Mailbag: How High Will Home Prices Go?
As the housing market continues to go up, just how high might prices go? Angie shares her insights on the Triangle market when answering these four questions from the mailbag.
What should you expect when it comes to the price of homes in the Triangle? Will it just continue to go up? How might it impact your mortgage?
Roy in Raleigh wants to know how much higher Angie thinks home prices can go. She never would have expected it to go up quite this much had you asked her even six months ago, but only expects it to continue to go up in the Triangle. Some homes never even make it to the market and receive offers in the “coming soon” stage. As prices continue to go up, you’ll have almost immediate equity once you go to the closing table as a buyer.
Angelique in Apex wants to sell soon but fears it will be difficult to figure out a list price. How does a realtor determine the list price? Angie explains how they assign values and choose a price. Market data and comparables are just the start. Because of the competition, things look a bit different than they used to!
Margaret in Clayton is wondering if they will have more success buying an established home or buying land and then building. While they prefer to build, the lumber prices are concerning. Lumber prices are going up and finding land to build on is getting more challenging. Angie suggests to keep your options open.
Felix in Knightdale wants to buy a fixer upper. Can you get a loan to cover both the cost of the home and the needed repairs? Angie explains what you need to for the process with the lender.
Listen to the entire episode or click on the timestamps below to skip ahead to a particular question.
0:38 - Mailbag: How much higher can house prices go?
3:20 - Mailbag: How do you figure out the list price on a home?
6:58 - Mailbag: Buying an established home vs. building a home?
9:25 - Mailbag: Can a loan cover a fixer upper and the needed updates?
Get In Touch:
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- Get answers questions on home inspections. Click Here!
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