CARY, N.C. (WNCN) – If you’re looking to buy a home in the Triangle and it’s leaving you overwhelmed or frustrated, there’s a good reason.
“You know, I had put a house on the market in Cary just a few weeks ago and we ended up with 37 offers,” said Compass real estate advisor Margaret Struble. She added the offers were far above the asking price.
Homes are being snatched up a dizzying rate. It’s a sellers market that stands to make a lot of cash for current homeowners. According to Triangle MLS, existing home inventory is down 75 percent since last year.
“Buyers have very little time to go into a house, look at a house, preview that house, and make a decision within 30 minutes that they’re going to be spending several hundred thousand dollars, which is the biggest investment most people ever make,” Struble said.
People are typically buying to upgrade or are moving into the Triangle from all over the country.
Since May 2020, the median sales price for an existing home in the Triangle jumped from $288,000 to $345,000. That’s led to a year-to-year increase in total dollar volume of 44.9 percent.
So, how do you know what you’re willing to spend?
“It’s what it’s worth to you. You know what are you willing to spend for this house knowing you’re going to be there and you need to buy a house that you will be there for a good, long time,” Struble said, adding that low interest rates are also attracting buyers.
A year ago, homes sat on the market for 26 days. Now it’s down to 12, leaving what was once two months of inventory to only two weeks of inventory. Struble said clients are taking advantage of the opportunity to make a profit.
“And they’re going to go into rentals because they’re like, ‘Well, let’s just put our house on the market, go into a rental, move to the beach and see what the market’s like a couple of years from now.”
Struble added that the more that people decide to put their homes on the market, the more it will help with overall inventory. Once new construction gets back on track, that will help, as well. COVID-19 and a disruption in the supply chain have cause delays of newly built homes.
Struble added the more that people decide to put their homes on the market the more it will help with overall inventory. Once new construction gets back on track that will help as well. Covid-19 and a disruption in the supply chain have cause delays of newly built homes.