Local market is starting to fire up!
This past Sunday, 24 different buyers came to 4 Kaspar Team Open Houses, which we ran on the same days, Sunday, February 9th, 2007.
That in itself may not sound so remarkable, but just 60 days ago, we did a few Open Houses and just one buyer showed up. With interest rates so low, hovering about 5%, and over 17,000 homes on the market in the Raleigh, Durham, Cary area, buyers are starting to get the message. Now is a great time to buy. Many sellers who put their home on the market in Cary, Holly Springs, Garner, Raleigh, Wake Forest, and Clayton, have now been trying to sell for over 150 days! So prices have been going down on that inventory, which was offered starting in October and over the holidays.
Meanwhile, new listings are coming on higher, due in part to the new Tax Assessments, which in many cases went up 20% to 30% and more. Although sellers should realize in North Carolina that tax rates have no relationship to market rates. Tax Rates are just a way to get more money from property owners, and are fixed for several years. The market can go up and down, the tax man gets his at a guaranteed rate.
I urge sellers to stop looking at tax rates, and only focus 3 things: 1) Similar square footage homes on the market now and their cost per square foot. 2) Similar size homes that sold and transferred ownership in the last six months, and 3) The condition, features, maintenance, age of critical systems like heating and cooling, room, etc., and how the current condition of their home compares with others on the market and recently sold. Then we'll establish a price $5,000 or $10,000 higher in most cases, and market it aggressively. With my system of Internet Advertising, and local marketing, homes usually sell before the average time.
For current market statistics, background and expert real estate advise and service for the Research Triangle Area, Cary, Apex, Raleigh and Durham, go to: www.kasparteam.com
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