Mailbag: Building a Home, Bidding Wars, and More
If you know you want to build your next home, where do you start? Should you invest in the suburbs or somewhere else? Angie answers these mailbag questions and more today. We’ll also discuss escalation clauses, whether the market has peaked, and bidding wars.
What’s the market like in this area? Where should you buy an investment property? Angie tackles four questions about the Triangle real estate market in today’s episode of The Savvy Realtor podcast.
Edward from Raleigh read that escalation clauses were big in 2021 but are already falling out of favor. Has that been the case in the Triangle? Angie explains that this is not common in North Carolina like it might be in other states. What is more common in this area is a bidding war. Angie outlines how this can look and shares how to get the best offer possible as a seller.
Martin wants to know if the housing market has peaked in Durham. Angie says there will continue to be an appreciation in the market because there’s a limited inventory with more buyers than homes available. Even if growth slows, there will still be growth.
William in Raleigh wants to know if it’s best to invest in suburban properties or somewhere downtown. Remember that investments could be to flip a home or a purchase to rent it out. Angie suggests looking for places near entertainment if you want to have an Airbnb. If you are going to have a long-term rental, consider being close to a university. A downtown area may be a better investment than a suburban area.
Adrianna in Apex asks how to start the process of building a home. You’ll want to have a real estate professional to start with. Then, begin working with a lender to stay within your price point. You’ll want to focus on the areas and communities you want to live in. Finally, narrow it down to the lot, home, and floor plan you want.
Listen to the entire episode or skip ahead to a particular question using the timestamps below.
0:38 - What’s the deal with escalation clauses?
3:12 - How do bidding wars play out?
6:23 - Has the market peaked?
7:25 - Is it best to invest in suburban properties or elsewhere?
9:32 - What’s the process like to build a home?
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