Is it the worst time to buy a home in Raleigh NC?!?
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- Опубліковано 6 лип 2024
- Ever wondered if now is the worst time to purchase a home in Raleigh, NC? In this deep-dive video, we're peeling back the layers of the Raleigh real estate market to uncover the truth! 🏡💡
Raleigh, known for its charming neighborhoods and booming tech scene, has seen a rollercoaster in its housing market. We'll explore current trends, prices, and what experts are saying about buying in this vibrant city. Is it a buyer's nightmare or an opportunity in disguise? 🤔
0:00 Intro
0:23 Why now is a bad time to buy
2:38 Who Can Benefit In A Market Like This?
5:45 2024 Projection
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Zach and Cindi are licensed real estate agents with Movil Realty
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You have to make $130,000 a year to buy a 400k house 🏡 in the Triangle. That is about $64/hr which unfortunately the overwhelming majority of jobs don’t pay even in electrical engineering.
Yes that avg bumps closer to 120k in RDU (as opposed to 115 nationally) annually for an average-priced home in the market! Of course there are many things that can factor into that and speaking to a lender is your best chance to learn what you can afford! :)
It’s definitely hard for a new buyer or first time home buyer. Town home and single family. 😢
It definitely is! We sure hope to see rates trickle down and make things more possible for home buyers next year!
I live in the DMV and I think houses are less expensive here in comparison to Raleigh right now. I can’t believe that is the case. You make more money here. RTP does not pay well for tech jobs in comparison. Six figure jobs are easy to obtain here.
Just moved to Raleigh, and i completely agree. I was not expecting this to be the case. I am only able to buy because i sold my home in the DMV at such a large profit.
@@Tan-rf6oe I am super disappointed. I am from Raleigh and I have land their that I want to build on. Raleigh was once more attractive because cost of living was lower. I would almost encourage people to move here. Remote work has become more accepted, you can make six figures without a degree, and it’s more jobs and job security.
How about building from the grown up, is a good time to build?
That is a great question! Building is also very expensive with supply prices being so inflated. But it is still possible! It is certainly not cheaper than buying an existing home and does out more work for the home buyer, of course! There are a few companies who make it easier for sure such as Drees build on your lot program!
@@raleigh-durhamncmy wife and I where talking about buying a luxury home but everything we've looked seemed to have that "SOUTHERN CHARM" look to it or not the right amount of sqft. so we just decided to build. We're looking for property in Wake Forest now.
Wake Forest is a great spot! @@nextlevel5828
People don't be desperate to jump into high mortgage rates. I guarantee you rates will drop to 5 percent by end of 4th quarter in 2024 and if your really smart wait until 2025 rates will come back down to around 3 percent. Don't take advice from starving Realtor they don't care about your financial situation they're just trying to get their commission out of you.
Thank you for watching! We hope you didn't see this video as us not caring about someone's finances. We talked a lot about how this was a hard time to buy. We hope you'll watch the whole video! Rates have dropped substantially even since this was posted. They are projected to continue dropping in 2024, but the competition is already heating back up into multiple offer scenarios.