Be strategic to create a custom home that satisfies your wish list.When you choose to build a custom home, you get to take control of what amenities and features you pay for. Instead of settling for
The Market is Crazy! Why should I buy a home now?
Dated: January 29 2021
Views: 971
I get asked this question all the time. Why is now such a good time to buy? I hear that inventory is low and home prices are climbing, so shouldn't I wait to buy a new home until the market slows down and things return to normal? Why is it still such a good time to buy?
It is true, inventory is very low. According to the Triangle Multiple Listing Service or TMLS, there were 4,141 homes newly listed in the month of Febuary of 2020 and only 3,752 homes newly listed in Febuary of 2021. Thats a decrease in homes brought to the market year over year in February of -9.4%. Even more telling, there were only 7,511 total homes listed on the market in February of 2020 (that would include homes that were active prior to Febuary but were still available) but for the same time period this year, February 2021, there were only 2,759! Or, to the buyer who is looking for a home this Februruary, there were less than half as many homes on the market to chose from compared to last year, 63.3% fewer to be exact. Add to this the increase in average sales price between February 2020 ($319,051) and February 2021 ($352,170 or +10.4%) in the Triangle, and many buyers think, I'll just sit on the sidelines and wait until this crazy market calms down.
Finding a home now can be a little frustrating to say the least. Just when a home finally comes on the market that you think is perfect, there are multiple showings, often multiple offers, and while your trying to decide what to do, Bam! It goes under contract in a matter of days, sometimes even hours. Or maybe you've made offers on 5 houses already and you keep getting outbid! While all this may be true, believe it or not, now is NOT the time to sit on the sidelines and wait. You know why? Because interest rates are still incredibly and historically low!
One of the most important variables in making a new home affordable will be the interest rate of your mortgage. I know it seems like we've been talking about low interest rates for years, but todays interest rate market is truly unbelievable. According to Macrotrends.com, the 30 year fixed mortgage rate historical chart shows that as I write this post (April, 2021) rates are still lower than any other time in recent history. (You can view that chart Here.) These low interest rates mean your buying power has increased significantly from past years. Lower interest rates mean a lower monthly mortgage payment for the same size loan. It may also mean that although the home you want costs more now, in many cases your monthly mortgage payment may be the same or lower than it was last year when home prices were lower! For information for your specific situation, or to see what you can afford, contact your mortgage lender. They can run all your numbers for you and help you see why NOW IS A GOOD TIME TO BUY A HOME!
I wish I could tell you how long these low interest rates will last, but I can't. That's why I tell my clients, friemds and family, if a new home is in your future, it behooves you to find that home now. It will take a little bit of hard work, a little bit of patience and maybe a little bit of luck. If you don't want to rely on luck (and really who does?), I suggest you contact a hard working real estate agent that knows and understands this market. A good agent can help you formulate a plan and knows the best strategies for placing a winning offer in this sometimes crazy market. Believe it or not, it doesn't always come down to just the offered price. We can talk more about that in a later post, but for now, stop reading and start searching! Feel free to use my site to start your home search, and please send me a text, email or call if you have any questions or you want to talk more about buying or selling a home. I love my job, and I'd love to go to work for you! Because ultimately I know, Its Your move!
Samantha DiGiovanni
Samantha DiGiovanni is a Broker and Team Leader with The Sam DiGiovanni Team and HomeTowne Realty in Clayton NC. Sam relocated to North Carolina in 2010, with her husband and two kids and she has fall....
Latest Blog Posts
The sun is shining, flowers are blooming, and the spring housing market is heating up — right? Once the market cooled off at the end of 2022, real estate experts predicted the 2023 housing
One of the many things that I love about my job as a real estate agent in the booming Triangle Area, is that I get to work with a lot of new construction homes. Whether its builders I am
Let’s paint a picture. You’ve just finished a mighty game of Tetris with the moving boxes, the family waves goodbye to a house once-called home, and you’ve all settled in for a
Copyright 2023 NCRMLS. All rights reserved. North Carolina Regional Multiple Listing Service, (NCRMLS), provides content displayed here on an as is basis and makes no representations or warranties regarding the provided content, including, but not limited to those of non-infringement, timeliness, accuracy, or completeness. Individuals and companies using information presented are responsible for verification and validation of information they utilize and present to their customers and clients. NCRMLS
Copyright 2023 Triangle MLS, Inc. of North Carolina. All rights reserved.
The data relating to real estate for sale on this web site comes in part from the Triangle MLS, Inc. of North Carolina. Real estate listings held by brokerage firms other than HomeTowne Realty Clayton are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. Brokers make an effort to deliver accurate information, but buyers should independently verify any information on which they will rely in a transaction. The listing broker shall not be responsible for any typographical errors, misinformation, or misprints, and they shall be held totally harmless from any damages arising from reliance upon this data. This data is provided exclusively for consumer's personal, noncommercial use.
Closed (sold) listings may have been listed and/or sold by a real estate firm other than the firm(s) featured on this website. Closed data is not available until the sale of the property is recorded in the MLS. Home sale data is not an appraisal, CMA, competitive or comparative market analysis, or home valuation of any property.
Listings marked with an icon are provided courtesy of the Triangle MLS, Inc. of North Carolina, Internet Data Exchange Database.
This site is monitored for scraping. Any use of listing data obtained from this web site, other than by a consumer looking to purchase real estate, is prohibited.
This data has been updated as of December 5, 2023 9:38 AM UTC
© 2023 Longleaf Pines Association of Realtors MLS. All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed. Properties marked with the IDX icon are provided courtesy of the Longleaf Pines Association of Realtors MLS, Inc., Internet Data Exchange (IDX).
Copyright 2023 NCRMLS. All rights reserved. North Carolina Regional Multiple Listing Service, (NCRMLS), provides content displayed here on an as is basis and makes no representations or warranties regarding the provided content, including, but not limited to those of non-infringement, timeliness, accuracy, or completeness. Individuals and companies using information presented are responsible for verification and validation of information they utilize and present to their customers and clients. NCRMLS
© 2023 MLS of Goldsboro. All rights reserved. The data is deemed reliable but is not guaranteed accurate by the MLS. All properties are subject to prior sale, change or withdrawal. MLS of Goldsboro, the listing broker(s) nor information provider(s) shall be responsible for any typographical errors, misinformation, and misprints and shall be held totally harmless. Listing information is provided for consumers' personal, non-commercial use and may not be used for any purpose other than to identify
The data relating to real estate for sale on this website comes in part from the (IDX)Internet Data Exchange Program of the Albemarle Area Association of Realtors, Multiple Listing Service. Real estate listings held by brokerage firms other than the Realtor owner of this website are marked with the Internet Data Exchange logo (IDX) or the Internet Data Exchange brief/thumbnail logo and detailed information about them includes the name of the listing firm.
Information on this website is provided
Copyright 2023 NCRMLS. All rights reserved. North Carolina Regional Multiple Listing Service, (NCRMLS), provides content displayed here on an as is basis and makes no representations or warranties regarding the provided content, including, but not limited to those of non-infringement, timeliness, accuracy, or completeness. Individuals and companies using information presented are responsible for verification and validation of information they utilize and present to their customers and clients. NCRMLS
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
