Are you thinking of buying a home in Raleigh NC? If so, now's a great time to do so! That's right! The numbers are in for June 2015 home sales and it's topping the list for this entire year! In fact, sales are better now than they have been since February 2007! This is exciting new for everyone!
Thinking of Buying a Home in Raleigh NC? Now's the Time!
Due to a steady growth in available jobs and a healthier economy, homes are being sold at an increasingly high rate. This might be partially due to higher interest rates. We talked about them a bit in a previous post, but didn't go into detail.
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose in June to 3.98 from 3.84 percent in May, but remained just below 4.00 percent for the seventh straight month. Potential buyers might be worried that rates are going to rise even higher. To take advantage of still historically low interest rates, they went ahead and purchased now instead of later.
More Information | June 2015 Home Sales
Below, you'll find more information about the current state of the housing market and sales for last month, according to realtor.org:
- Properties typically stayed on the market for 34 days in June, down from May (40 days) and the shortest time since NAR began tracking in May 2011.
- Short sales were on the market the longest at a median of 129 days in June, while foreclosures sold in 39 days and non-distressed homes took 33 days.
- Forty-seven percent of homes sold in June were on the market for less than a month — the highest percentage since June 2013 (also 47 percent).
- All-cash sales were 22 percent of transactions in June, down from 24 percent in May and 32 percent a year ago.
- Individual investors, who account for many cash sales, purchased 12 percent of homes in June (14 percent in May) — the lowest since August 2014 (also 12 percent) and down from 16 percent in June 2014.
- Sixty-six percent of investors paid cash in June.
- Distressed sales — foreclosures and short sales — fell to 8 percent in June (matching an August 2014 low) from 10 percent in May, and are below the 11 percent share a year ago.
- Six percent of June sales were foreclosures and 2 percent were short sales.
- Foreclosures sold for an average discount of 15 percent below market value in June (unchanged from May), while short sales were discounted 18 percent (16 percent in May).
For more information about the housing market and homes sales in June 2015, be sure to visit back with us, soon. Also be sure to take a look at other blogs in this series:
With the increased home sales this year, it's a great time for buying a home in Raleigh NC. Contact our real estate agents to get started with a search for the home of your dreams!
Roark Premier Team
Also, if you’re considering selling your home, it's also time to act now! Contact Roark Premier Team today and get started with the process of listing your home on the market! We guarantee to sell your home in 59 days or less! If we don’t, the listing fee is waived! So what are you waiting for? Call now! Our real estate agent is standing by to help you get your home sold during one of the busiest times of the year for real estate!