The Raleigh/Durham (Triangle Area) of NC has been WELL insulated against the economic woes of many other areas of the Nation. We are currently flutuating between an 8-10% distressed property rate out of all of the currently listed properties on our MLS. This is NOTHING compared to other areas of the country.
However, Buyers are still looking for the best deals in our areas which means sellers of resale homes have to be willing to compete heavily against new construction in all aspects, financing terms, upgrades, etc.
Should a college student/family purchase a property in 2012?
All depends on their situation and which area they are considering (there are over 40 colleges/universities in our market). Historically this market only sees a 2-3% increase of value on a yearly basis, if the average college student was here for 4 years they will barely make anything above closing costs/downpayment when they may need to sell at the end of their college term. There are specific circumstances for every person which could change this i.e., they will live there longer
than 4 years, or have roommates paying the bulk of the mortgage payment.
Should a college graduate buy in 2012?
A college graduate who believes they have made roots as to where their employment will be should BUY – depending on what market they are looking at and the current market conditions.
Call us, we’re willing to learn about your specific circumstances and then counsel you HONESTLY regarding what is best for YOU!! If it truly is not a good time for you to buy, we will TELL YOU THAT, then you can make an educated decision for yourself.
