Is now a good time to buy a home in the Triangle?

Despite economic uncertainty, inflation concerns, and global politics driving concerns for the real estate industry, new data from Redfin reports that the industry isn’t slowing down. And in the Triangle area, that means despite some market volatility in other parts of the country, buyers may start missing out on purchases if they keep waiting. And according to Trent Olson, Vice President and Mortgage Senior Loan Officer with TowneBank Mortgage, that’s even more reason for potential buyers to be prepared if they think it’s time to buy a home.

In fact, Olson said if you’re asking if it’s the right time to buy a home in the Triangle, the real question to ask is whether, as a buyer, you’re personally prepared.

“It’s impossible to time the market,” he said. “So, is now a bad time to purchase? Well, no, not if you’re ready to purchase.”

While rates have fluctuated throughout the spring, Olson says many buyers still have opportunities that simply didn’t exist during the highly competitive market of the past few years. Homes are sitting longer, negotiations are back on the table, and many builders continue offering incentives designed to help offset higher monthly payments.

According to DoorifyMLS, which tracks home sales data across the Triangle area, the median sales price of homes is around $411,000, where it has largely remained since 2023. At the same time, the median days on market is beginning to shorten slightly — down to 25 days at the end of April — and more homes are active on the Triangle’s inventory list.

Because housing prices have stabilized, Olson said it’s an opportunity for many buyers to get into the market. And for many first-time buyers especially, those builder incentives can make a meaningful difference. Olson says builder rate buydowns and closing cost assistance are helping buyers maintain affordability even as rates remain elevated.

Olson cautions buyers against becoming too consumed with chasing the “perfect” interest rate.

“You can’t let the interest rate market kill you,” Olson said. “If you’re ready to buy, and you’ve got the cash, or you’ve been prepared to, now’s still a good time to go and do it. And if you find your dream home, don’t let the interest rate stop you from getting there, because you just don’t know if it’s going to come back up again.”

Olson noted that buyers today have something that was difficult to find during the frenzy of the pandemic-era market: breathing room. Instead of competing against dozens of offers with no contingencies, buyers can once again evaluate homes carefully, negotiate terms and work with experienced professionals to determine what makes financial sense for their situation.

“The buyer, in most cases, has the hand here where they can negotiate the deal,” he explained. “That house sitting on the market for 30 days with no offers? You’re still able to negotiate.”

Still, Olson says uncertainty in the broader economy means preparation matters more than ever. Buyers should understand their budget, stay in communication with their lender and work with experienced real estate professionals who understand changing market conditions.

“The people you put around you are more important than they ever were. Have an agent who will understand what you’re looking for and be able to guide you on what’s going on in the market,” Olson said. “It’s about going to somebody who’s been through this, who knows what’s going on, who has seen turmoil in the markets before, who can reassure you. Ultimately, it’s not up to me, it’s not up to the agent. It’s up to the buyer or seller to feel comfortable with what’s going on. The more information you can arm yourself with, the better.”

For buyers waiting for headlines to seem calmer before making a move, Olson says there may never be a perfect moment and that today’s market isn’t about finding those perfect conditions. Instead, it’s about recognizing opportunity when it appears.

After years of bidding wars and intense competition, buyers are finally regaining leverage, negotiating power, and time to make thoughtful decisions. And in a high-demand market like the Triangle, waiting indefinitely for rates or headlines to improve could mean missing out on the right home altogether.

Instead, he encourages buyers to focus on what they can control: their financial readiness, their long-term goals, and whether they’ve found the right home for their lifestyle.

“If you’re ready to buy,” Olson said, “go get it.”