According to the Triangle Business Journal, a recent study released by the U.S. Conference of Mayors found that until the end of 2020, the Raleigh-Cary economy in North Carolina is likely to top 4% growth each year. Raleigh-Cary joins Austin, TX and Fayetteville, AR as one of the top three fastest-growing large metropolitan areas in the nation. As the U.S. economic growth tempo is projected to slow to 3% or below as this time period continues, the Raleigh-Cary economy will continue to top 4% annually until 2020. The primary sources of the Raleigh-Cary wealth are information, professional business services and manufacturing.
Major Growth and Housing Opportunities
Although all 363 of the major U.S. metropolitan areas are proving themselves as worthy players in the economic growth game, the greatest expansions are in the South and West where the real estate market is sending the extra fuel that feeds these higher powered engines.
Newcomers to Raleigh-Cary are evaluating meaningful career opportunities and welcoming housing situations at the same time. Available homes range from entry level housing to high end luxury homes. The entry-level housing choices include both new construction and resale homes at prices that are a great fit for young professionals eager to buy. The wonderful first-time home buyer financing options in conjunction with today’s low interest rates are presenting opportunities that are difficult for qualified buyers to resist.
Historically, the Raleigh-Cary area has had an abundance of new homes available to buyers compared to other major metropolitan areas. The recession tempered the large quantity of new homes that buyers became accustomed to. Today, there are still many excellent new home choices, but not so many that resale homes miss out on the action which may have happened in the past.
Homeowners in the Raleigh-Cary area, even veteran homeowners are observing activity that has not been seen before, growth-wise. The economic growth and influx of new residents have fueled demand for housing while homes available for sale have not increased at an equal pace. Today’s fast moving market has created amazingly good conditions for sellers who are ready to upgrade as well as for those who have been waiting patiently for better conditions to support downsizing or relocation.
Current Buying & Selling Environment
The number of homes sold in the Triangle region increased by 4% during the month of May, mostly because more homes became available for purchase. Up until recently, many sellers in this area have been reluctant to explore selling opportunities. Home owners in this area are realizing that their properties are not only worth more money, but will sell very fast.
These excellent new conditions for home sellers are very recent. Homeowners who have not had their home evaluated by a real estate agent in the past three or four months should get an update. It might really be time to make a move. For more information on selling your home or about the current real estate market in your area, please don’t hesitate to contact us.