Home values fluctuate across Triangle

December 16, 2008 7:40:43 PM PST
The financial crisis is causing home values across the country to plummet, but the Triangle is doing better than many areas.One realty Web site says home values are up overall, but there are pockets where home values are plunging.

Realtors say foreclosures, stricter standards for loans and failed housing projects all play into the fluctuating home values.

Randy Dow knows firsthand just how tough the housing market is right now.

He's been trying to sell his north Raleigh townhouse for almost three months. He says he has even dropped the price twice.

Dow is among thousands across the country who are seeing home values plunge.

A zillow.com real estate market report shows pockets of Wake County that are suffering. This year home values plummeted almost 12 percent in downtown Raleigh. Homes in Fuquay-Varina and Wake Forest are down about 4.5 percent.

However, other real estate areas are on the rise. Inside the Beltline, home values are up 9.5 percent. In Zebulon, values have climbed up to 6 percent over last year.

"It has to do with infrastructure of roads," said John Wood with the Raleigh Regional Association of Realtors. "With 64 bypass you're going to see eastern North Carolina step up and have better opportunity for homebuyers because suddenly that commute isn't as bad as it use to be ."

While realtors are optimistic the market will slowly rebound, but people like Dow do not have time to wait.

"With an exit plan of having to rent it with a worse case plan of having to rent it if we can't sell it at all and I've actually been considering it with this townhouse that I may just have to rent it," he said.


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