The spring home buying season is on its way, and be warned: It’s competitive. Many top real estate markets including the Raleigh-Durham-Research Triangle area have low inventories and rising prices facing buyers.
It still can be productive and even fun to shop for a home this time of year, but only if you keep in mind some pointers to follow:
- Expect competitive offers. The Raleigh has high job growth and a low vacancy rate, according to many real estate experts, so that means a home you’re looking at right now likely has had others view it too, and they may try to outbid you or put fewer qualifications on the purchase from the seller. They also will want to put it under contract quickly to freeze you and others out.
- The selection of new homes is limited. New home construction starts in the Triangle are less than in 2006, when more than 16,000 homes were bought and sold. In contrast, less than 12,000 new homes went up in the Triangle in 2017. Your choices may be more limited than you realize as a result.
- The market is not cooling down anytime soon. According to the 39th annual Emerging Trends in Real Estate report, the Raleigh/Durham market ranks fourth nationally in U.S. real estate markets to watch for overall real estate prospects. The area is poised to continue to be a hot real estate market with average home prices continuing to rise for the foreseeable future.
- Don’t let the green grass fool you. With flowers and plants in full bloom, homes can look very attractive at first glance. But are you prepared financially to take care of them through all seasons and know what other requirements might exist under the rules of the homeowners’ association for the neighborhood? If you haven’t bought a home in several years, know that there are many more qualifications involved that you need to take into consideration when purchasing one.
You can get a good real estate agent to help you navigate this seller’s market to your advantage. Or you can visit a neighborhood in Wake County that is ready to meet your needs quickly and affordably in any season.