If you have recently looked to buy a home in the Triangle, you know how crazy the market is right now. Truly a seller’s market, homes are going faster than ever before these days. Potential homebuyers are looking for homes that go off the market in a matter of days. Some people aren’t even officially putting their home on the market, but rather advertising to friends and hosting private showings to sell their homes.
So, what is affecting home prices and property values? Why all the craziness? According to Abc11, at least 653 new home communities have been built, and over 400,000 new homes in the past seven years. Zillow told Abc11 that mortgage rates are lower than ever, and the employment rate is high, causing them to make such a large investment.
In the Triangle area, there is no water or mountains stopping this housing boom. It could stretch on and on as far as growth and building go. However, don’t expect to find cheap houses in this exciting market time. Houses are so expensive because of high land cost. Home-buyers are looking at homes that meet their needs but are way out of price range because of this high inflation.
Although we shouldn’t worry about waiting for another big financial crisis, we should be careful about high-interest rates on loans. Don’t buy a house looking to make a huge profit when you sell in the future either. Home values are mostly at a flat line currently because of the high selling prices.
We cannot predict when interest rates will change, but we do know that an investment in a quality home is the right move when looking to buy. Invest in a place that has lasting value, and is built with quality craftsmanship that is worth the time and effort it takes to move.
Are you searching for a new home in the Triangle? You’ve come to the right place. We have tons of resources to find the home of your dreams in the Triangle.