Is now the time? Navigating today’s Triangle real estate market

Today’s real estate market is dealing with uncertainty due to several dynamics. For many, navigating current interest rates, inventory challenges, rising costs, and economic uncertainty has kept many from taking the plunge toward buying or selling. Yet the Triangle real estate market is largely protected from the rest of the country. As North Carolina continues to be a destination for new residents and businesses, the Triangle area has a protective bubble around it that has made it a great place for buying and selling with confidence.

If you’ve been thinking about upgrading, downsizing, or simply relocating but have had concerns, it’s a great time to take a closer look at the facts. The following information will help you think more clearly about your next move. And it will show you how to approach the Triangle market strategically and with confidence.

Raleigh-Durham area buyers should know that the market is in a better place than it’s been since before the COVID-19 pandemic. And while there’s a lot of catching up that needs to happen as far as inventory is concerned, the market is rebounding, particularly with the help of new construction. As new homes and communities pop up throughout the region, it means supply is building and the market is normalizing.

Interest rates have also largely stabilized — even dipping slightly — and despite some economic uncertainty, it’s a good time to lock in rates. With new construction, many builders are offering such incentives as interest rate buydowns that can help buyers get significantly lower rates for one to two years. In addition, competition has been lower than in previous years, which puts buyers in a good position to find a home at the right price point. As rates drop and both prices and competition increase, these circumstances may create challenges for buyers.

Don’t forget to talk to a local lender, such as TowneBank Mortgage of the Carolinas or North State Bank, which have insights into what will work best for you locally.

The good news for sellers is that they’re still in a great spot in the Triangle real estate market. It’s a seller’s market in the Triangle, which is created when there aren’t enough homes to keep up with demand. Home values in the Triangle are strong, holding at a median sales price of $415,000 in May. However, buyers are more discerning than they have been in recent years. This means you’ll need to be smart about your sale.

It’s important to be prepared before you list your home. Start with a basic checklist of to-do items, which includes decluttering and cleaning your home. Consider a pre-listing inspection, which can help you get ahead of any repairs you may need to make. You may also want to consider staging your home to ensure you are highlighting the home’s best features before you sell. And most importantly, make sure you are working with the right agent, who has a deep understanding of pricing a home and marketing it well. The right agent can be crucial to a fast sale.

Because the Triangle real estate market is so strong, you should be in a high equity position with your home, which may mean a beneficial financial move for you.

National headlines can be misleading, especially when it comes to real estate. It’s best to keep an eye on what’s happening specifically in the Triangle, where the real estate market remains one of the country’s most resilient markets. Real estate can be incredibly hyper-local. It’s why you need to talk to local experts who have the experience to understand what’s happening specifically in the region.

From your mortgage lender to your real estate agent, you need to work with local experts who have a pulse on the market. These partners will have the data-backed knowledge and insights, as well as the local expertise to ensure you can buy or sell with confidence.

There’s no magic, one-size-fits-all answer to whether it’s time to buy or sell. However, there is a strategy that can work for just about anyone. Whether you’re looking for your first home, needing to upgrade to a bigger home, or you need to move quickly due to life changes, the Triangle is a great place to do so easily.

Get in touch to discuss your needs with an experienced agent. Your agent will discuss your goals with you and help you determine the best way to meet those goals in the current market. Your agent can also put you in touch with a lender who can help you find the right option for your needs. Whether you’re thinking of buying or selling, JAG’s expert agents can help you move forward with confidence.