Should You Buy Now or Wait? – Are you thinking the housing market may slow down? Trends and recent data show that now is the time to purchase your home rather than waiting to save more money or wait for house prices to stabilize.
Should You Buy Now or Wait? Here are the facts:
Interest rates are starting to rise
- November 1, 2021, the average 30 yr. fixed mortgage rate was 3.35% and as of January 17, 2022, that has increased to 3.87%.
New Construction inventory remains very low
- Builders are still experiencing supply chain issues which have caused delays and a lower number of new homes being sold each month. Many builders still have long waitlists in communities throughout the Triangle
Home prices are continuing to rise in all areas of the Triangle
- The median sale price for a Durham County home was $400,000 in December 2021. That is up 33.3% from December 2020.
- Johnston County’s median home value increased by 31.1%, as the median price in December 2021 was $335,000 compared to $255,450 in December 2020.
- Orange County saw 157 homes sold in Dec 2021 with a median price of $409,000 which is up 24.3% from the year prior when the median price was $329,100.
- Wake County saw the highest median sales price across the four counties, with a sales price of $425,000 in December 2021. That’s up from the median sales price in December 2020 of $346,100 or an increase of 22.8%
- For the year 2021 the entire Triangle region saw a 16.9% increase in median sales price, up to $345,000 on 47,787 sales compared to $295,000 on 45,864 in 2020.
With interest rates projected to increase in 2022, continued low inventory of homes for sale, and rising rather than stabilizing prices, NOW is the time to call Amy to find your home – waiting will cost you!
Contact Amy Shair
Feel free to call me with any questions: 919-818-5001. Call or text Amy for your Shair of the market! Or contact us here!
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Data from Triangle Multiple Listing Service Market Tends Report, December 2021