Ok so real estate isn’t all that rosey, just look at these statistics from the TARR report for the 3rd quarter of 2011;
• There are currently 1,854 active listings listed within TMLS. This is a 20% decrease from inventory levels seen in 3Q/10.
o I actually think this is good news in view of the law of supply and demand.
• New home inventory decreased by 26% and re-sale inventory decreased by 19%.
• There were 1,136 houses entered in to the system as new listings during the quarter, a 23% decrease compared to 3Q/10.
• The average list price is $216,000, adecrease of 1% compared to 3Q/10.
o Given employment statistics I think that this figure is high and we’ll continue to see some depreciation into 2012 and 2013.
• The number of expired and withdrawn listings accounted for 71% of properties listed during the quarter, up from 41% a year ago.
o Wow, nearly 3/4 of all listed homes don’t sell the first time out. That is startling. I imagine that this is pretty much in line with national stats.
So what’s my advice? If you have a home and if you don’t have to move…don’t. Wow, I bet many REALTORS don’t say that!
If you have to move and if you live in Raleigh/Durham then renting your home may be a viable solution.
Additionally, if you have some spare cash tucked away and if you’d like a greater return on your investment; better than banks that is…there are some amazing investment opportunities in the area. Call me, I’m happy to discuss these options with you.