Putting Today's Real Estate Market in Perspective - by Amy Shair in NC

Some things never change. People always ask me "How's the real estate market doing around here?" It's a great question - I'm glad people care to know rather then believe the dramatic and often negative soundbites they get from TV.

First of all, we're much better off here in the Triangle than in other areas of the country. We have a diversified job market. We never had the real estate bubble that places like Florida and California experienced. Therefore, the national reports don't tell the local story. And we all know that real estate is about location, location, location. Foreclosure filings are way down in the Raleigh area as of August 2010.

Second, affordability is back. Granted, that some people can't afford to buy right now because of their job situation or problems with their credit. For those people with stable jobs, you can get a better house price and a lower interest rate. Imagine the idea of holding onto a mortgage for more than a couple years! This is a great lesson for those homeowners who used their house like an ATM to buy cars and keep their not-so-modest lifestyle during the previous 5-10 years. Get a mortgage today at under 5% and other than insurance and property tax increases, know that you will have the best deal for years to come.

Banks are being more cautious about loaning money which is what they should have been doing to begin with. Data shows that recent loans since 2009 are doing well and most are staying current. With house prices decreasing slightly in most Triangle cities and towns coupled with it being a buyers market, buyers can get a house that is reasonable for their income and where they work.

For homeowners who want to sell in the Triangle right now it's not all bad. Homeowners need to be prepared to do whatever it takes to price their house properly, which in many cases means pricing it below what they want or think they need to get from the sale. Pricing + condition = offer. Condition means they have to repaint or do the work - no more allowances for new flooring or solid surface countertops. And sellers cannot turn down showings - you would be surprised to hear stories that local real estate agents have of trying to schedule an appointment with plenty of advance notice to be turned down by the seller. Sellers need to understand that sends a clear message to the buyer that the seller is not serious or motivated to sell their home. In most cases the buyers will not reschedule. The buyers have too many choices to deal with a seller they do not feel is ready to sell and reasonable.

National data is showing that consumer confidence is increasing from 2009. My experience can support that here in NC. I think public sentiment is cautious but the economy is moving. People are out there buying products and services. More consumers are trying to keep local more than they used to - we understand that supporting our neighbors will keep everything going instead of focusing on the cheapest price for a product or service.