NC 1031 Exchange Experts Blog

The Raleigh News & Observer printed two recent articles (11/21 and 11/18) indicating a slow down in sales of existing homes for the first time in four years with a rise in the number of homes on the market with 4.5% fewer homes closing this October than last.  The inventory of homes for sale has grown by 6.6% and the number of sellers cutting their listing prices has also increased.  However the average home prices have continued to rise and 2006 could still wind up as another record year in terms of the number of homes sold.  In speaking with a number of local Realtors, I would also concur that our market has been hurt by the problems transferees are having in selling their homes in the NorthEast, Florida and Far West.  Much of our market is fueled by incoming transferees who have good jobs and the ability to buy a higher end house when and if their out-of-state home closes.  We continue to see local moves at a typical rate for this time of year, but we’ve now been advising sellers to be very realistic in their asking pricesor face a much longer time on market with the possibility of their home not selling.  

I’ve been actively selling real estate in the Greater Raleigh North Carolina area (Cary, Durham, Wake Forest, Chapel Hill, Apex, RTP) since moving here from upstate NY in 1992.  My initial involvement was exclusively with residential homes, but as time has gone by I’ve become more and more involved with investors and helping them with their needs.  My first exposure to a 1031 exchange was perhaps 10+ years ago when the concept seemed remote and foreign to me as well as to most investors and other real estate agents.  I’ve since taken several classes in investment real estate and a class in understanding 1031 exchanges.  My client base has changed during that time and brought me more investors, yet also continued with more residential home buyers and sellers so that I’ve been averaging approximately 100 closings per year.  I will be using this blog to post my thoughts on 1031 tax deferred exchanges and comment on the Greater Raleigh NC Real Estate market as well.  Your posts and questions are welcomed.  For offline conversations, my office phone number is 919-845-2199.