Local housing professionals drum up business

March 1, 2008 1:09:38 PM PST
Home prices continue to fall across the country and the Triangle is no exception. Local housing industry professionals spent the day working to drum up business in this tough market

It's no secret there's a big inventory of homes for sale in the Triangle making it a very tough market for sellers like Amy Carver.

"We've been on the market about 7 months now and it's very frustrating were also on our third realtor," Carver said.

Her story is not unique. In the Triangle, sales of existing home took a dive of almost 30 percent in January. She's dropped the price of her Cary home five times.

"Now we're actually below what we paid for it and were willing to take a small loss on the house to go on and move on with our lives, but we also don't want to give it away either," Carver said.

Meantime, across town at the Streets of Southpoint Mall, 50 vendors from the housing industry spent Saturday giving away advice on home buying at their annual housing fair. Right now buyers are at an advantage.

"Now is a great time to buy," Realtor Bram Luknight said. "We have a little bit more selection, little bit more inventory, interest rates are great."

Even though sellers in the Triangle are having a difficult time selling their homes, experts say real estate in the Triangle is still much better off than the rest of the country.

"It's definitely tougher than it has been in the last couple of years but those are boom times, and this is probably more of an average market," Luknight said.

In this market, Triangle home prices rose 3.6 percent in January compared to a year ago. But that's no consolation to Carver who's already spent seven months hoping for a buyer.

"We sit, we wait, we hop," she said.


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