TOPIC: Real estate market in Raleigh area going down?

I am planning to buy a house in or around Cary, Morrisville, Apex area. I have been looking for some time, but now skeptic with the Real estate market in the start of going down. I am already seeing builders reducing the price or giving away free upgrades etc. My realtor is insisting on buying as early as possible. But I would like to get thought from different people before making a life time investment. Please share your thoughts on if it is a good time to buy a home here.

Yes, the real estate market is going down all over US now with worries on global Economy, higher interest rate and worries about a possible recession. Lot of small industries have already finding it difficult to survive and companies have stopped hiring. Builders giving away free upgrades and slashing prices at this time of the year (normally home sales are good during Spring/Summer as more people move during summer vacation) is definitely an indication of being cautious. National emergency and shutdown may be another thing to look at.
Raleigh area was not impacted as other cities during 2009-2010 recession. One of the reasons was the home prices were low during that time in this area. But now the home prices have gone high drastically and hence it won’t be the same now.
Financial condition, job stability, savings etc varies for different people.


But my advice is this.. If you know that you would be here for a long term and a stable job, it may be better to buy a house than staying for rent provided you have some savings to survive. Don’t just listen only to your realtor, but analyze the market and do some research for yourself before you do a large investment. But investing on any home that is more than $450K in this area at this time would not be a risky choice now. If there is a downfall in real estate market, the hardest ones to sell would be homes with higher prices. The home equity value would go down drastically for those homes. If you plan to sell the loss will also be high and chances for renting out will be hard. If you buy a home, see if with 20% down payment and if your current rent and mortgage for 30% is almost same, then that would be an ideal choice in my perspective.

You may want to get in touch with "send a message to sanjeev.aggarwal at kw.com or call me at four zero eight 859 zero seven seven one and we can talk."

santhoshtripathy wrote: I am planning to buy a house in or around Cary, Morrisville, Apex area. I have been looking for some time, but now skeptic with the Real estate market in the start of going down. I am already seeing builders reducing the price or giving away free upgrades etc. My realtor is insisting on buying as early as possible. But I would like to get thought from different people before making a life time investment. Please share your thoughts on if it is a good time to buy a home here.

Thanks Sanju! @santhoshtripathy give me a call at 408-859-0771 if you want to discuss about the local market.

sanjus wrote: You may want to get in touch with "send a message to sanjeev.aggarwal at kw.com or call me at four zero eight 859 zero seven seven one and we can talk."

santhoshtripathy wrote: I am planning to buy a house in or around Cary, Morrisville, Apex area. I have been looking for some time, but now skeptic with the Real estate market in the start of going down. I am already seeing builders reducing the price or giving away free upgrades etc. My realtor is insisting on buying as early as possible. But I would like to get thought from different people before making a life time investment. Please share your thoughts on if it is a good time to buy a home here.

correction........I meant to say "But investing on any home that is more than $450K in this area at this time WOULD BE a risky choice now.