Large crowd shows up for potential to buy Raleigh home under $300,000

WE WILL FOLLOW THIS UPDATE FOR YOU AND HAVE MUCH MORE AS WE GET IT THIS AFTERNOON. >>> TAKE A LOOK AT THIS VIDEO OF A NORTH RALEIGH HOUSE THAT JUST WENT ON THE MARKET. IT IS GOING VIRAL TODAY. LOOK AT YOUR SCREENS. DOZENS OF PEOPLE SHOWING UP TO TOUR THIS HOUSE LAST NIGHT WITH A LINE OF CARS STRETCHED UP AND DOWN THE STREET. NOW, REALTORS SAY THIS SHOWS HOW INTENSE THE DEMAND IS FOR HOMES UNDER $300,000. BRYAN MIMS JOINS US LIVE AT THE HOME WHERE PROSPECTIVE BUYERS OF COURSE SHOWING UP AGAIN TODAY. >> WOW IS THE WORD. THIS HOUSE IN THE NORTH FARMS SUBDIVISION BEGAN ACTIVELY SHOWING FOR POTENTIAL HOMEBUYERS YESTERDAY AFTERNOON AT 5:30 LISTING AT $260,000. LAST NIGHT, OVER THE COURSE OF TWO AND HALF HOURS, MORE THAN 80 PEOPLE CAME BY TO SEE IT. AND ONE REAL ESTATE AGENT PULLED OUT HER PHONE AND CAPTURED THE SPECTACLE ON VIDEO. >> I JUST WANT YOU TO TAKE A LOOK AT ALL OF THE PEOPLE WHO ARE LINED UP TO SEE THIS PROPERTY. >> THAT IS THE VOICE OF MONIQUE EDWARDS WHO POSTED THIS ON FACEBOOK. SHE CAME TO SHOW HER CLIENT THIS HOUSE ONLY TO HAVE A CRUSH OF OTHER HOME SEEKERS AND THEIR AGENTS ARRIVED. SHE SAYS IT IS EVIDENCE OF A HOUSING PRICE IS IN THE RALEIGH AREA. IN THIS IS ABSOLUTELY RIDICULOUS . WE HAVE GOT TO GET CONTROL OVER THESE PRICES ON THE HOUSING INVENTORY. >> Reporter: I SPOKE WITH EDWARDS ON THE PHONE AND SHE TOLD ME SHE SHOT THE VIDEO TO EDUCATE PROSPECTIVE BUYERS. MANY FIRST-TIME BUYERS SHE SAYS ARE IN DISBELIEF AT THE AMOUNT OF TIME IT TAKES TO FIND A HOME THEY CAN AFFORD IN WAKE COUNTY. >> PEOPLE ARE SO DESPERATE FOR A HOME, YOU KNOW, UNDER A PARTICULAR PRICE POINT. IN THE MEDIAN PRICE FOR A HOME IN JANUARY WAS $434,000. JIM RAGLAND, THE LISTING AGENT FOR THIS HOUSE WAS UNAVAILABLE FOR AN ON CAMERA INTERVIEW BUT HE TOLD ME THE LARGE TURNOUT IS PROOF THAT LOWER-PRICED HOMES, THOSE UNDER $300,000 PER AN UNBELIEVABLE DEMAND IN RALEIGH. THEY SAY THEY ARE JUST AREN’T ENOUGH HOUSES ON THE MARKET. >> THIS IS DEFINITELY A SELLERS MARKET AND I THINK A LOT OF PEOPLE ARE COMING INSTEAD OF RESELLING, THEY ARE REFINANCING TO CAPITALIZE ON THE INCREASE IN PROPERTY VALUES. WE REALLY ENCOURAGE PEOPLE TO SELL YOUR HOMES, GET MORE HOMES IN THE INVENTORY SO THAT THERE ARE MORE OPPORTUNITIES FOR PEOPLE TO BUY. >> Reporter: REAL ESTATE AGENTS ALSO SAY DISRUPTIONS IN THE SUPPLY CHAIN HAVE CAUSED DELAYS IN NEW HOME CONSTRUCTION. THOSE NEW HOMES JUST HAVEN’T BEEN ABLE TO KEEP UP WITH THE DEMAND. A REALTOR I SPOKE WITH SAID THERE WEREN’T REALLY SURPRISED TO SEE SUCH A HUGE TURNOUT FOR HOME LISTED UNDER $300,000. AND I MUST SAY THAT THE OWNERS OF THIS HOME NOW HAVE IT UNDER CONTRACT FOR OVER $300,000. >> OF COURSE THEY DO. FOR SO MANY FAMILIES LOOKING TO BUY A HOME, THIS HAS TO BE THE EJECTING FOR THEM BECAUSE IT HAS GOT TO BE A LONG PROCESS.