I think the housing market has hit bottom in the Raleigh N.C. area and actually is headed back up. Cases to support that. 4 of my last listings sold in less than 30 days. Yes, Almost a Million Dollars in Real Estate, sold in less than 30 days in February to close in March. One in 14 days and another in 19 days. The other two at 27 and 28 days! That's better, much better than in the 90s when everyone seemed to be moving to the Raleigh, Durham and Cary Triangle.
It takes buyers to buy those homes, and they are getting the loans to buy them too. So all this gloom and doom is reporting on pockets like Orlando, Florida, where the market is really not good at all. But Raleigh? It's a different real estate market here.
More good news: FHA raised the minimum loan amount for mortgages in our area to $295000. This means you can sell a house over $300,000 and the borrower can obtain a FHA mortgage! The rates are good, the down payment can be a gift (or a Down Payment Assistance Program) and the credit scores are much more forgiving!
Regards,
Vic
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1 comment:
There is no way that the market here as bottomed!!
Maybe on the low end, under $400K , but over $400K there are allot of empty houses and there will be more.
I believe we will see a drop to 2002 prices.
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