Real Estate Facts from the North Carolina Association of Realtors
Posted by RealEstate_Guru
Fact #1: Real estate trends in NC are not linked to the downward trends that have been reported in other areas of the country. According to the NC Association of Realtors, “all real estate is local,” so prospective buyers and sellers should not be swayed by “national” trends. Rather, they should study the NC real estate trends, prices, sales volumes and inventory at the local level. Along with this, buyers and sellers should also know that home prices in North Carolina grow at about 4% per year. Since 2000, average home prices have risen more than 25%. And in 2007, North Carolina had the 7th highest rate of increase in home prices nationwide.
Fact #2: Demand for housing in North Carolina is steadily rising. In recent years, there have been as many at 125,000 existing home for sale in the state. Real estate trends in NC are driven by the fact that North Carolina’s population is growing. In fact, it’s expected that the population will increase by about 400,000 residents by 2010. Related to the housing demand trend is the fact that most people who purchase a home plan to live in it and not to flip it. According the NC Association of Realtors, people buy real estate “to live in it, to establish their roots, to raise a family and to build on the American Dream.” The pursuit of this dream, they say, results in “strong communities, civic pride, comfortable retirement, and a higher quality of life.”
Fact #3: It makes sense to use a North Carolina realtor. There are about 45,000 real estate professionals in the state, all of whom subscribe to a strict code of ethics. Whether you’re a buyer or seller, a strong and honest relationship with a realtor is beneficial because realtors are aware of market trends and conditions. Also, realtors are in touch with pricing trends (both current and projected) and can give sound and effective advice to both sellers and buyers.
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