VIDEO: Triangle home sellers are doing well in the midst of inventory concern

Posted on 06/26/14 No Comments

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Click image to view video on WRAL.com

New home sales are moving steadily in the Triangle, up by more than 18 percent in May, according to the above video. This is the largest month-over-month jump in new home sales in more than 20 years.

One of the issues still concerning folks like us is the relative shortage of existing homes, which explains the big jump in new home sales. Thankfully, builders in the Triangle recognized the trends and worked hard to alleviate the fewer number of existing homes hitting the market. But, this also means that when a seller is ready to list, they can rest assured they’ll be getting a very good number. Simple economics suggest that when supply is low and demand is high, sellers win. (Naturally, there are always extenuating circumstances that could impact sales price beyond market trends.)

The Raleigh-Cary area continues to see its footprint expand and national reputation strengthen, and as more builders continue to create such an array of home sizes and styles and price points, we can confidently expect more growth over at least the next decade. We’re very fortunate to also be benefitting from a macro-influx of people to the greater Southeastern United States. It’s been one of the nation’s hottest growth markets for jobs and homes for years.

With so many highly regarded colleges and universities anchoring the region, there’s little doubt in the future of the Triangle’s economy. Essentially, our outstanding academic resources, from top to bottom, feeds our economy. In addition to local attendance, a wide array of national and international students come to the Triangle for an education, and stay for the lifestyle. Point is, we have a lot to offer, including affordable homes.

 

 

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