The North Carolina real estate market is experiencing a major shift. The median sale price increased by 2.5% in April 2023 year-on-year, and the number of homes sold dropped by 23.2%. New buyers are starting to enter the market as mortgage rates are stabilizing, currently at 6.79%.
What does Fewer Pickings Mean for Buyers
Low inventory means you need to be on your toes when you go house hunting—the best homes will likely be snatched up fast. In November 2020, more than 7 in 10 sold homes were on the market for less than a month.3 That doesn’t leave much time to hem and haw over your home search. If you want to find a good home in this slim market, here’s some advice:
- Sacrifice some needs. If you can’t find the house you want, be willing to give up some “can deal with” for your “gotta-haves.” Find the least priced home in the best neighborhood you can afford and upgrade over time.
- Broaden your search. What if the location where you’re planning to buy is too competitive? You might be surprised at the gem you can find in a less popular neighborhood. Working with a real estate agent who really knows the area is the best way to find a home that fits your budget and lifestyle.
- Get preapproved FIRST. Getting preapproved for a mortgage before you go house hunting is a must in any market. But in a market with such a limited home supply, not doing this legwork ahead of time gives a preapproved buyer free reign to snatch the home you want right out of your hands.