Not only are homes in the Triangle real estate market more expensive than they were a year ago, the monthly mortgage costs have risen dramatically during that time as well.
5 AND 6. THERE’S A CHANCE TO WORK COULD BE DELAYED BECAUSE OF WEATHER >> THE COST OF HOMEOWNERSHIP IN THE TRIANGLE KEEPS GOING UP. DESPITE A DIP IN PRICES OVER THE LAST FEW MONTHS, WRAL’S TECH WIRE TEAM IS TRACKING THE REAL ESTATE MARKET WITH IN-DEPTH REPORTS EVERY FRIDAY WRAL’S MATT TALHELM JOINS US LIVE IN THE WEST OVER NEIGHBORHOOD OF FOLLY TO TELL US WHAT WE’RE LEARNING ABOUT A SUMMER SHIFT IN THE MARKET. >> YELENA WE’VE SEEN AN INCREASE IN INVENTORY HERE IN WAKE COUNTY OVER THE PAST MONTH OR SO HERE IT’S ACTUALLY ALMOST DOUBLE WHAT IT WAS THIS TIME A YEAR AGO WITH MORE HOMES FOR SALE COMING ON THE MARKET LIKE THE ONES UNDER CONSTRUCTION HERE BEHIND ME NOW, REALTORS, TELL ME THERE’S ALSO LESS COMPETITION OUT THERE RIGHT NOW BECAUSE HIGHER MORTGAGE RATES ARE FORCING MORE BUYERS TO DROP OUT OF THAT SEARCH FOR A HOME. LIKE THE SIGN OUTSIDE. CRAIG SAMSON’S RALEIGH HOME SAYS IT’S TOO LATE TO MAKE AN OFFER. NOW WITH ACTIVE ON FRIDAY WHEN WE WERE GOING OUT OF TOWN FOR THE WEEKEND. >> AND WE TOOK THE BEST OF 3 OFFERS MONDAY. HE AND HIS WIFE ARE DOWNSIZING. THEY PUT THEIR HOME UP FOR SALE. THE FIRST WEEKEND OF JULY. WE KNEW IT WAS SETTLING DOWN SOME. IT WASN’T QUITE AS CRAZY >> BUT A LOT OF PEOPLE WANT THIS AREA. THEY’VE LIVED HERE. 29 YEARS. I WOULD SAY THE MARKET IS COOLING A LITTLE BIT THE SAME AMOUNT OF TIME. GINA REEVES HAS BEEN A REALTOR IN THE TRIANGLE. HER LATEST LISTING IS RIGHT AROUND THE CORNER IN THE COTTAGES OF STONEHENGE. THIS ONE’S GOING TO 79 ON ITS FIRST TIME HOMEBUYERS PRICE POINT. >> THAT’S WHERE THE COMPETITION FROM BUYERS IS STILL FEARS. IF SOMETHING IS PRICE, WILL IT LOOKS GOOD. IT IS STILL SELLING REALLY FAST, BUT IT GETS ON THE BORDERLINE OF BEING A LITTLE BIT HIGHER THAN IT SHOULD BE. AND IT’S GOING SO LITTLE BIT LONGER. THAT GIVES BUYERS MORE BARGAINING POWER THAN THEY HAD JUST A FEW MONTHS AGO. EVEN IF THEY’RE BUYING POWER IS GOING DOWN A NEW ANALYSIS FROM ZILLOW FINDS THE TYPICAL HOME IN THE TRIANGLE IS JUST OVER $457,000. THAT’S A 2 AND A HALF PERCENT DIP FROM JUNE TO JULY. BUT IT STILL 62.3% HIGHER THAN THE SUMMER BEFORE THE PANDEMIC. >> THAT CLIMB IN PRICES COMBINED WITH HIGHER MORTGAGE RATES TO MAKE HOME AFFORDABILITY FALL TO A NEW LOW. >> WHEN YOUR COST OF BORROWING MONEY DOUBLES AND SOMETIMES 2 AND A HALF TIMES WHAT IT USED TO BE THE BUYING POWER IS VERY LIMITED FOR SOME OF THOSE BUYERS. AND REALTOR, JOHN MCBRIDE SAYS BUYERS WHO ARE ON THE HUNT FOR A HOUSE HAVE MORE ON THE MARKET TO CHOOSE FROM RIGHT NOW AND LESS COMPETITION. IF YOU’RE ON THE FENCE AND THINKING THAT YOU MAY WANT TO CONTINUE TO WAIT, YOU’RE THINKING HOME PRICES ARE GOING TO GO WERE NOT SEEN THAT ANYWHERE IN THE FORECAST. >> NEMEC WRIGHT ALSO SAYS THE BUYERS DON’T HAVE TO RUSH INTO A DECISION LIKE THEY DID. EVEN JUST A FEW MONTHS AGO. HOMES RIGHT NOW ARE SITTING ON THE MARKET ABOUT 5 DAYS LONGER THAN THEY WERE THIS TIME LAST YEAR. AND WE ARE ALSO SEEING SOME PRICE CUTS, ESPECIALLY AT THE HIGHER PRICED HOMES. ZILLOW’S ANALYSIS SAYS ABOUT 20% OF HOMES IN THE TRIANGLE. >> SAW A PRICE CUT IN JULY.
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