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Mo Kane, Real Estate Pro in 01083

Hi Raleigh! My brother lives in Raleigh and is thinking about selling his home....

Asked by Mo Kane, 01083 Mon Feb 9, 2009

How is your market? What is the average DOM? Which price range moves quickest? What features are local buyers most interested in? Which companies have the most market share? My brother has not decided to sell his home yet, he may wait for more equity. I could answer his questions, if only the Mass MLS worked for Raleigh!! Any info would be very appreciated, Thanks

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BEST ANSWER
Hi Mo,
In December, home sales in Wake County increased by over 5%. Inventory dropped by 11% and inventory levels in Wake County are at 6 month supply. As far as home appreciation, Wake County’s has maintained an average appreciation rate of 4%, while the rest of the nation has seen negative figures.
In Wake County, my company, Fonville Morisey had the highest market share in 2008 for resale listings and resale listing under contract.
Homes ranging in price from 150 to 400K are moving the fastest and avg DOM was 69 for Dec 2008 sales in this price range for Wake County.
I would be happy to discuss other pertinent statistics with your brother and help him determine whether this is a good time for him to sell his home. If I can be of more help, please don't hesitate to call me at 919-740-2451.
Best,
0 votes Thank Flag Link Mon Feb 9, 2009
Mo,
Our market is picking up, esp in the last two weeks and luckily we have not suffered as much as a lot of areas in the country. Regarding DOM there are stats we can provide but they really vary depending on the price point of the homes. As to your question about features, the majority of people are looking for downstairs living, especially those over 40. Each pool of buyers from different age groups have different wants. As another agent has commented, Fonville Morisey with whom I also work, has the areas largest market share and enjoy a great reputation in the area.

If your brother is planning to wait for more equity this too may all depend on his goals. Is he planning to remain in the area? If so, the amount of standing inventory of new homes is at a point where he may gain his equity more so from the instant equity he would gain on the buy side. Builders have reduced prices to free up capitol for new startups. That coupled with the great rates is where he may see the most gain. If he is planning on leaving the area, then that would depend alot on the property he has now, ie: location, price point, and condition.

I'm more than happy to speak to you and narrow down the advise with more information so feel free to contact me.
Leigh Bennett
Fonville Morisey Realty
919-868-9177
Web Reference: http://www.raleighann.com
0 votes Thank Flag Link Tue Feb 10, 2009
HI Mo, All good questions and as you know it "all depends on..." my team can provide you with many statistics based on his neighborhood and area. You can check out or blog on our web site http://www.TriangleHomeCoach.com because we talk about these questions often, Depending on which part of Raleigh or the surrounding areas he lives in I would direct you to one of our teams agents who specialize in that area.

Thanks,
Steve Henion
0 votes Thank Flag Link Tue Feb 10, 2009
Mo,All the points expressed by the other agents are valid yet it will boil down to the specific market of your brother's house.What is the condition of his house conpared to his competition?Will he price the house to sell or price to gain equity.Those are two different scenarios.It would be unwise to pass judgement on your brothers possibilities without knowing Location,Condition and Price.

Regards
Roger Kenney
0 votes Thank Flag Link Tue Feb 10, 2009
The Raleigh market is typically the last in and first out of an economic downturn. The average list to sale price ratio is still around 97% and for the most part, homes still sell within the first 90-95 days if priced accurately. The company I work for, Fonville Morisey/Long & Foster, has the largest market share in Raleigh, Wake Co, and Triangle-wide. Price ranges under 400K move the fastest, mostly due to the fact that there was some overbuilding of new construction homes area-wide in the 450k+ category, so it will take a while for the inventory to get absorbed. In our last sales meeting, we discussed that the area is back down to a 6-month inventory as opposed to 9 mos. as it was previously. It is area specific and price range specific...some parts of Raleigh/Cary/Morrisville/Apex may have much higher inventory depending on price range. Buyers here prefer hardwoods and tile in new construction on the main floor (again, depends on price range), stainless steel appliances, and granite, quartz, or other solid surface countertops. The trend in most new construction has fixtures with nickel or oil rubbed bronze finishes...not brass. If you need a referral agent here, please feel free to give me a call or send an email. I could give more specific info if I knew the area he lived in...let me know if I can do some more "digging" for you. Have a wonderful evening!
0 votes Thank Flag Link Mon Feb 9, 2009
Our market is pretty good. Better than many.
Of course, price point and location are key.
Excellent properties in the $225,000-$350,000 are in the real sweet spot right now.

Look for about 70-80 days on market, with well-priced and well-kept homes moving much faster.

Buyers want location without huge compromises like backing to highways or powerlines. Highly desirable are excellent overall condition, and open, modern floor plans with updated fixtures and hardware. Granite, tile, hardwood, great appliances, mouldings, lighting, decks and screen porches are all desirable.
Web Reference: http://MikeJaquish.com
0 votes Thank Flag Link Mon Feb 9, 2009
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