The real estate market in the country is reviving and people are rushing to acquire properties to take advantage of the booming market. However, it is worth noting not all parts of the country that are suitable for investing in real estate. The real estate market in some cities is still struggling to catch up with the rest of the country. For those who are planning to invest in properties in Raleigh, the following is an insight on the city’s real estate market trends.
Before we get in to it, lets take a quick look at beautiful Raleigh, North Carolina:
8 Things You Need To Know About The Raleigh Real Estate Market:
1. It Is Easy To Find a Reliable Raleigh Property Manager
Many people fear to invest in rental properties because they are not sure if they will get a reliable and affordable real estate manager to take care of their investments. However, it is very easy to get a reliable Raleigh property manager to take care of your investment. This makes it easy to invest in the city’s real estate market because you do not have to stay there and manage your investment.
Looking for a reliable property manager? Visit Schambs Property Management in Raleigh
2. Buyers Are Not Quick To Buy Properties
For those planning to sell their properties in Raleigh, it is worth noting that buyers are not are not quick to buy properties due to high prices. Property buyers are reluctant to close deals in some parts of the city, hoping that prices are going to come down in the near future so that they can buy cheap. This means that property sellers should not be surprised if their properties stay in the market for several months because they will eventually find a buyer. You can also hire a Raleigh property manager to help you advertise your property to potential buyers so that you can sell it quickly.
3. Mortgage Rates Are Expected To Go Up In The Future
Those planning to buy properties in the Raleigh should do so now because mortgages are expected to go up in the future. It will be difficult to get financing in Raleigh in the coming five years because lenders are expected to increase mortgage rates if the current rates are something to go by.
4. Home Prices Are Expected To Go Up
Although the market is yet to catch up with the rest of the country, properties in Raleigh are expected to continue gaining value steadily in the next five years and prices are expected to go up. The number of inventories is expected to remain low in and the rising demand is expected to push the prices upwards. This means that those holding properties in the city will make more money if they sell them in the future. Properties are gradually gaining value and the trend is expected to keep on going up in the future.
5. The Housing Market Is Still Lagging Behind the Rest of the Country
Although the housing market in Raleigh is reviving, it is still lagging behind the rest of the country. Properties are relatively cheaper and rental rates are not as high as in other big cities in the country. The number of houses sold and bought in the city is still low when compared to the national average sales. Generally, the Raleigh real estate market is not a fast moving market and it is yet to recover fully from the 2008 crisis and catch up with the rest of the country.
6. The City Residents Can Afford To Buy and Rent a Nice Home
More people in the city of Raleigh are now working and can afford to pay for a good house in the city. The employment rate in the city has increased tremendously and the number of people buying houses in the city has increased greatly in the recent years. Those who cannot afford to buy their own home are able to rent a decent housing. This means that those investing in the city’s real estate market are going to make good returns from their investments.
7. House Construction Is On the Decline
It is worth noting that although the demand for housing in the city is increasing gradually, the number of new houses constructed in the area is on the decline. This trend is likely to push home prices upward in the coming years because the supply will be far much above the demand.
8. Home Prices Are Below National Average
The real estate in Raleigh is growing, but the trend is not as speedy as it is in other parts of the country. Home prices are still below the national average and the market is still a buyer’s market. This city is a good place for buying properties to hold so that you can sell at a profit in the future and for flipping homes. Those planning to invest in the city’s real estate market should do so now when properties are still affordable.
Guest Post by Raleigh Property Management Company:
Schambs Property Management
Address: 1157 Executive Circle, Ste. A, Cary, NC 27511
Phone: +1 919 803 7789