Wednesday, Sep. 01, 2010

Now is a great time to buy a home

Now is a great time to buy a home

Many in the Triangle can still smile knowing that our area has something to cheer about despite the recent report from the National Association of Realtors released last week about home sales plunging 27 percent in July to the lowest in 15 years.

As executive vice president of the second-largest homebuilders association in the country, I hear builders expressing the same concerns they are hearing from consumers right now - particularly the sense that the overall economy and job market aren't gaining any traction.

Nationally, the lackluster economic recovery has placed housing in a time-out while the officials are off reviewing the play. Builders are on the sidelines waiting for the consumer and the consumer is on the sidelines waiting for the economy to improve. And both sides have the same ongoing rivalry with the credit situation.

Having said that, there are several signs that the housing market in the Triangle will be stronger in the second half of 2010 compared to earlier this year. In particular, stabilizing home prices will provide a boost to consumer confidence, combined with record-low mortgage interest rates that will keep housing affordable.

In addition, North Carolina is beginning to see a return in job growth and we have reduced excess new home inventory levels. The Triangle remains one of the fastest-growing metropolitan areas in the country and ranks as one of the best places to live.

As a result, those in the Triangle should not feel benched because there are several reasons that separate us from other areas around the country. The prospects for housing are much brighter, and the demand for new construction will continue to grow. Take the opportunity now to evaluate our market and see what many of us here already know - now is a great time to buy a home.

Tim Minton

Executive vice president, Home Builders Association of Raleigh-Wake County