Raleigh, Cary, Apex, Morrisville Real Estate Times December 2008

Greetings from Hong Kong!!

As you are reading my monthly e-Newsletter, my family and I are enjoying our family reunion in Hong Kong. We will be back to North Carolina on December 5.
As the holidays are approaching, I would like to wish you and your family Merry Christmas and Happy New Year!!

I also want to take this opportunity to thank you all entrusting in me, and giving me an opportunity to work with you and become your friend. I want to express my deepest gratitude and let you know that your confidence and trust in me motivate me everyday to do my best for you and your friends.

The Triangle Housing Market Update

The home showing dropped 16% compared to last year and the supply of homes in Triangle grew to 8 months and the average day on market is 87 days. The expired listing doubled to 871 and more sellers willing to reduce prices. The local home sales dropped 37% in Durham, Johnston, Orange and Wake counties and we had the slowest home sales in the Fall in seven years.
Our overall house values in this area are still holding up fairly as compared to other bubble bursted states and the average home prices climbed slightly in some neigborhoods.
As we look forward to the next several months, the worry of economic recession or even deflation could put some downward pressure on home prices nationally and locally. There are increased supply of homes in our market including those for forclosures, and many builders are slashing their prices to move inventory and attract buyers.
Having said that, I personally still have confidence in the resilience of our local real estate market and expect that our local market is going to rebound sooner and faster than the national average. Site Selection magazine picked the Raleigh - Cary area again this year as one of most competitive cities for corporate relocation and economic development. We still have the competitive talents pool and favorable government incentives to attract new businesses to the Triangle area.
We continue to see investors (locally, nationally and internationally) are looking for commercial and residential properties investing opportunities in the Triangle area. The prices are attractive and the dollar is weak. These investors also have confidence in our market for a quick rebound.
I am personally working with investors from overseas like Brazil, Canada, Australia and Asia and they all are ready to pay cash to buy investment properties in United States.
Our local real estate market has been slowing down and it is currently a buyer's market for sure. There are some great potential buying opportunities for the prudent investors and first time home buyers. For the propective sellers, one could still sell your home with the right pricing strategy and focused marketing to the right buyers.
Please feel free to send me an email if you have any question about buying or selling your home.

Hannah Chan

(Please check out my blog periodically to keep track of the local market and fun things to do in our area.)
My Website:My Website: http://www.caryraleighrealty.com
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