What’s the Latest in the Housing Market?
Angie keeps us updated on the current shift in the market and how the Triangle differs from other parts of the country. Then, she answers two questions from the mailbag on this week’s show.
There’s been a shift in the housing market recently. There has been a dramatic increase in inventory, yet it remains a seller’s market. Another factor is the increase in interest rates has hurt the buying power of homebuyers as well as investors. The urgency has gone away a little bit, so days on the market have gone up and multiple offers have gone down.
Amidst the shift, many sellers are realizing now is the time to list. Other areas of the country may be shifting into a buyer’s market, but that’s not happening here in the Triangle. There continues to be a lot of movement into the Triangle area though as it remains one of the best places to live.
Fox from Fuquay-Varina asks which beach town has the best future growth potential for real estate investing? The areas that Angie services includes those near Wilmington, Wrightsville Beach, Carolina Beach, Kure Beach, and Emerald Isle. Carolina Beach compared to Wrightsville or Wilmington is a good mix of beach and a lower price point. There’s a lot of opportunity for building homes there.
Alice in Carolina Beach wants to know if she should wait out the mortgage rate chaos. Should they wait and see if it goes down? Angie says it’s not worth waiting and doesn’t foresee a big drop in interest rates anytime soon. Consider both the interest rates and the purchase price. As the interest rates go up, the purchase prices have also gone up, so waiting might make it even more expensive.
Listen to the entire episode or skip ahead using the timestamps below.
0:40 - What has changed lately in the market?
7:21 - Mailbag: Which NC beach town has future growth potential?
9:28 - Mailbag: Should I wait until mortgage rates go back down?
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