Is now a good time to sell my home? Or is now a good time to buy a home in the Metro Raleigh area? These are questions many people are asking themselves. Well, Are you where you want to be in the next 5 years? If not, then the answer is probably yes.
As a Real Estate professional, I hear all sorts of speculation about the 2022 Real Estate market. Some say it will calm down and we'll only see a 7% appreciation. Others think it will be higher. Believe me, 7% is pretty good. Some say interest rates will increase and possibly hit 4%. Others say we'll still have a flurry of buyers since there is a good percentage of millennials who haven't purchased a home yet. Everyone is guessing because that's what they do and if they're right, it will be noted and credited to them. If they're wrong, their speculation will most likely be forgotten. It is all speculation until it happens.
Here's what I can tell you about the Triangle market which includes Wake county towns such as Raleigh, Cary, Apex and others as well as the counties that border Wake County.
- Builders still cannot keep up with growth and it is very difficult for them to find land in Wake County. Therefore, Wake County new builds will be high and the counties surrounding Wake county will experience growth.
- Companies such as Apple and Google who are coming here have only touched the surface of moving people here as they're building their new headquarters. And, more companies are announcing they are moving to the Triangle area. We anticipate more people moving here for jobs.
- People are tired of seeing their rent prices go up and are scrambling to save and purchase a home so they'll have a little more control over rent prices.
- Remote workers from all over are working from home and choose to work in North Carolina. This has been one of the biggest reasons for growth in 2021. As they say, everything is finer when you live in Carolina.
- Retirees are moving to the Triangle to be near their children, live in an area with moderate climate that isn't too hot or too cold, live in an area they love, and/or do part time work.
- Investors are doing speculative buying because of all the growth in the Triangle making it more difficult for first time homebuyers. This includes people purchasing Air Bnbs so those moving here will have temporary short term living. Some investors are big companies and some are individuals.
- There is still a housing shortage in the Greater Raleigh area including re-sales. Many people are remodeling their homes and staying in them because they aren't moving up and they aren't quite ready to downsize. Or, they can't afford to move. Some home sellers don't know how to transition because they need to sell their home first or they need repairs or updating.
- We're seeing a big shift in housing. People want to be in the house they want to stay in for the next 5+ years. So, they're selling and finding that dream home.
If you're not where you want to be in the next 5 years, now is certainly a great time to move. It is consistently forecasted that interest rates will go up in 2022. Interest rates will affect buying power as much as home prices rising. If you're purchasing in the Triangle area, it is one of the strongest markets in the US and one of the fastest growing. Even if home values only appreciate 7%, thats $28k on a $400k home. Where else are you going to make 7% on your money? Even if you're paying cash it makes sense to buy sooner than later. By the way, if you're paying rent, you're not making anything on it. As a matter of fact, you're losing money. I hear tales of rent going up as much as $400 or more per month. In 2021, home prices increased significantly creating more wealth for homeowners. I'm aware of homeowners who make $100k-$200k on their homes this year.
If you're ready to buy, let's talk about how you can be positioned to do that sooner than later.
If you want to sell and aren't sure how the process will work, let's talk options. Whether you want an easy sale, a good return, or both, I can help.
As a 15+ veteran of Real Estate sales, I've helped many home buyers and sellers transition to their next home. I can help you too.