Navigating the Triangle Housing Market

by Lauren Beichner

Marketing Specialist

4.11.2022
|
Articles

When you look at the variables that impact housing markets, it’s no surprise that the Triangle is the 3rd hottest market in the nation and is expected to rise 24% in 2022.

The last couple of years have had a drastic impact on most of our lives. Life during a pandemic has created a surge in appreciation for our homes and a renewed need for functional living spaces.

More people than ever before are working from home, and many are investing in dedicated home offices. When we no longer divide our time between home and the office, it becomes more important to create definition within our houses to align with our day-to-day activities.

In addition to those looking for homes that can accommodate workspaces, many renters have transitioned to homeownership. Lifestyles that were once centered on the city you live in have become more focused on life in your home. This trend is just one variable impacting the surging housing market in places like the Triangle.

We’re also seeing the ripple effects of companies like Google and Apple choosing North Carolina for office expansions. These companies are creating thousands of jobs in the coming years and with that comes increased housing demand.

On top of all of that, potential buyers are motivated to purchase while interest rates are low. It’s a benefit of buying in the current market that isn’t expected to last long.

The result? Rising prices, bidding wars, competitive offers, and low inventory.

We have three recommendations.

First, find a loan officer who’s prepared to help you navigate the homebuying process so that you don’t miss out on a market poised to continue rising. One of Coastal’s 28 mortgage loan officers can help.

Second, be open-minded in the housing search process. Being open to a fixer-upper or a home that needs updating can expand your options when navigating such a competitive market.   

Third, don’t wait. If you have the capacity to buy a home, it’s a good idea to start that process now. Whether you’re prepared to put in an offer today or need 6-9 months to create a path to homeownership, talking to a mortgage loan officer now can put you in the best possible position when you find the house that you want to call home. 

Considering Buying Soon?

Coastal has the flexible mortgage solutions to fit your needs, no matter your situation!

Compare Coastal's Mortgages

Tags

Back To All Articles

Social Blog Features

Blog Cross Promotions

Looking For More Mortgage Options?

Your key to a better, more flexible mortgage is at Coastal!

Learn More

You Also May Be Interested In

Articles
Rent vs. Buy: Which Fits Your Lifestyle?
Read Article
Articles
Home Equity Line of Credit vs. Home Equity Loan
Read Article
Selling Your House? Here's How To Prepare
Read Article