Month: September 2013
TEN GREAT REASONS TO BUY A HOME IN 2013
- Quality of life – a home provides stability and security for you and your loved ones, and membership within a community of neighbors.
- Pride of home ownership – a home is a personal haven, a place that you can decorate, shape, and share over time because it’s yours.
- Excellent affordability – lower home prices combined with low interest rates means there are tremendous opportunities for buyers.
- Historically low interest rates – around 4.5 percent in the U.S. gives better purchasing power to those who qualify.
- Appreciation potential – your home investment can grow in value.
- Equity buildup and debt pay down – homeowners enjoy an average net worth of approximately $184,000 vs. $4,000 for renters.
- Leverage – where else can you buy an investment of this magnitude with 5-10 percent down?
- Tax deduction advantages – property tax and mortgage interest write-offs.
- Tax exemption – up to $500,000 per married couple or $250,000 per person on sale of a primary residence in the United States.
- The real cost of renting – at $800 per month, with the average 6 percent rental increase per year, you will pay$126,536 over a 10-year period but have zero ownership of the property.
The results for August homes sales are in for the Triangle. 2013 continues to see lower inventory in all of the Triangle markets. In August we saw Wake County’s inventory drop below three months to 2.9. Durham County and Orange County dropped to 3.3 and 3.7 respectively.
Prices are continuing to rise despite the increase in interest rates. Average sales price in Wake County was $262k. Durham was $203k and Orange was $336k
Average Days on Market for Wake County was 84. Durham 96 and Orange 94.
What does this mean? Right now there is a slight sellers market going on. Inventory is needed to balance out the demand for the buyers out there. Whether you are buying or selling, it is a great time to get in on the action. Email me at email@example.com if you have any questions about the market in the Triangle, NC area.