As of May 22nd, North Carolina’s social distancing rules have been rolled back in favor of more relaxed policies. That means many industries, such as real estate, may begin to shift back to normal. While we might be in a new stage of the pandemic, it’s still safe to say that the COVID-19 pandemic has totally changed the Raleigh market.
What You Need to Know About COVID-19 and the Raleigh Market
COVID-19 might have put a damper on the busy spring real estate season, but it’s not all doom and gloom here in the Triangle. Here are a few ways that the pandemic has impacted the Raleigh real estate market.
It’s still possible to buy or sell
Perhaps the biggest myth about the current real estate market is that it’s impossible to buy or sell during a pandemic. Every agent is currently navigating uncharted territory—but that doesn’t mean you can’t make a move.
Many real estate agents now offer virtual programs, which make it easy to navigate the entire buying or selling process from the comfort of your couch. And if you still don’t feel comfortable with face-to-face meetings, just ask to set up a video call with your agent via FaceTime or Zoom!
Sales dropped during April—but they’re up since last year
Unsurprisingly, the Triangle saw a slight drop in sales during the month of April—but these numbers still offer a glimmer of hope for the future. Compared to last year, sales in April slumped by just 6.9%. This is significantly less than many experts expected, and it could even mean a recovery is on the horizon.
Ready for some good news? The Raleigh market actually saw a 6.9% increase in sales from January through April. This is fantastic news for both buyers and sellers alike—and it could mean that now is a great time to make a move.
It’s still a seller’s market
Some economists have predicted a hefty price reduction for the national housing market after the COVID-19 health crisis, but this probably won’t be the case in Raleigh. Dwindling inventory and rising home prices have actually created an even stronger seller’s market throughout the Triangle.
Although we won’t be in a buyer’s market any time soon, potential buyers can still benefit from the changes brought on by the pandemic. Many sellers are now more motivated to move and could be willing to make a deal. Low mortgage rates can also help you save tons of money on your home loan, too.
Mortgage rates remain low
It’s no secret that mortgage rates were low for most of 2019—but now, they’re dropping more than ever before. As of late May, the current rate for a 30 or 15 year fixed mortgage is just 3.125%. And if you choose to take advantage of these historic rates, you could save thousands over time!
If you’re not quite ready to buy, there’s no need to worry. We probably won’t see any dramatic rate increases for a while…and they might just get lower as the year goes on.
Ready to Make a Move?
Whether you’re ready to buy or sell or just want more info on the Raleigh market, you can trust the Triangle Experts to offer the advice you need. We have plenty of resources to help simplify your move, so just give us a call to get started!