Raleigh, N.C. — You probably know by now that buying a home is difficult in the Triangle. There’s limited inventory, and what is available is selling way over asking price.
Despite new data from the National Association of Realtors that says the housing market is leveling off, the market in the Triangle is still hot.
“We knew the market was hot we didn’t realize it was this turbo charged,” said Matthew Zinkil.
Daniel Lytle and Matthew Zinkil have been looking for a new house for months.
“The first offer we lost out to a cash offer that had similar terms and the second offer there were 22 other offers on the place,” Daniel Lytle said.
Those offers were way above the market price, the couple said. So instead of buying a home that’s already built, they decided to look into buying new construction in Brighton Station.
The couple said that they had to be pre-approved to get on a V.I.P list, and then they waited their turn.
“A lot comes up, we pick it, boom, done,” Lytle said.
Last week, the National Association of Home Builders said builder sentiment was softening. This is likely driven due to the high price of lumber, experts say. The rise in prices falls on the developer, CNBC reports.
Matt Horton with Coldwell Banker says the demand to build right now is very high. Prices are higher, building materials are backlogged and getting permits takes time. And he doesn’t think this will change any time soon.
So for now, Dan and Matt sit in their Chapel Hill apartment and wait.
“It has to cool off eventually it can’t be white hot forever,” Zinkil said.
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