22 Feb 2017

What’s driving the Triad residential market?

Allen Tate CEO Pat Riley talks with Triad Business Journal

Allen Tate President/CEO Pat Riley

Allen Tate Companies President/CEO Pat Riley recently talked with Triad Business Journal reporter John Brasier about what’s driving the residential real estate market in the Triad.

The following are excerpts from that interview.

“The residential real estate market rebounded in the Triad in 2016. Though the market may not be booming, it’s at least approaching the pre-recession level of 2007.

Well-maintained, updated homes are in high demand at various price ranges.

That’s the indication from Allen Tate Realtors, which reported its best year in almost a decade, finishing with $5.45 billion in closed sales volume in 2016. The Charlotte-based company, which has more than 300 agents at eight Triad offices, sold 5,310 homes in our market in 2016 …

… “With the mortgage situation the way it is, the lack of new home inventory available and the trend for baby boomers to stay in their homes rather than downsize after retirement, I’m very proud of our performance,” CEO Pat Riley told Triad Business Journal. “These results are stellar.”

Riley said the average home sale in the Triad rose from $185,933 in 2015 to $202,500 in 2016.

“Homes are appreciating throughout North Carolina because of the lack of supply,” Riley said. “If you have a home that’s memorable and the price is right, it will sell — maybe in minutes. I think the trend will continue.”

Riley said the market is better in Winston-Salem and Greensboro than in High Point.

The “soft spot” in the market is between $185,000 and $350,000, he said …

… Riley said the Triangle and Charlotte markets have grown faster, but said the Triad’s traditional manufacturing economy makes the real estate market less volatile …

… Riley’s advice to homeowners with plans of selling: Keep your home in good shape and modernize fixtures, lighting, kitchens and bathrooms.”

NOTE: You must have a paid Triad Business Journal subscription to access the full article here: http://www.bizjournals.com/triad/news/2017/02/22/allen-tate-ceo-heres-what-drives-a-strong.html

Allen Tate Companies
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