A recent report shows the real estate market in central North Carolina has a record-low number of available houses and has reached record-high unaffordability. That means it’s difficult for first-time buyers to find a home anywhere from Granville County to Harnett County.
COULD SLOW THE STATE’S GROWTH. ANOTHER COVID VARIANT AND INFLATION COULD ALSO CREATES SIGNIFICANT UNCERTAINTY. >> NEW SUBDIVISION SEEM TO BE SPRAWLING OUT EVERY DIRECTION IN THE DISTANCE FROM THE RALEIGH SKYLINE. HERE. EVEN SO THE SUPPLY OF HOMES FOR SALE IN THE TRIANGLE IS AN ALL TIME LOW. >> HOW DID WE GET HERE AND WHERE DO WE GO NEXT? >> WRAL’S MATT TALHELM TALK TO PEOPLE WHO TRACK THE HOUSING MARKET FOR ANSWERS BACK. >> WE HAD EVERY YOU KNOW, I KIND OF WANTED TO KNOW THE ANSWERS THAT MYSELF BECAUSE I’M SHOPPING FOR A HOUSE AND CONSTANTLY REFRESHING THE LISTINGS TO SEE WHAT NEW COMES ON THE MARKET. BUT THERE JUST REALLY ISN’T MUCH TODAY. THERE ARE ONLY 1683 HOMES FOR SALE IN THE ENTIRE REGION. >> WITH THIS SIGN GOES UP TODAY WE HOST AN OPEN HOW THE DOOR OPEN FOR MATT PERRY AND HIS TEAM TO TAKE THIS NORTH RALEIGH TOWN HOME LISTING FROM OFFER TO CLOSE IN. NO TIME WE EXPECT TO HAVE MULTIPLE OFFERED BY THE TIME WE PICK THE SIGNS UP AND LEAVE TODAY. YES, SO IT’S IT’S PRETTY WILD. THOSE BUYERS ARE COMPETING IN THIS MARKET WHERE INVENTORY IS AT AN ALL TIME LOW, ABOUT 5 TO 10% OF WHAT THE IN TORY NORMALLY ISN’T ABOUT MARKET. A BALANCED MARKET HAS A 6 MONTH SUPPLY OF HOMES FOR SALE TO MEET THE DEMAND FROM BUYERS. YOU HAVE TO TURN BACK TIME TO JUNE 2014 TO FIND THE LAST BALANCED MARKET HERE IN THE TRIANGLE, THERE WERE NEARLY 15,000 HOMES FOR SALE. THEN COMPARE THAT TO OUR RECORD LOW OF 1766 HOMES FOR SALE AT THE END OF FEBRUARY. THAT’S ABOUT 12 DAYS WORTH OF SUPPLY. I DON’T THINK IT’S A PROBLEM THAT, YOU KNOW, JUST HAPPENED OVERNIGHT. >> TRIANGLE MLS EXECUTIVE DIRECTOR MATT FEILER SAYS THIS IS A SHORTAGE IN THE MAKING FOR DECADES WITH NOT ENOUGH NEW HOMES BEING BUILT BUILDINGS TO THE SUPER HARD. >> YOU KNOW, FROM THE REGULATION RELATED TO DEVELOPMENT, TOO. YOU KNOW, THE JUST EXECUTION RISK. ADD ON TOP OF THAT, THE TRIANGLE’S RAPID GROWTH OF COMPANIES MOVING IN ARE EXPANDING HERE. >> FOWLER SAYS IT’S ESPECIALLY TOUGH ON FIRST TIME BUYERS. BUT ON THE BOTTOM END OF THE SPECTRUM. >> YOU KNOW, THE OTHER END WHERE YOU’RE MAYBE 1100 SQUARE FEET AND BELOW. YOU HAVE >> JUST 0 AVAILABILITY. PERRY TELLS BUYERS WHO ARE FRUSTRATED WITH THE LACK OF INVENTORY TO STAY ON THE HOUSE HUNT AS AN INVESTMENT IS STILL A GREAT TIME TO BUY. SO, YOU KNOW, WAITING IS REALLY NOT ADVISABLE GIVEN THAT THE SAME HOUSE COULD BE 10, 20% MORE. YOU KNOW, A YEAR FROM NOW. >> TRIANGLE MLS TELLS ME ONE OF HIS BIG FOCUS IS THIS YEAR IS ACTUALLY WORKING WITH THE CITIES, TOWNS AND COUNTIES TO CHANGE ZONING TO ALLOW DENSER DEVELOPMENT OF HOMES. BUT THAT’S GOING TO TAKE TIME. SO FOR NOW, THE EXECUTIVE DIRECTOR SAYS IT’S GOING TO TAKE IN RENOVATING EXISTING HOMES AND PUTTING THOSE UP FOR SALE TO MAKE UP THE BULK OF THE INVENTORY COMING ON THE MARKET. DEBORAH, PLAY MY NEIGHBORHOOD. I SEE A FOR SALE SIGN GO UP AND IT SAYS SOLD THE NEXT DAY. IT’S STILL PRETTY INCREDIBLE OUT THERE. GOOD LUCK IN YOUR SEARCH. MATT MATT TALHELM REPORTING LIVE IN RALEIGH. THANK YOU. >> WRAL HAS A TEAM OF REPORTERS WORKING TO KEEP YOU UP TO DATE ON THE LATEST REAL ESTATE TRENDS IN OUR AREA. WE’VE COMPILED THEIR LATEST WORK IN
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