What can we expect from the real estate market in the Triangle following the election?
As you may have already noticed, real estate in the Raleigh and the greater Triangle area has been flourishing since May 2020. Homes are selling quickly, often with multiple offers, and new home construction is popping up everywhere. Not only are we attempting to recover from a pandemic, but the election is upon us, and people have been asking me about the outlook for 2021 Triangle area real estate. Here is where I think the Post-Election Real Estate Market is headed:
Houses will continue to sell quickly
Houses will continue to sell quickly, at least in the $400,000 or less price range. When it comes to higher-priced homes, the timeline to sell varies depending on both price and location. The condition of a home always has an influence on how fast it will sell, so it remains important for sellers to consider updates, both cosmetic and functional. Fresh paint and new carpeting could be just as important as heating and air conditioning (HVAC) replacement and roof upkeep.
People will be willing to move further away from their office
People will be willing to move further away from their office if they can find what they’re looking for. Buyers often want more land, more house for their money, or a home that is newer than what they may be able to afford around town.
Appreciation will continue
Appreciation will continue as the job market remains strong and companies continue to choose Raleigh, Durham, and the surrounding areas to relocate or expand their operations.
New construction prices will increase
New construction prices will increase as the cost of materials remains high and material shortages continue into the fourth quarter of 2020. People are prioritizing buying or building a new home. COVID 19 has changed the way people live in their homes, which has sparked many to re-evaluate their floorplan needs and seek accommodation.
Walking distance to amenities
Walking distance to amenities will be among the most desirable qualities in a home. Close proximity to basic shopping, greenways, neighborhood pools, and playgrounds will put a home above the rest. Accessibility to recreation will continue to be an essential factor influencing the Triangle real estate market.
Interest rates will keep people moving.
Interest rates will keep people moving. Even if mortgage interest rates do increase slightly, they will not be enough to slow down our real estate market. In addition, unemployment (and underemployment) numbers are not expected to hurt the residential real estate market. Rent will continue to be high, so investors will be happy but renters will be eager to buy a home for a lower interest rate.
In summary, the 2021 Triangle post-election real estate market outlook is positive.
Any effects of the 2020 presidential election will likely be absorbed by our strong economy. Potential tax changes and international economic reactions will not be a disrupter to the residential market in Raleigh, Durham, Cary, Apex, or Chapel Hill market next year.
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