Real Estate buying, selling, and moving tend to follow some predictable patterns. Many buyers delay moving until Spring, some believing this to be the best time to buy and the easiest time to move, others planning on specific school districts for the following year. While there is the benefit of kids being in school, and many people decide to list their homes in Spring for the same reason, it makes for a frenzied time that does not always yield the best conditions for moving. Let's discuss the benefits of moving and buying prior to the Spring selling and buying rush.
Tempting Interest Rates for Buyers
Last year, home prices began to fall ever so slightly in The Triangle, and buyers saw rates dip slightly at the end of the year. As rates fall, more buyers simply enter the market, creating more demand and increasing prices. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explained ". . . expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year." Locally if buyers are waiting on the sidelines to see whether home prices will go further down, we firmly believe their making a mistake. Prices continue to rise here in the Research Triangle and interest rates are also predicted to continue going up.
Seller Concessions
According to a recent article in Forbes, " . . sellers gave concessions to buyers in 41.9% of home sales in the fourth quarter of last year." We briefly saw sellers concerned that they had less leverage at the end of the year and buyers who were bowing out because of high borrowing rates. This year we are already seeing signs that the "Sellers Market" is going to continue throughout the Triangle area. Home prices depend very much on the neighborhood you are looking for. Some areas are always going to be more desirable and in certain conditions, will appreciate faster than other areas. We counsel all buyers who read about national real estate conditions to remember that there is no national real estate market. All markets are local and the Research Triangle is one of the most desirable places to live in the US, and our real estate continues to appreciate.
Bottom Line for 2023 Buyers
Economic experts are advising buyers to purchase while home values are lower, comparatively speaking, and where rates are inching down. In The Triangle, it is a great time to buy before the Spring rush. We are already seeing buyers coming to the market looking for new homes and there are many opportunities in Durham, Cary, and Pittsboro, and we anticipate more homes coming quickly to market in the coming weeks. We also would like to mention that there are many other financing options, beyond traditional mortgages that are backed by the Federal Reserve. See our blog here.
The Triangle area real estate offers an incredible lifestyle, work opportunity, and live work balance, that people are really catching on to. If you are interested in seeing what is available in The Triangle, contact My NC Homes today.
Posted by Larry Tollen on
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