The last few months have been difficult for everyone—including many would-be Triangle buyers and sellers. As we begin to unpause our daily lives and shift towards a new normal, you might be wondering how the ongoing global health crisis has affected the real estate market.
What to Expect from the Triangle Real Estate Market
Perhaps the biggest misconception is that you can’t move during a pandemic. Believe it or not, it’s still very possible to buy or sell a home these days—and we aren’t seeing any detrimental decreases in home prices or sales. Here are a few more details you should know before you enter the market.
Buyers: Expect lower prices and interest rates, but less inventory
It may not seem like it, but now is actually a fantastic time to buy a home in the Triangle. Although we’re still in a seller’s market, prices may finally begin to dip for the first time in years due to a slight decrease in buyer demand. And if you start your search now, you might be able to afford more than you think.
Historically low interest rates have also motivated many buyers to finally make a move. As of late May, the interest rates for 15- and 30-year fixed rate mortgages are 3% and 3.375%, respectively. By taking advantage of these amazingly low rates, you can save thousands of dollars during the lifespan of your loan—and you’ll also enjoy lower monthly payments, too.
While there are a lot of advantages to buying now, you’ll also notice a few drawbacks. According to the Triangle MLS, the number of new home listings fell by 23.6% in April. That means there’s less inventory to choose from, so you’ll need to act fast if you want to snag your dream home.
Sellers: Less inventory will give you an upper hand, but prices could drop
Unfortunately, 2020’s hot spring home buying season wasn’t all it was cracked up to be. However, that doesn’t mean you can’t list your home today and get top dollar. In fact, many homes are flying off the market within days due to dwindling inventory—and that means now could be the right time to sell.
Although the Triangle has turned into even more of a seller’s market, it’s still important to note that home prices could decline within the next few months. Currently, Triangle home prices have increased since January, and they reached an all-time high in April. While it may be impossible to predict the future, listing today could make you more money in the long run.
If you do plan on selling soon, be sure to ask your agent about their virtual selling strategies. Although North Carolina’s Phase 2 of reopening allows for in-person home tours, you (and many buyers) may be more comfortable with virtual or video showings instead. Be sure to evaluate all of your options and consult your agent if you have any questions before listing.
Want to Learn More About the Triangle Real Estate Market?
If you’re thinking about entering the hot Triangle real estate market, the Carla Freund Team is here to help. We have the tools you need to buy or sell your home, and we’re only a phone call, email, or text away. Just contact us today to start your real estate journey!