Triangle Home Sales Continue Trend of Increases

Posted on 09/18/12 No Comments

Once again, local home sales have jumped by double digits, demonstrating just how well the Triangle real estate market is rebounding. Compared to this time last year, sales are up by more than 25 percent, according to the Triangle Multiple Listing Service.

One of the better stats to emerge from recent reports is “time on market.” The number of days a home is for sale before a contract is down by 12 days. This is a great sign that indicates a number of things, namely that more buyers are in the market. It also shows that prices are ready to climb a bit because if homes are moving faster, then demand is high.

Much of what’s driving home sales stems from historic low interest rates on standard 30-year mortgages. Additionally, Raleigh, Cary and Durham remain employment hotbeds, nationally speaking. Our urban centers have also improved tremendously over the last few years, pulling in residents who want city living without the high costs of places like New York or San Francisco, for example.

The Triangle is seeing bursts of activity in residential areas that the bubble market made impossible for most to handle financially. Now, some of the region’s most desired communities offer home buyers outstanding value. Again, mortgage rates are helping a great deal.

If you feel like it’s time for you to take the next step into buying, don’t hesitate to give us a call.

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