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Forbes: Raleigh Tops in U.S. for Home Sellers

Posted July 24, 2007

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— Although local home sales are flat, Forbes magazine has staked Raleigh to the No. 1 spot on its list of top markets nationwide for home-sellers.

Home sales in the Triangle rose less than 1 percent from a year ago, and closing prices made almost no gains.

But flat sales are better than the sagging markets seen elsewhere in the country, according to the magazine. Forbes credits a thriving local economy and an influx of newcomers for Raleigh's ranking, noting that home-sellers don't have to look far or wait long for interested buyers.

"When you think about the comparison between our market and other markets, there's a big gap," said Phyllis Brookshire, of Allen Tate Realtors.

Brookshire said selling a home in Raleigh usually takes about three months.

"I think we're more balanced than we are a seller's market. But you always have pockets and niche markets that are really hot all the time," she said.

One home inside the Interstate 440 Beltline, for example, sold within 24 hours of listing for $10,000 above the asking price.

Robbin Richardson of Allen Tate Realtors said that shows how robust the Raleigh can be.

"We're having problems with the people moving in here not being able to sell their house (elsewhere). I just put two folks from out of state in rental houses," Richardson said.

Amy Slater, who is moving from Raleigh to New Jersey, sold her 1930s-era house after three months, although she could have sold it much faster.

"The second day it was on the market, I had an offer," Slater said, noting she passed up numerous offers before selling. "I felt like I knew what I should get for the house, based on what was currently available."

But she said she feels lucky to be selling in Raleigh.

"If it were somewhere else, I guess I might still have my house for sale," she said. "Where I'm moving to, the house that's next to me has been for sale for a year."

57 Comments

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  • Obscurite Jul 26, 2007

    "(So why did you move here...?)"

    Lol, there was this little thing about being employed...if I stayed there, I wouldn't be; if I came down here, I would. It's not like people pick the area to move here just to inconvenience Southerners. This is where the job is, people move here because industries move here, industries move here because the laws and finances of a state make it profitable for them to. The population growth of an area has both positive and negative impacts. The technology sector growth here improves schools. The population increase yields more revenue for the state, which helps state social programs. I know how you feel about demographic changes equating to negative impacts personally. The reason my house sold so poorly in CT is that the area I lived in had a heavy dependence on a single corp., when that place downsized the local market tanked. The expansion of markets in this area is the key to longterm survival here...tobacco will only sustain the area for so long.

  • skaternum Jul 26, 2007

    "Interesting perspective, since I lost 30k on the sale of my house when we had to relocate. And just in case you missed the point, notice that home sales barely rose here and are sagging elsewhere in the country, that means people from the north aren't really bring their "big fat checks" but using what they can to pay off their "big fat mortgages"."

    That is an extremely recent phenomenon. I'm talking about the population boom here that has been going on for the last decade, not just the last year when the market started going bad. (So why did you move here, if you were destined to lose money on it?)
    "Also interesting, that you would single out "Yankees" in your post, my neighborhood in Clayton (newly constructed) has as many people from the local area who just upgraded to a bigger house as transplants, and the transplants come all over."

    I singled out "yankees" because that was the topic already being discussed in the thread.

  • Obscurite Jul 26, 2007

    "But what I do object to is the fact that I am footing a large part of the bill for their arrival. The massive population boom generates the need for more roads, schools, and infrastructure. That makes my taxes go up and the quality of my life go down. The people moving here with big fat checks from selling their small but outrageously expensive homes in the Northeast drive up the cost of real estate."

    Interesting perspective, since I lost 30k on the sale of my house when we had to relocate. And just in case you missed the point, notice that home sales barely rose here and are sagging elsewhere in the country, that means people from the north aren't really bring their "big fat checks" but using what they can to pay off their "big fat mortgages". Also interesting, that you would single out "Yankees" in your post, my neighborhood in Clayton (newly constructed) has as many people from the local area who just upgraded to a bigger house as transplants, and the transplants come all over.

  • Obscurite Jul 26, 2007

    "No one likes "outsiders" to move to the place they have lived their entire lives, only to be told their culture is all wrong and hear constant complaints. Imagine a ton of southerners moving to New York and complaining about the bagels being too hard, people not being friendly enough and courteous. They wouldn't last 2 seconds!"

    LOL, obviously you've never been to NYC, that's all they do is complain...these guys would fit right in.

  • Obscurite Jul 26, 2007

    This article is very interesting in the light of an argument that was back and forth over the nation's "booming" economy on another post. When Raleigh has a home sales market growth of less than 1% over a year and nill on profit increase AND is the number ONE place to sell homes what does that say for the "booming" economy? Great for Raleigh, not so good if you don't happen to live here.

    Tmedlin, good to here about Clayton homes, though. I haven't had mine appraised recently.

  • shine Jul 26, 2007

    Ark Razorback............. I am originally from S. Ga. just north of the FLA line. Moved to NC in 73 and looked at the BBQ a few years before I ate it.

    Good NC BBQ is hard to beat it just is different. There is one thing about it - I have traveled the majority of Del. to Fla. and Fla to Texas and no one else has that BBQ. I have eaten bad and I have eaten great in all states. Give it a chance it will grow on you.

    They must not have told Countrywide about Raleigh maybe they could have reclaimed some of their recent losses on all these "pop up Mcmansion neighborhoods around Raleigh.

  • Arkansas Razorback Jul 25, 2007

    I worked for a major homebuilder here in Raleigh for a couple of years. I seemed to notice more people coming from south of the border than up north.

  • Arkansas Razorback Jul 25, 2007

    I was raised about as far south as you can get. I LOVE NC, but sorry your BBQ IS terrible. The first time I ordered a BBQ sandwich here I thought it was chicken salad.

  • meh_whatever Jul 25, 2007

    I think that one of the key take-aways from these comments (okay, a few of the key take-aways) are that a) housing prices might seem great to people who relocated from areas where housing is very expensive, but they're not so great to people who have lived here their whole lives, or moved here from places where housing was more affordable... imagine living here for years, and having people move from other places and pay cash for a 3000 square foot home in a great community, when you have to settle for a townhouse and squeeze your family in, just to keep in a nice area... who'd like that? b) the trees are disappearing too fast, because there's too much development c) things are overcrowded, and if you lived here for years, then you feel a certain sense of 'geez, there's no room for all these people!'.

    I don't care where people are from (I was born and raised here, btw), but I do care about their stances toward the environment and costs of living.

  • skaternum Jul 25, 2007

    My perspective on the "what's wrong with all the newcomers" and how it relates to the actual news story: I don't dislike Yankees.

    But what I do object to is the fact that I am footing a large part of the bill for their arrival. The massive population boom generates the need for more roads, schools, and infrastructure. That makes my taxes go up and the quality of my life go down. The people moving here with big fat checks from selling their small but outrageously expensive homes in the Northeast drive up the cost of real estate. Yes, my property value goes up, but I'm not selling my home, just living in it! So now my tax bill goes up every time the tax appraisal is reevaluated, and my homeowners insurance will go up disproportionally.

    So from my perspective, the bottom line is that my quality of life has gone down, but my cost to live here has gone up. The realtors and developers are getting fat, and those of us who have been here for a while are getting squeezed.

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