What Shifts Are Happening in the Raleigh Real Estate Market
As interest rates rise, we are all seeing a shift in the real estate market in Raleigh. As you drive down the road, you see way more for sale signs than you did last year. Our experts at Raleigh Cary Realty want to share how this could be impacting your home.
4 ways you could be impacted by the shift in the Raleigh real estate market are:
- Home Values: Even though we see more homes on the market, market values are still increasing which is great news for all homeowners. If you are a first-time homebuyer, this means it won’t be any easier to get into the market.
- More Options: If you are shopping for a home, this means there will be more options available for you and it may give you a little more time to shop for a home. There is a little less rush to put an offer in than in years past.
- Less Competition: Due to the increase prices of homes and interest rates, there are not as many individuals who can afford homes anymore. This will lead to less offers. While any homebuyer still needs a competitive offer, which should be carefully discussed with a trusted real estate agent, there won’t be as many of those competitive offers.
- Rent Prices: If you do not own a home or are shopping for a home, rent should be considered too. As more companies move into the Raleigh area and move their staff here, there are more individuals and families looking to rent. This is driving up the price of rentals which makes it most advantageous to purchase a home.
If you are concerned about how to approach buying or selling a Raleigh home in the hot Raleigh real estate market, our team would love to help you! Take a moment and reach out to us now!