Posted on behalf of Steve Hamilton of Fonville-Morisey Realty in Raleigh, North Carolina.
The Wake county real estate market experienced a 31% drop in sales August 08 vs August 07 for detached homes. Despite this significant drop in the number of sales the average sales price for a detached home only dropped 0.19%. Inventory is up approximately 25% and there is approximately a seven month supply of housing. In most areas and in most price points, it is a buyer’s market.
I now have all of my listings staged before going on the market and continually remind my clients that they need to price their home aggressively or it will not sell.
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