How Should You Rate The North Carolina Real Estate Market?
It depends on the locale...
The real estate market in North Carolina continues to be a hotbed of activity with both commercial and residential real estate markets thriving in every area of the state. Even as the economy of the nation as a whole takes a hit, the NC real estate industry remains bullish with potential for tremendous growth. Real estate values are cyclical and much of what happens is based on variables you can only control. To think the chances of successfully investing in the Raleigh NC real estate market lies in your ability to foresee certain economic trends that affect the market such as employment rates, income levels and consumer spending habits. Your ability to do this will enable you to make wise choices that will ultimately benefit you over time.
One of the indicators of a strong and healthy real estate market is an accurate assessment of the national average of home values. By simply dividing the national average of home values by the number of homes for sale and the current rate of appreciation (based on historical data), you get the percentage of home values that are still growing. This means that home values are still growing at a steady rate, which provides an environment that is ripe for investment. While some areas in terms of the NC real estate market are currently taking a hit, such as the cities of Charlotte and Raleigh, the remaining markets are exhibiting strong signs of potential.
While it may seem like a given that homes in areas such as Raleigh and Charlotte are currently experiencing strong appreciation, there are actually quite a few reasons why you should expect home values to move upward. One of these reasons centers around employment levels. Although more of the job losses in recent times have been concentrated in the manufacturing sector of the country, there is no question that more jobs will be required in those regions as the economy improves. If you take a look at the national average home value and employment rates, you will see that they are both on the rise.
This means that home values are likely to increase in line with rising employment rates. In addition, if you take a good look at the job market trend for the area of the NC real estate market that you are considering, you will find that there are generally higher-paying jobs in this area due to the fact that there is an increased level of regional and national travel. For example, consider that there is a high concentration of people who travel to Charlotte International Airport on a daily basis. This means that there is a high demand for employees who can speak and understand different languages, as well as people who are able to communicate using different systems-such as ATMs, the Web, and emails-in order to do their job effectively.
The high cost of housing in the NC real estate market is also being supported by new construction. NC's home prices are truly driven by new construction. Due to the fact that NC's population has been aging for several years, it is important to note that there has been a lack of new construction for several years. While we have been hearing all of the hype about NC homes that are selling for top dollar, the fact of the matter is that new construction homes are selling for less than what they are being priced. This is an excellent way for first time home buyers and investors to enter the housing market, as well as to purchase NC homes for less than what they are currently being asked.
There are also several homes that are being sold because of the failure of the original construction. These homes generally have shorter sales histories and therefore may not have reached the market value that they are being asked at. Additionally, many of these homes are being sold through foreclosures-which make them less desirable to potential buyers and investors. This is why it is especially important to keep an eye on these NC real estate market trends when searching for NC home loans and mortgages.
There are also several factors in the job market that are contributing to NC home loan and mortgage rates. One such factor is the loss of manufacturing jobs in North Carolina. Right now, there are many people who are losing their jobs to the rising cost of living in NC. Many people who have lost their jobs are now resorting to real estate investing to generate a second income, or to purchase a rental property.
The Raleigh area, like many cities across the country, is facing a real estate decline. However, the good news is that home prices in Raleigh are still slightly lower than they are nationally. As the national housing market improves, you should expect that the NC home loan and mortgage rates will follow. As the Raleigh real estate market rebounds, you should be able to get a great deal on a low-priced NC home.
Also in North Carolina:
Cary NC is a great place for anyone who enjoys living in the city and enjoys all that it has to offer. It is considered to be a melting pot of sorts, because of the mix of people that live here from different backgrounds, cultures, ethnicities, and even educational levels. The city is ranked as one of the top twenty "most livable cities" in the U.S. by the Wall Street Journal and was recently ranked as the tenth safest city in America by the Personal Safety Survey. In addition, Cary has the sixth-most densely populated area in the entire country, according to the same survey.
If you're looking for real estate that has all the amenities of a big city, but with the peaceful setting of a small town, Chapel Hill may be perfect for you. This community sits on the eastern shores of the famous Chapel Hill Lake, which provides many outdoor activities and beautiful scenery for residents. Residents can take advantage of lakefront property with easy access to restaurants, entertainment, beaches, and parks. With its close proximity to downtown Chapel Hill and its affordable real estate rates, this part of the Raleigh real estate makes for a great investment opportunity for anyone who lives in an area where they can get plenty of enjoyment out of every day living.
Apex NC is one of the premiere real estate buyer destinations in North Carolina. With a long history dating back over a hundred years, Apex's unique architectural and cultural heritage draws residents and curious onlookers from far and wide. Apex boasts a diverse population including a large number of professionals, families, teens, young professionals, and retirees. This mixed and matched population ensures that Apex offers something for everyone - not just the young and hip, but also older couples looking to move into place with the amenities that they require.
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The right timing for buying real estate in any market can be challenging to the best of us. Retain the services of a quality competent real estate agent prior to buying in North Carolina or anywhere.