With the end of the tax credit approaching, when do you think homes sales will start to increase in the Durham market?

Asked by Kaedae, Durham, NC Thu Feb 25, 2010

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Michael Colv…, Agent,
Fri Feb 26, 2010
Hi Kaedae
Fritz is exactly right our market has remained relatively stable through all this, and I have seen a surge in activity in the last couple of months especially the last month. The key to selling your home is pricing it in line with the market and if you do that it will equal out if you are buying and selling in the same market, the mistake a lot of people make is thinking they will sell for top dollar and buy at the low end in the same market, no matter what the conditions are this almost never happens. Be thankful our market was not a part of this crazy inflated value and then drastic drops thus leaving homeowners owing more than their home is worth. First time home buyers are a large part of our market so the increase is now before the credit ends after April 30th you may in fact see a short lull in the market again...Homes that are priced right in a good location alway sell.
Michael
Web Reference:  http://www.colvinm.hpw.com
0 votes
Frederick C…, Agent, Durham, NC
Thu Feb 25, 2010
Hello,

I have already noticed a very good upswing in the market so far this year. I do think the tax credit is fueling some of that but I also believe it is a case of pent up demand. Our values have not taken a large hit because over the years we have experienced a much moregradual apprciation rate than some parts of the country. The medical centers & universities that we are so firtunate to have in our area also have contributed to holding values up.
If I can be of serviceto you in anyway, please do not hesitate to call on me, I will be glad to assist you at anytime.

Thanks,


Fritz Hine
REALTOR/Broker
Coldwell Banker HPW
Office: 919-317-4324
0 votes
Deborah Mill…, Agent, Durham, NC
Thu Feb 25, 2010
As a Realtor in the Durham/Triangle Market I am seeing a boost already in this community. I know I have many clients who I am in the process of finding their home and they are hoping to be under contract by April 30. I see my colleagues busier as well. Today I was with KB Homes in Johnston County and they are extremely busy and just sold 8 homes. Yesterday I was with two builders in Alamance(Cimarron and DR Horton) and they have been very busy since the snow cleared . At my office we have had a large increase in listings of homes in the Durham community so I see growth there as well. If I can be of further help please let me know.

Deborah Rigsbee Miller, Real Estate Broker
Coldwell Banker Howard Perry & Walston
Durham, NC 919-491-2826
0 votes
Dan Chase, Home Buyer, Texas City, TX
Thu Feb 25, 2010
From the housing price prediction site below
http://www.housingpredictor.com/northcarolina.html

In Durham home sales have also seen a boost and may soon see a bottom since prices didn’t climb as much as in Charlotte. But the upward surge in housing sales shouldn’t be viewed as the market returning to any sort of healthy equilibrium for sometime since financing is tougher to get and foreclosures are showing signs of growing.
However, the extension of the federal tax credit should act to boost the market with lower home prices and low mortgage rates. Durham is also attractive as a college town to investors, who see investing in the community as a more long turn solution in real estate than many other areas. Durham home prices, however, are forecast to decline an average of 8.9% in 2010.

I expect 2013 to 2014 to be the first year possible for higher prices nationwide unless hyper-inflation happens which it could.

Home sales by numbers are not as important as sales by price. If you have more sales occur because prices drop drastically it only show a reaction to more realistic pricing.
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