MINT HILL, NC – It all starts with a quick look at the supply of inventory of homes for sale in central NC. In June of 2014, there were nearly 15,000 homes for sale, while in February of 2022, the number is below 2,000 homes for sale.
When the inventory is this low, it’s hard for any buyer to find a home for sale, especially for first-time homebuyers. While these numbers are specific to Granville Country to Harnet County, a similar inventory issue is being seen all across North Carolina.
The numbers get even worse when it comes to more affordable homes and smaller homes. If no new inventory hits the market, the homes for sale could all be gone in less than two weeks, which is a pretty big deal.
Higher Prices Also Squeezing First-Time Homebuyers
While the lack of homes for sale in the Triangle area of NC is a problem, the higher prices add to this issue for first-time buyers. A large percentage of the homes for sale are above $300K. This is simply too expensive for a lot of first-time homebuyers.
Without affordable homes on the market, first-time homebuyers either get priced out or have to take on a higher mortgage payment than they might want.
Lack of New Home Construction
If lack of inventory and higher prices weren’t enough, there is also a lack of new home construction in this area of NC. Of course, just like the other two issues, many areas across North Carolina are seeing the same issue within the local real estate market.
Without enough newer homes coming onto the market, it’s hard to keep inventory numbers high enough to support a balanced market. Most of the homes for sale are existing properties that have been remodeled recently. This poses an issue for first-time homebuyers as those that would build a home or buy a new construction home are now looking at existing homes.
The real estate market in central NC was crazy a year ago, but it’s even crazier today and will likely get even crazier. Home prices are going up, there isn’t enough inventory, and the new construction homes are not being built fast enough.
For first-time homebuyers, this spells something close to disaster. While it’s nearly impossible for a first-time buyer to find a home they can afford, it’s still possible. With the right local real estate agent, it’s a bit easier as your agent can help you navigate this crazy real estate market.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger (704) 650-5707 | firstname.lastname@example.org | www.1stchoicepropertiesinc.com