Saturday, February 16, 2008

Raleigh, #2 city for bargain house hunters

Having seen this article in Forbes, I wasn't sure that this was a title that Raleigh wanted to win. At first, I thought that whoever got this title had the housing market that had done the worst. Imagine my surprise when I saw Raleigh as #2! So, I read what made a city a bargain according to Forbes. It seems to have come down to a handful of factors and my take on why it was a factor:
1) Strong Job Growth -- Lots of people available to buy now and later
2) Foreclosures low -- No extremely cheap homes being pushed off by banks
3) Inventory is high -- Buyers can dictate terms of sale

With these factors in place, buyers can still dictate terms of sale and negotiate prices, but aren't as exposed to the economic and lending risk problems that have sunk many markets around the country.

I guess its not horrible to have Raleigh listed here...but the one I would wiling give up is our inventory being high. Interestingly enough, thats what made Raleigh #2 instead of #1:
The inventory of homes available is slightly lower than Salt Lake City (No. 1 on our list), at 14,764, despite Raleigh's larger population of 408,985 people.

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