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Wake Feels House Market Woes, but Less Than U.S.

Posted April 24, 2008
Updated April 25, 2008

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— Home sales have plunged to the lowest levels in 16 years, according to statistics released Thursday. But of all regions in the country, the South saw the smallest drop.

In Wake County, new homes are going up faster than buyers can scoop them up, but the market has not fallen apart.

“It’s a buyer’s market, in that there’s more inventory. That’s absolutely correct,” said Realtor Tina Barletta, of Re-Max Classic.

Barletta said the homes are selling eventually, however.

“It’s just taking longer to sell a home. We’re still getting decent pricing on homes, both in Johnston and Wake County,” Barletta said.

Nationwide, that isn’t the case. According to the U.S. Commerce Department, the median price for a new home sold in March dropped by 13.3 percent compared with last year at the same time. It is the largest year-to-year decline in nearly four decades.

Brian Oliver said he is hoping his home will buck the national trend, too.

“I don’t know if there’s ever a really good time to sell a home. You want to sell a home at an opportune time and get your money back. You don’t want to lose money, but it only takes the right person to come by to purchase your home,” he said.

Oliver said he went into selling his home with the expectation it would be a six- to eight-month process. The fact that he doesn’t have to sell or drastically lower his price will benefit his neighbors when they go to sell their homes.

“If he continues to decrease it because he has to absolutely get out of the house, yes it can have an impact,” Barletta said.

Oliver’s home is priced-competitive, similar to most homes in the area. The Triangle Multiple Listing Service says the average sales price for a home in Wake and Johnston counties has gone up since January.

16 Comments

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  • DurhamDude Apr 25, 2008

    You really can't blame WRAL for sensationalizing the news. That attracts a lot of people and they not only have a public interest to maintain, but a profit to stay in business. Do you think Jim Goodmon wants his station to lose money?

  • cam7002 Apr 25, 2008

    Yeah, Wake County has done better than most, but I agree with the other post that this is another WRAL puff piece without the benefit of real reporting backed by objective evidence. Jeez, reporters are getting lazier and lazier, and their editors are, too. What passes for news is appalling. The media need to get out there and pound the pavement, do some research. They think sitting the sat-link van in front of the courthouse with some talking head spewing nonsense about the latest crime sensation is meaningful reporting. It's pretty sorry.

    FYI, the zillow website is a total wash. It cannot give you a decent idea about your home's value, and alludes as much with the wide array in home "value" it places on your home. What is it -- a 15% spread? Go to the Wake Cty website, look up your property on the tax and real property page, and then click the sales button to look at how sales in your neighborhood have done recently. That's a better indicator than zillow's valuation.

  • shine Apr 25, 2008

    Beachnut..... Wake Co. has been putting this gibberish out for over 6 months. You can't make a silk purse out of a sow's ear but they have tried. They are saying 'new' real estate.... take the 'new' real estate percentages and combine them with the forclosures..... that is where the real percentage is. The lenders don't want to include the other - they like to talk about what is for sale - not what has been taken back.

  • DurhamDude Apr 25, 2008

    http://triangle.bizjournals.com/triangle/stories/2008/04/21/daily14.html

  • jaredg Apr 25, 2008

    This is a very generalized article. i think that property values have gone up and down based on your location in Wake Co. Fortunately I bought an older home in 2005 in a great location and it continues to go up and up in value. I just hope the trend continues.

  • Beachnut Apr 25, 2008

    WRAL should do some real investigative reporting on this subject rather than just acting as a soundpiece for folks connected to real estate. I know of several subdivisions nearby my home in wake county where "new" homes have been sitting for sale for 2 years or more! Entire subdivisions have been completed with 3/4 of the homes unoccupied. There's gotta be a story there, WRAL, go get it!

  • shine Apr 25, 2008

    Percentages are nothing but a way of telling the truth without showing it. If 5% of a population in a city can't pay their mortgage then take the 5% of the population and see what that does on the bottom line. What if the 5% of the population could not eat..... apples are apples - oranges are oranges. Trying to sell someone on percentage is just nothing but _______.

  • Gatsby Apr 25, 2008

    In 2006...developers were building homes on swamp land or adjacant to future highways and selling them in 3 days to anyone with a pulse as fast as they could get a sign up...

    Fast forward to 2008 and now those same people who purchased them are puzzled as to why their "Little Piece of Heaven" will not sell and has been on the market for 18 months.

    There are 2300 more homes on the market today in this area than 12 months ago. If you did not give much thought to the price you were forking out for the home you purchased and its surroundings its game over...the competition will crush your hopes of a sale by offering a better home away from the boggs for less cash.

  • Rolling Along Apr 25, 2008

    "Oliver’s home is priced-completive, similar to most homes in the area"

    is "priced-completive" a new real estate term?

  • jahausa Apr 25, 2008

    People keep slamming "development" and "progress," but look what all these out of towners have done...made the economy around here really strong.

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