February Video Real Estate Update

February 3, 2022

Hi, this is Anne with Red Bloom Realty!

Some friends and clients have come to me recently saying they’re planning to wait until the market calms down before making their home purchase.

This may seem justified when we see homes being scooped up for so much over asking and sometimes sight-unseen. But why is this happening? Why are buyers coming in from all over the country to scoop up homes in this area? What makes them so confident to buy under these competitive circumstances? Because they understand we’re in a perfect storm.

They understand that a year from now, they’ll get less home for their money. In fact, the Triangle Area Residential Realty report shows the average home resale price went up 22% in Wake County compared to the same time last year.

They also understand that although interest rates for the past 18 months have been at historic lows. They’re quickly climbing. I spoke to one of my preferred local lenders, Whitney Bulbrook today. She’s the president of Carolina Ventures Mortgage. She said “Over the last 2 months, we have seen them climb from 2.75 to 3.5%. It would not surprise me to see them move closer to 4% in the next few months.”

Savvy clients understand that each wave of sales and appraisals provides the basis for the next wave. In other words, when the market finally calms down, the perfect storm will have also passed. The best time to buy is today rather than tomorrow.

You can email anne@redbloomrealty.com for a free consultation. Wishing you a happy healthy February full love, family and friendship.