Housing market extremes not typical to Triangle

Posted on 09/17/13 No Comments

 609 Grace Hodge Drive in Cary is for sale by Ann & Amy Real Estate.

Much of the country has been experiencing a rapid climb in real estate activity during the last 18 months, prompting many pundits to communicate concern about another bubble.

Las Vegas, for years the nation’s worst place to own a house, is now on record as having the highest jump in year-to-year home values. (Although much of it is based on institutional buys of homes to be used as rentals, thus rapidly reducing inventory.)

Thankfully, the Triangle hasn’t experienced such a quick jump.

The Triangle remains one of the nation’s most stable and thus, predictable real estate markets. This is helping our growth remain within manageable boundaries, allowing aspiring home buyers to save for a down payment without fearing a sudden a jump in median price that would push them out of the market. Also, those looking to sell can rely on final offers close to or above list, provided competition emerges.

However, inventory remains a concern, as new homes just aren’t going up fast enough and people aren’t selling. As a result, prices are up 22 percent from this time last year, which is significant but not extreme. Interest rates are being closely monitored, too.

Nevertheless, the dramatic swings of the pre-recession bubble are gone from the horizon, meaning that our current concerns can be tackled with time.

 

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