Home Ownership in the Triangle Area is More Affordable Than Renting

Home prices in the Triangle area and across the nation are struggling, and a recent report released by Case-Shiller Index showed just how much. Here in the Triangle area the price of homes has fallen 3.1 percent over the past year. The Triangle area fared better than the rest of the country, however, who on average experienced a 5.9 percent price drop according to Fiserv, a company based out of Wisconsin that provides information and software to the financial services industry. In the last three years, we have seen home prices fall by 7.4 percent. Fiserv is predicting that home prices will once again begin to stabilize by the middle of 2012 as a result of home ownership becoming more affordable and a strengthening economy.

Many more Americans are choosing to rent a home. However, it is now cheaper to have a monthly mortgage payment. The current average monthly payment for a mortgage is now $700, which is down 40% from its peak in 2006. The cost of renting is up. The average price of rent in the Triangle area for the month of September was $838, which is up 2.2 percent from a year ago, according to the Triangle Apartment Association and Karnes Research. These numbers show how affordable home ownership is, and there is no better time than now to buy your dream home in Glen Laurel.

If you are interested in buying or selling a home in the Triangle area, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.

Home Prices Struggle Across The Country

As 2011 comes to a close, many areas in the country are continuing to see the median price of homes drop. The recent Standard & Poor's/Case-Shiller index showed that for the second month in a row home prices across the country are declining. For the month of October, 19 out of the 20 major metropolitan areas that the index tracked saw home prices decline.

The decline could be attributed to the Fall slowdown that is seen during this time of year as potential buyers get busy with the holidays. The good news is that from April through August we saw a modest rise in home prices in half of the cities that the index tracts. Across the nation, home prices have fallen by a whopping 32 percent since the housing market bubble burst nearly five years ago. The home prices we are seeing now are similar to those that we saw in 2003. Atlanta, Detroit and Minneapolis are the three areas that saw the highest decline in home prices for the month of October. The Phoenix area was the only area tracked that saw a gain in home prices.

It appears that many Americans are still reluctant to jump back in the housing market even though we are nearly two years out of the recession. The continued high unemployment rate and unstable economy continues to be a major factor in what is keeping would be home buyers out of the market.

On a positive note, home sales in the Triangle area are continuing to rise. Home sales in the Triangle area were up 11 percent for the month of November when compared to this same time period in 2010. Pending sales were also up 8 percent for the month.

If you are interested in buying or selling a home in Glen Laurel, contact Rodney Geohagan.  The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.