It's Hot Out There
Think The Housing Market Is Going To Cool? Think Again ...
On April 26, 2021, Apple made an announcement that they will be settling down in the Triangle, a move that will create thousands of high-paying jobs over the next five years. The landing of Apple in the area is huge and will likely attract many other people and companies around the country to the Wake Forest/Raleigh/Durham area. Their one-million square foot building will contain over 3,000 jobs, ranging from artificial intelligence, software engineering, and more. The company will also be investing $100 million dollars into schools throughout the Triangle area.
Apple planting roots in the Triangle says a lot about North Carolina, and the region itself. Our area is already home to many high-profile companies, including the Amazon distribution center in Garner, IBM in Durham, Lenovo in Morrisville, and many more. Not only will the addition of Apple create numerous jobs and attract many other companies to the area, it also further legitimizes and establishes the Triangle as a place where high-profile companies can succeed and thrive.
This news comes at a time when housing inventory here is already at an all-time low. As of the writing of this article, there were 1,700 active properties listed in the Triangle Multiple Listing Service, with only 74 of those being in Wake Forest – and of those 74, only 63 were detached properties (otherwise known as single family homes.)
Although home prices have skyrocketed over the past 12 months, this increase will likely continue for some time, simply due to supply versus demand. For new construction homes, not only will supply and demand have an impact on sale price, but also the increased cost of lumber and other building supplies. For sellers, they are finding themselves turning a lucrative profit on their homes, on average. Many are seeing multiple offers come flooding in after their house is on the market for less than 24 hours.
For buyers, this means the need to move quickly when a house comes on the market that fits the wants and needs of what that buyer is looking for. For many potential homebuyers, gone are the days of planning out a weekend ahead of time for touring houses. In this market, they are experiencing a high sense of urgency, sight unseen offers, a race against time to get offers in before deadlines, understanding multiple offer situations, and high due diligence deposits.
With a hot, fast, and ever-changing market, regardless if you are a buyer or seller, it’s imperative to have an experienced agent to hold your hand and walk you through these scenarios to minimize any surprises and stress.
As it always has been, buying and selling a home can be a very exciting, yet stressful time. With this current housing market, that stress level can seem even more overwhelming at times if you’re not prepared. Communication, experience, and trust is key for a successful transaction as you embark on a journey towards home ownership – whether that be a first home, downsizing, growing into a new home, or a new opportunity.
Allison Caudle Abbott
Owner and broker-in-charge of Southern Lux Living, serving buyers and sellers throughout the Triangle.