Housing Market Rumors Exposed
Tuesday, December 11, 2007
When will the rumors stop! The “national” housing market does not exist. Markets are regional and ours falls once again in the top 10 best performing housing markets according to Forbes magazine. These figures are based on third quarter median home sale prices, and the percentage that prices have risen compared to third quarter 2006. Although mortgage companies, many national, have felt the heat from underperforming markets, our local area continues to grow and appreciate. Our median home sales price is $229,500 this third quarter which is an increase of 7.5% compared to this same time last year. Loans for this price range are strong and competitive and continue to be available. Where we have felt a hit is in “jumbo loans” (those above $417,000), who cannot be insured by government lenders. This has been the most inflated jumbo-loan interest rate in the last 20 years, although good news is on the horizon. These loans are coming back for good quality borrowers and rates are dropping. Forecasters predict this trend should continue and flatten out over the next year. The Triangle is firm and true. We have not had huge outrageous appreciation in short pops of time. Those are the markets that are seeing such a change, the get it while its hot and hope things don’t shift while your left holding the deed. Our steady growth has kept things real, affordable and most importantly on top!