RALEIGH, N.C. (WNCN) – The real estate market in Raleigh is booming, which is great for sellers, but not so great for many buyers.
Josh and Kristen Janiseck lived in Boston and were looking to move back to Raleigh – but finding and then buying a home in the Triangle proved harder than they expected.
“[It was] very frustrating to me,” Josh Janiseck said.
Josh and Kristen found a home they liked – but so did more than a dozen other people.
“It was on the market a day and they had 14 offers in a day,” Josh said.
Matt Perry, a real estate broker and owner of The Perry Group, calls the Janiseck’s experience typical. Homes in the Triangle are on the market for two months on average. In more sought after areas, and at certain price points, they go even faster – in just 10 days to two weeks, Perry said.
It’s a seller’s market.
“Lower supply, higher demand,” Perry said. “So for a seller putting a home on the market, there’s less competition. And for a buyer they’re seeing less homes available for them to choose from.”
More than 70 people move to the Triangle every day, Perry said. While more homes are being built, they’re just not there yet. That means that inventory remains low.
Perry said the best way to get a home in the Triangle is to be prepared when you start your search.
“Have your financing, have your pre-approval ready to go and basically understand that we’re not going to be negotiating twenty percent off a list price. Often times we’re seeing homes go at or above list price,” he said.
The Janiseck’s did eventually find a home.
“It had just come on the market. Timing was right and so we came, we saw it and we made an offer, like I think the next day,” Kristen said.
Sales are up across the Triangle, not just in Raleigh. According to the Triangle Multiple Listing Services (MLS), sales are up nearly 90 percent in Orange County and more than 10 percent in Chatham County. The average sales price is up in both those counties as well.