has not materialized. [...]
[...] This number is more like a healthy January or February number, so sales are definitely off the mark. I’m sticking to my theory about relocation clients not being able to buy here because they cannot sell their homes in other markets. I think this has had a huge impact. [...]