Economic indicators, sub prime collapse and a bunch of unsold condos- oh my! But fear not Raleigh residents, we are doing pretty well in new Raleigh. Economists in the state are relatively confident that Raleigh and North Carolina are going to be fine. Sure a downturn has been obvious- but this is Raleigh a great city for business, a great city for living.
While growth in tax revenue has fallen across categories; payroll tax revenue has continued to grow at a steady rate. The Triangle Business Journal recently cited economist’s predictions that the state income will remain positive with a low chance of recession. The expectation of a housing rebound is already proving true. Realtors across Raleigh have seen a significant upswing since the new year. Housing construction has slowed in Raleigh and across the state and that has helped available housing inventory move. An anonymous York employee said “February and March have been excellent.”
Linda Craft, a leading Raleigh Realtor, says the first months of 2008 have thus far been better than 2007. Craft says that buyers are seeking quality and value and that puts sellers in a place where they have to go the extra mile to move their homes. The steady stream of relocation buyers continue to buy homes and Raleigh residents are buying better homes with the low interest rates. Sellers do have a wide selection to compete with and because of this, they have to offer good value. Craft offered some advice “Their homes are in a beauty contest competing against every other home that is trying to capture the same buyer. If a home is price well, in good condition and marketed aggressively they will sell. “
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