If you’re like most people, you’re probably wondering what is going on in the market today in the Research Triangle areas of Cary, Durham, and Raleigh. We all know that housing went a little bit crazy, with home prices skyrocketing throughout the pandemic. There wasn’t enough inventory to keep up with the demand.
After that, however, things began to slow down. Higher interest rates had a staggering impact on the market, and prices dropped by about 10% from their peak in mid-2022. All of this while inventory has remained at incredibly low levels. This is a strange, possibly unique, situation in the market.
"There wasn’t enough inventory to keep up with the demand."
I believe what is happening is that people are reluctant to put their homes on the market because they would be replacing their 2.5% or 3% interest rates with 6% or 6.5% rates. This is keeping inventory at low levels. I can’t predict the future, but I expect that the low inventory and high demand will put a lot of upward pressure on prices in our area.
For buyers, this is actually good news. While they may still be looking at higher interest rates, those rates are depressing the value of homes in our area. This means that you can get a great deal on homes right now. Now is the time to get that great deal, even with the current interest rates, with the understanding that you can always refinance later.
Hopefully, you found this interesting and informative. Remember, if you have any questions about this topic or real estate in general, please feel free to reach out to me by phone or email. I would be happy to serve as your resource for all of your real estate needs.