Buying a home in Raleigh is getting tough!

In quite a few areas of the Triangle, houses are going under contract within 1-2 days of hitting the market and most of them have multiple offers on them. The inventory crunch is shaping up to be the same or worse than last year because rates seem to be rising and homeowners are still hesitant to put their homes on the market. As a result, the builders are having a field day. They can’t build them fast enough! – Justin Burleson – Raleigh-Cary Area Real Estate Broker

Housing Affordability Declines in Raleigh as Mortgage Rates Rise and Inventory Dwindles

However, here in Raleigh, there’s a different story. According to NAR, the Median Sales Price of Existing Single-Family Homes rose a healthy 2.9% in Q2 2013 from $193,200 during the same quarter last year to $198,800. But the real surprise for me was in Durham which saw a 3.6% overall gain from $198,500 to $205,700 for the quarter ending July 30, 2013.

Fannie Mae Introduces new Short Sale Tool

Even though the Great Recession has been with us for more than 4 years, and Short Sales have been around for years, nobody has really been able to find a way to deal with them very efficiently. Fannie Mae is attempting to change that with the launch of the new tool they call The HomePath for Short Sales tool. The tools is divided into three categories: