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How to buy a Triangle home this winter

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Editor’s Note: Every Friday, WRAL TechWire takes a deep dive into the Triangle real estate market.In the last few weeks we have How to Win in the Triangle Real Estate Market What you can do as a buyer and as a seller prepare a house for sale To get the best offers.WRAL TechWire reporter this week Jason Parkeris also a licensed real estate agent in North Carolina and shares his personal experience navigating the real estate market as a buyer during the winter holiday season.

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Durham – Exactly 10 years ago, I bought my first home in the Triangle in a completely different real estate market. But at least to me, the macroeconomic climate felt the same as it does today.

For example, at the end of 2011, when I accepted a position that would take me back to Durham, where I was born and raised, I graduated and went through the aftermath of the Great Recession. My colleagues and mentors felt uncertain about where the U.S. economy was headed.

Still, I was convinced that the future of the Triangle region was strong, so I returned to the Triangle.

Today, 10 years later, the global economy has recovered from another economic shock brought on by the outbreak of the global COVID-19 pandemic and subsequent geopolitical uncertainty, shifting workplace and worker expectations. The housing market has finally cooled. A little after the breakneck pace of price increases since 2011.

Over the past decade, Triangle real estate has grown at an annual rate of approximately 8.75%

As I write WRAL TechWire’s weekly column on the Triangle real estate market, I have yet to share my own experience navigating the housing market, but during this holiday week our editorial team will I thought it might be worthwhile to contextualize the current housing market by introducing the housing market. My home buying experience.

This is because every time we buy a home in North Carolina, we do so in November, December, and January.

Entering this fall, Four factors that changed the real estate market This is due to the transition from rapid house price increases to what appears to be a return to seasonally cyclical norms in most submarkets of the Triangle.

This means that some homes are selling above the asking price, while some homes that may have been purchased in April or May of this year have been on the market for several months. I’m staying.

These four factors are changing the real estate market in the triangle

What Happens in Triangle’s Annual Market Cycle

A study by ATTOM Data Solutions released earlier this year found that even in an unusual real estate market in 2020 and 2021, on average, best time to buy a house In North Carolina, homebuyers came to get the best deal on price when properties closed in January.

Data showed that buyers paid an additional 1.3% premium in January. This was his lowest in 12 months, and he needed a 7.4% premium for a closing that occurred in May.

Why is this happening in the Triangle and across the state?

In a typical annual cycle, both buyers and sellers leave the property market during the cooler winter months. This drop in demand is expected to continue in the normal historic cycle of housing before returning to price gains in the spring and early summer months, when more buyers are active in the market and more sellers are triggered across the market. It means that sales tend to plateau or decline. List your home for sale because an increase in price increases the potential sale price and thus the net revenue of the sale.

But when I knew I would be returning to the area to purchase my primary residence in the Triangle, I immediately started looking. It happened to be October 2011.

My first step, as you should be, was choosing a real estate agent, talking to multiple mortgage lenders, and getting a pre-approval letter.

Mortgage rates today are higher than they were a decade ago, and even a year ago, but most good realtors would advise buyers to:ready, willing and able” Making offers for purchases and contracts. In other words, wanting to move isn’t enough if you’re looking at housing options. You’ll also need to work with your homebuying team to ensure you’re financially ready, willing to make the deal, and able to advance the deal to the closing table where you’ll get the keys to the deal. your new home.

Images and Data: Freddie Mac

my first purchase

2011 was still a buyer’s market overall, but this was an important step for me. I wanted to find a house that would take care of me.

For example, instead of looking for a two-bedroom house, I was looking for a three-bedroom house. I only had one car, but I was looking for a house with two garages instead of one. We then looked for regions that suggested future growth and future price increases. These included both downtown and Research Triangle Park, where I worked, and close to both universities. I further narrowed my search to areas with well-established school quotas, but also areas where the City of Durham was planning primary schools, even though there were no children at the time.

The same principle may apply to today’s homebuyers. Look for an extra bedroom than you need. Home his office could be possible if you can afford it. It may also attract a wider pool of buyers if the property is eventually resold. The same goes for whether your home has a garage. Usually, when it comes to storage and garage space, he’s better at two than one, and better than nothing.

