Cary Real Estate Blog

Cary listed in the Top 25 Best places to Live

 The town of Cary has done it again.  For the fourth time in the last 8 years, Cary has landed in Money Magazine’s top places to live list.  Cary is ranked #23 out of 100 and is the only North Carolina community to make the top 25 list.

Noteworthy Cary Stats

Money magazine notes Cary’s very low crime rate, AAA bond rating from Moody’s, and an unemployment rate well below the National average. Other factors affecting the ranking include medium income, math and reading test score results, job growth, housing prices, and seasonal temperatures…. view full article.

For more information on Cary and homes in the area, please visit our website at CaryHomesNC.com.

Good news for Cary area resale homes in the 500 -800k price range – we are now getting offers on homes in this price range.  For the past 18 months, both showings and offers were few and far between. 

 Why the sudden surge in the 500-800k price range?

 First and foremost the number of showings has increased.  Showings in general declined in May due to the expiration of the home buyer tax credit at the end of April.  Yet showings in the Cary Area 500- 800k price range increased by 34% (compared to May09). 

 Another reason for the surge is a change in the new home market.  New homes in the Cary area have been outselling resales by a large margin over the last 18 months.  Now with limited bank funding for new homes and a large decline in inventory, resale homes in this price range are finally gaining some momentum. 

What’s happening with Offers?

Now for the offers – they are typically coming in at 10-15% below the current listing price   Sellers should be thrilled to get any kind of offer and we at LG Real Estate negotiate very diligently to bridge the gap.  The key here is for sellers to price their home realistically and be willing to work hard with any offer that is submitted.  Buyers still control the market as they have a large resale inventory to choose from.

Please call us for the latest information on Cary area homes and the current trends in the market.

 Pending Sales Increase

Monthly pending home sales in the Triangle increased by 33% in March and 32% in April as compared to March and April of 2009.  The popular home buyer credit expired on April 30th  and since that time both showings and homes going under contract have declined.  This does not appear to be a significant trend as there was a floury of activity in March and April with buyers racing to purchase a home before the credit expired. 

Active Market Segment

The Cary market remains very active in the 250 – 400 price range.  The prospective buyers moving into the area are more often than not falling into this price range and not the higher ranges. 

Trend for Home Buyers

The trend that we are noticing is that buyers are re-defining their needs, especially in the higher price ranges.  Families who are move up candidates do not want the larger financial exposure in this new economy.  They are choosing instead to stay in their present home and upgrade and expand where possible.  Consequently, the Cary move up market in the 500 – 800 price range is very limited.

Remainder of 2010 forecast

The remainder of 2010 looks like an excellent time to buy a home in the Cary and Triangle area.   There are abundant homes listed for sale in all price ranges, interest rates remain very favorable, and home sellers are becoming more motivated as days on the market continue to increase.  Give us a call at LG Real Estate and we’ll be happy to show you around town.

The Town of Cary remains the safest place in the state of North Carolina to live, work, and raise a family, according to a study by CQ Press, publisher of the annual “City Crime Rankings 2009-2010“.  

For 11 years in a row, The Town of Cary has achieved this ranking and is among the safest cities in the nation to live. For more information and to review the full article, please visit The Town of Cary Website.