The Daytona 500, NASCAR’s biggest race of the year, kicks off the NASCAR season this month. As the race-car drivers take “the turn”, the driver’s focus is to hit it just right in order to accelerate into the straight-away.  That way, the driver can either stay in the lead or take the lead using the advantage of the turn.

In many ways, it feels like we are in “the turn” right now in the Triad too. Whether we are talking about consumer confidence, the state of the economy, or the real estate market in general, we are in “the turn” getting ready to accelerate to hit that straight-away.

Here are three things to focus on as we drive thru the turn in the Triad:

• Sales in the Triad Region have hit their bottom – in fact, we claimed October, 2010 was the bottom for sales in the Carolinas.  Now that all tax credits of 2009 and 2010 have been exhausted, we are seeing sales start to stabilize on their own in the Triad Region.  Buyers are in the market!
• Housing prices will remain challenged by distressed properties for the first half of 2011.  All indications are that we will see the supply of distressed properties start to decrease in the 2^nd half of 2011 or early 2012.  Now is not the time to test the market with higher prices, but those that price correctly and focus on great condition are selling their houses.
• Mortgage rates are inching up slowly as the economy improves; therefore, affordability is still at an all-time high with today’s current real estate pricing. The simple equation today is “Price is the same, it just cost less”; so there is still a window of time to get a fantastic monthly payment!

We are in “the turn.”  Every week and month show positive results as we continue to drive around the Triad race-track.  Employment will carry the checkered flag for our Triad Region.  Positive employment news continues to position our Region back to a nice, slow recovery thru 2011 and 2012.  Just as exciting as the Daytona 500 race will be this month, so will the Triad’s race back to recovery.  Buckle up, we’re getting ready to start another race season and it’s time to get ready to hit “the turn!!”

By Tony Jarrett