The bright red housing market in the triangle is pricing many buyers. According to a WRAL News survey, many are eligible to be assisted as first-time buyers.
As a WRAL News photojournalist, Sean Braswell has helped talk a lot about Triangle’s explosive housing market. Then he started looking. “I knew it would be a challenge,” he told us.
Braswell was the first buyer to earn less than 80% of the median income in the region, so he was eligible for tens of thousands of dollars with government support, including interest-free loans sponsored by states, counties and cities. I found out that there is.
“I was over the moon. Did I look like $ 60,000?” He said. After that, the excitement diminished. He soon realized that the power of the market had pushed its financial support out of reach. “I was really convinced that I could find the opposite home that there was no way to get home with these programs,” Braswell said.
cause? Limitation of support. The cost of the house is less than about $ 300,000 and requires a new roof and air conditioning. Braswell was helped by a local non-profit organization, DHIC. DHIC warned not to bid for a price. Braswell was once again restricted because most homes in Wake County sold well above what buyers were looking for. “There is another obstacle, another hiccup, another wall,” he said.
“I don’t want to shoot someone’s dream, but I’m saying there are multiple offers in this house, so I won’t be able to compete,” said Braswell’s real estate agent Jamie Parlier. Told us. “I think these programs would be great if buyers could get the money.”
According to DHIC records, 121 Wake County buyers benefited from housing assistance in 2019, but the market broke out and support cooled. We used 111 units in 2020, 74 units in 2021, and only 15 units this year.
Homebuyers aren’t the only ones who are frustrated. “Of course, that’s very frustrating,” said Mark Perlman, director of the Wake Equitable Housing and Community Development Division.
Perlman’s agents pay loans, but loans are much less frequent. “It speaks to the difficulties our potential borrowers are facing to sign something. It’s because they simply face many hurdles to get to the closing table. It’s frustrating for us.
Wake County responds to the heat of the housing market by raising the purchase price limit depending on the borrower, adjusting the required debt-to-income ratio, and considering raising the $ 20,000 loan limit. doing.
These changes don’t help Braswell who eventually found the house where he said, “I checked all the boxes, both personally and programmatically.”
After all the hurdles, Braswell thought he actually won at home until Raleigh’s loan requirements for a city inspection led to a seller’s refusal.
“Standing outside this house I really wanted, I feel a little painful,” he told us. Housing support programs designed to help were sad and angry, but they weren’t. “I’m made for these programs, so I’m honestly a little excited,” he said.