October 2011 Raleigh Real Estate Market Update
We have officially entered the fall real estate season in the greater Raleigh, Apex area. The September 2011 Raleigh housing market numbers show that we are entering the slower season of the year, in an already slow market.
- Less than 1000 closed home sales in all of Wake County
- The Median Home Sales Price dropped 7% to $195,000
- Home sellers in Raleigh still receive 92.8% of their original asking price (unchanged since June)
- It still takes at least 122 days on average to sell a home in the greater Raleigh area.
The Good News for Raleigh Home Sellers
We’ve gone from a 10 month supply of inventory homes in July to an 8.6 month supply, meaning there are fewer homes for sale in the Raleigh area than in July. But, homes are still taking at least as long to sell and sellers are receiving less money for them. Why?
The Bad News for Raleigh Home Sellers
Everyone knows about the historically low interest rates for home buyers, and with homes more affordable now, buyers should be jumping at the opportunity to buy a house. Unfortunately, many home buyers, in Apex, Raleigh and around the country, can’t get these historically low interest rates. A recent USA Today article pointed out that these low interest rates are mostly being given to individuals with higher incomes and credit scores, not the buyers who need them the most. And more buyers need assistance with making a down payment higher than 3%.
Should I Just Rent My Apex/Raleigh House?
One of the best options for Raleigh home sellers now is Lease Option – allowing a potential buyer to rent their Apex, Raleigh house with an Option to Buy the house at a predetermined price within a predetermined period of time. The best benefit for buyers – having the peace of mind that they will soon own the house that they are already living in, while giving them time to save up their loan down payment and qualify for financing. The best benefit for sellers – receiving the buyer’s 3% down payment (non-refundable) and securing a buyer for their Raleigh house. It is a great way to save money on real estate agent commissions as well.
How to Do a Lease Option in Raleigh
First, there is certain language that needs to be in a Lease Option contract, so you’ll want to make sure that you use a contract that contains that language. Second, having a Property Manager oversee your Apex or Raleigh house during the course of the lease will save you a lot of landlord headaches. Put those two items in place, and you’ve found a great way to sell your house, even in a slow Raleigh real estate market.
Have a Question about doing a Lease Option? Just send Hope an email.
