Last week, my clients, Mr. and Mrs. Stephens, reached out to me eager to buy their first home in North Carolina. They shared their excitement but also their concerns about navigating the market and finding real estate investment opportunities. Both were worried about rising prices and high-interest rates and asked if now is the right time to buy.
I explained that while North Carolina’s market has its challenges, it also has unique opportunities.
Breaking Down the Numbers
I shared the current state of the market. In November 2024, the median home sales price in North Carolina was $374,000. That’s up 3.3%—or about $12,000—from this time last year but still well below the national median of $437,237. Homes here typically stay on the market for 49 days, giving buyers a bit more time to make decisions compared to faster-moving markets.
They asked, “Is North Carolina as competitive as other states?”
I explained, “While it’s still considered a seller’s market, things are gradually balancing out. Inventory has increased significantly, with 37,828 homes for sale in November—up 24.9% from last year. That means more options for buyers like you.”
The Impact of Mortgage Rates
We also discussed mortgage rates. Currently, rates are averaging 7.1%, which means the typical monthly house payment has risen to $2,591—$158 more than last year. These higher rates are a factor, but with careful planning, we can make sure your budget works.
“Will it be harder for us to buy with the current rates?” they asked.
“With rates in the 7% range, affordability is affected,” I said, “but it also means some buyers might hesitate, leaving you with less competition. Plus, with 3.6 months of housing supply now available—up from 2.8 months last year—the market is giving buyers a little more breathing room.”
Financial Preparation
Next, we talked about financial preparation. With the median price at $374,000, they’d need to plan for a 10% down payment of about $37,400. I emphasized the importance of budgeting for additional costs like inspections, closing fees, and moving expenses.
I reassured them, “We’ll make sure to explore all your financing options to secure the most competitive mortgage rate possible.”
Moving Forward with Confidence
By the end of our conversation, the Stephens felt much more confident. Together, we began identifying homes in their preferred areas, focusing on properties that offered good value and strong potential for appreciation.
It was a pleasure working with the Stephens. Buying a home is a big step, but with the right strategy, it can be a smooth and exciting process.
Whether you’re buying, selling, or investing, North Carolina’s real estate market holds opportunities for everyone. Contact me today, and let’s find your perfect home or find real estate investment opportunities.