Where To For Home Prices?
February 26th, 2008 categories: Home Selling Advice, Real Estate Market, Real Estate News
A big question right now is where do home prices go from here? The national news has story after story about falling home prices. An article on Yahoo Finance, “Existing Home Sales Decline“, isn’t very optimistic for the near future. Basically, sales of existing homes fell 12.7% in 2007. That’s a national average. Some fell more, some fell less. And there are pockets that went up, too!
Prices, nationally, are expected to continue dropping until the end of 2008 or into 2009. There is a pretty good inventory of houses that need to be sold to end the downward pressure on prices.
Locally, in Chapel Hill, we do have a lot of unsold homes at this time. For the East Chapel Hill School District there is a 12 month supply of existing single family homes. However, we are lucky to have a pretty good buyer base. The universities, medical centers and RTP all provide a pretty steady supply of buyers. Plus, more people are moving INTO North Carolina, so that helps as well.
All is not doom and gloom. But it does mean if you have to sell, your house has to be a “cream puff”, the prettiest house on the block. Give me a call. I’ll help you make sure your house is the best one out there.
