What’s going to happen to interest rates? Consensus says they should tick down later in the year. Desiree Goldman with the BOLD Real Estate team doesn’t care. (harsh but what she means is if you need a home, you purchase within your budget. This is always the case.) If you wait until the rates drop, you will be dealing with more competition and more buyers back in the market. Obviously don’t buy a house if you can’t afford it, and don’t assume the rates will drop. Keep your budget in mind, and if rates drop you can refi and it’s a win-win. It’s important to make sure you are shopping for the house, not the deal. Supply will continue to be a struggle.
People are coming to North Carolina for a myriad of reasons, check out the U-Haul stats:
There are two different markets happening simultaneously, the tortoise and the hare. Chapel Hill-Carrboro in Orange County is our Tortoise, and the rapidly growing Chatham County is our Hare. Both small niche markets on very different trajectories.
The Triangle Real Estate Market is growing outward and up (density). Chapel Hill & Orange County is becoming more of a submarket to the Triangle. See the difference between closed sales in our area vs. Durham and Wake County.
We are experts in the niche markets.
There is hope for our faithful tortoise. The 2023 Chapel Hill elections emphasized that understanding housing for everyone is important and awareness has sprouted! Real projects are coming online and we are FOR IT. There have been breakthroughs lately in new for sale properties in Chapel Hill, such as 1100 Columbia, Weaver’s Grove (which is a fantastic mixed-use housing development with Habitat For Humanity and Garman Homes doing market rate homes), South Creek, and an approved EB Capital project on Old Chapel Hill Road.
Chatham County is exploding with growth and development! Chatham Park already has 396 closed sales in their first vineyards section. There are still plenty of opportunities for new homes, since this is a 50 year build out with up to 27,000 homes projected for the entire development. That’s basically a new city being built and developed right next to Pittsboro! The newest community being added to the Chatham Park roster is Disney’s Asteria. They will have 1500 acres in Chatham Park’s north village close to the Haw River. There will even be an exclusive Disney Travel concierge service for residents. But hold your horses, this community won’t start sales until 2027-2028.
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