My take on the market: Real estate is a segment of the market that follows the same rules as everything else in economics: supply and demand. Two things have happened in the last few months. First, supply has dramatically decreased. New construction has virtually come to a halt, which is good for the market right now as the last thing we need is more homes on the market. Second, demand has significantly increased thanks to low interest rates and lower home prices. Despite the negative media attention, the doom-and-gloom, and all the problems our government has gotten us into… been trying to deal with, the real estate market will, and is, recovering.

Raleigh real estate is one specific section of the national market that is extremely healthy compared to the rest of the nation. Here, sales are up 28% from a year ago and the amount of Raleigh homes for sale has dropped about 15% from this time last year. Our location continues to rank among the top 5 places for population growth and I believe that fundamentally, we live in one of the best real estate markets in the country.

See the video below on the world’s greatest investor commenting on the residential housing market recovering. I disagree with a lot of what Mr. Buffett believes politically,  but I agree that the residential market has reached bottom, and like any other market, it goes up, down and back up again.  One thing I agree with him is his go-to investment strategy of buying when everyone else is fearful. There are still hurdles to jump over, and this will not be the last recession we face, but I truly believe that this could be the best buying opportunity most of us will ever see. I’m actively looking for property to buy and I would encourage you to do the same.   

A great place to start would be at 3513 Knightshire Drive in Raleigh, NC. I just listed this home a couple days ago and it is one of the nicest pieces of property I’ve seen at this price range. The home is somewhat smaller than some comparables in this price range in the Raleigh real estate market but the home sits on 1.22 acres of professionally manicured landscape.

The home is located in Royal Senter Ridge neighborhood, just off Blaney Franks Road in Raleigh. It is a quiet neighborhood with mature trees and landscaping, and a great place for homeowners looking for the convenience of being in Raleigh combined with having a larger piece of property. This home has 3 bedrooms plus a large bonus room, a first floor master suite, an open floorplan with the kitchen and breakfast area flowing right into the living room, and a formal dining room that overlooks the front yard.

Huge, Detached Garage with workshop/storage area

The owner built the home in 1997 and has spent around $160,000 on the property itself including numerous expansive flower beds, flowering trees, an inground pool and patio area, a huge detached 2 car garage that has a spacious workshop attached (this garage is in addition to the attached 2 car garage on the side of the home… so in effect there is enough garage space to park 4 cars plus a storage area for a 5th car or boat!), and a $25,000 irrigation system that maintains the grass, plants, and flowers all over the yard.

This home would be an ideal place to entertain guests and throw parties as the property has plenty of space for games and outdoor activities. The pool is also completely fenced with maintenance free aluminum fencing. The pool area opens up to a separate, large backyard area big enough for volleyball, soccer, or a great place for the kids.

The picture to the left is the view from the kitchen and breakfast area. You can relax with a cup of coffee at the breakfast table overlooking to pool, or head outside to the private patio.

This home is now listed at $459,900, which is a dramatic reduction from the initial listing price of $525,000. The home last appraised for $515,000.

Much of the luxury home market has taken a hit across the country, but the Raleigh real estate market remains one of the most resilient and I think that at this price, this home is a great deal for someone who is interested in taking advantage of the market conditions to buy their dream home on their dream property. The home has a lot to see (much more than I can cover in just a blog post), so please contact me with any questions, or visit my featured listing page for more information and many more pictures of this home.

John Huber works in the Raleigh real estate market including the North Raleigh real estate market, downtown Raleigh real estate, and the surrounding areas.