Are These National Real Estate Trends Happening In The Triangle?
Which of these national trends ring true in the Triangle? Angie lets you know what to expect when buying or selling a home locally.
When it comes to real estate, there are national trends and then there are local trends. On today’s episode of the podcast, we talk about some national trends to see if they are also prevalent in the Triangle real estate market.
While the market is moving fast, some sellers have decided to have a pre-inspection completed. This can a number of pros and cons. Is this common in the Triangle? Angie typically doesn’t recommend it to her sellers and shares why. Is it really in the sellers’ best interest?
Young adults are dominating the market across the country. Millennials and even Gen Z are beginning to buy homes and make decisions in the market. Angie agrees that she’s also seen this in our local market. As rental rates continue to increase, why not put that money into a mortgage? There are a lot more first-time homebuyers, partially due to the lower interest rates.
The interest rates are just now starting to creep back up. Are you trying to time a home purchase with the lowest possible interest rates? It’s impossible to truly time it, but you likely want to jump on a chance to buy with lower interest rates before they go up.
Once COVID hit, a few things changed when it came to buying or selling a home. More virtual showings were common and certain parts of the process became more digital. Are these changes here to stay? How have the expectations of both the buyers and sellers shifted in this time?
Is it easier to be a first-time homebuyer than buying your second or third home? Right now with it being such a strong sellers’ market, if you have to wait to sell your own home first, it can be a tough position to buy. First-time homebuyers have less obligations and no need to time out the selling of their current home. Remember, not all first-time homebuyers are young adults.
Listen to the entire episode or click on the timestamps below to skip ahead to hear more about a particular trend.
1:17 - Should you do a pre-inspection as a seller?
4:51 - Young adults are dominating the market.
6:48 - Mortgage rates are increasing slightly.
8:41 - Are COVID-related changes to the process here to stay?
11:27 - Do first-time homebuyers have it easier than repeat buyers?
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