When working with real estate agents, I was advised to work to find multiple homes that meet my criteria rather than falling in love with a particular property. I have a conversation that can be boiled down to one question.

Whether buying three homes in North Carolina as my primary residence or acting as an agent for buyers and sellers in the Triangle and Charlotte areas, I’ve learned that real estate searches are often about trade-offs. It means that it is a thing.

It took me six weeks in 2011 to identify two potential traits. I was ready, willing, and able to do so, so I placed an offer on the property I wanted. We did not reach a deal at a price that did not exceed the conditions.

That meant we ended up buying a second property after negotiating in the weeks leading up to winter break. We made a proposal at a reasonable price and reached a contract. A few weeks later he bought a house at the end of January, which happened to be the perfect time to buy a home in the Triangle.

First-time homebuyers hit record low — but Wake prices are falling

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Fast forward half a year. There have been many changes in those five years, but the most significant change has been the partnership and marriage between her partner and her spouse.

In the fall of 2016, after our wedding, my partner had a career opportunity that forced him to relocate. That means we started looking for a house together again later this year.

I’d like to say that I’ve learned some great lessons from my previous homebuying experience, but the truth is, when it comes to this one, I got really lucky with the timing, the opportunity, and the particular house.

I’ll tell you this: It’s really hard to buy a home when you can’t be on the ground for your search.

The parameters for this search at the start were: He is within a 45 minute drive from uptown Charlotte. It was my partner’s employer’s stated preference, if not a written requirement.

It took several weeks and many trips to the city to start identifying areas and regions that met our buying criteria.

If you’ve read this far, it shouldn’t shock you to hear that the standard is 3 bedrooms, an established neighborhood with an established school, and a garage and/or storage space where we can grow. And, of course, there is a cap on the price.

We ended up finding a home occupied by a tenant that had already been on the market for weeks by the time we were able to see it.

By the time I walked through the door, I saw about 20 houses, none of which I really liked. But when I stepped into this, before I even got upstairs, I knew we were going to make an offer.

That’s it for finding multiple homes that meet our criteria.

We had an excellent team to go over the details of the offer, which we negotiated over the next few days, culminating in a deal to purchase the home and allow us to move in in January, our desired timeline.

Want to sell your home but don’t want to lower the price?Method is as follows

Third time; still attractive

Fast forward another five years to about 18 months after the COVID-19 pandemic. Since purchasing a home in the Charlotte area, I have learned a thing or two about the real estate process and have decided that I have been working on writing and reporting on the economy across the region and state, including some real estate and real estate technology. did. story. My interest in the practice and structure of the real estate market and the practice of real estate agents led me to enroll in an evening class to complete my North Carolina prelicensing requirements.

Once you’re done, why not take the exam? After dozens of hours of study and work, I got my real estate license. During that time, I was on Capitol Broadcasting and had been asked to write full-time for WRAL TechWire, which allowed me to return to the Triangle from Charlotte his area.

Knowing the market, I’ve written about the changing economy across the Triangle and North Carolina due to supply chain shortages, material costs, labor costs, and rapid price increases in the housing market. Coming to this area, I wondered how it would compete, especially from two hours away.

We turned to a new segment of the market: new construction. I identified an area close to my former Triangle home, so I was already familiar with the area. And, as it turned out, our timing was a coincidence as it allowed us to choose what we felt was the best lot in the neighborhood with a floor plan that worked for our family.

Homebuyers: Want a great deal on your new home? Here’s what you’re looking for

my advice to you

New homes may still be an excellent option for people i want to buy in trianglebuilders have been very active in recent years due to the continued migration of workers to the area.

So if you’re looking at housing options right now, my advice is: Don’t read this far and assume you need to buy a home in the next two months. find a deal.

My story and experience are anecdotal. But here’s what you can learn from them: Prepare in advance to be “ready, motivated, and able to move.” And, as my agent colleague told me in an article published earlier this year, you shouldn’t go home shopping unless you’re “ready to attack.”

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WRAL TechWire Reporter Jason Parkeris also a licensed real estate agent in North Carolina and works with WRAL.com journalists to track and present market data and report on how people are experiencing the region’s changing real estate market. doing. These special reports use the category tag “triangle real estate” Also “triangle real estate market.

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