Market Conditions - July 6, 2006 by Carla L. Davis
Wake Forest, North Carolina, is a bustling town of 20,000. But for those getting into the real estate market, its known as a neutral market that is beginning to favor the sellers. This in itself is a rarity for markets this year. Homes under the $400,000 are seeing the most promising numbers for sellers, despite homes appreciating at a normal 5 to 6 percent. One expert reports, "The number of homes for sale is down substantially for all the homes priced under $300,000, but the number of homes for sale for homes priced above that is up substantially. The time it takes to sell a home is down to an average of 75 days." The number of homes for sale is similar to last year, but more buyers are on the market, meaning that sellers have more room to negotiate and prices will continue to rise. Further north up the east coast is Saratoga Springs New York -- a city with mild climate, great schools, cheap taxes, and a short commute to Albany -- all attractive factors to buyers. But experts report that "sales are down from last year and prices are leveling off. The median sold price dropped slightly. The median sold price of homes" is $324,000. The actual median asking price has dropped as well, signaling a strong buyers market. The average days on the market increase by 8 days from 69 days to 77 days. | 
