For our Young Professionals Network, they would choose to become first-time homeowners in one of the hottest residential real estate markets in the country.
“We talk in real estate about the average days on the market,” said Amanda Hoyle, regional director for Metrostudy. “Right now, the average time on the market for some homes in the Triangle will be calculated in hours, not days.”
Hoyle spoke at our March meeting of the Young Professionals Network at PNC Arena. The topic was tracking Triangle trends in residential real estate for 2019 and beyond.
“It’s going to remain a seller’s market for the foreseeable future,” said Hoyle. “We’re going to see bidding wars.”
She talked about why the Triangle market has been so hot, mentioning recent high-profile jobs announcements from companies including Pendo, Advance Auto Parts, and Arch Capital.
Hoyle also discussed how Forbes ranked North Carolina the No. 1 State for Doing Business.
“More millennials are choosing to go the route of buying and remodeling, rather than buying new,” said Hoyle.
She talked about how home sale prices have been increasing, as has the price of land.
“That’s making land more competitive for builders,” she said.
For those who rent, Hoyle mentioned how apartments and multi-family units are still in high demand.
“The Triangle added 21,000 new apartment units in the last five years,” she said.
Her forecast was for slower, but steady, growth in 2019 and beyond.
Hoyle then opened up a moderated discussion with three other experts, each representing a different aspect of the residential real estate business.
Ann-Cabell Baum, owner/broker of the Glenwood Agency in Raleigh, spoke from the realtor’s perspective. Amy Bonis, with the Amy Bonis Mortgage Team, spoke from the mortgage broker’s perspective. Alaina Money-Garman, the founder and CEO of Garman Homes, represented the homebuilder’s perspective.
“Building a home for someone is an honor and a privilege,” said Money-Garman. “I love my job.”
She mentioned how the biggest challenge is affordability.
Speaking about how quickly some homes move in this market, Baum said, “If something comes open inside the beltline, you need to be ready to move on it in a couple hours.”
Bonis said one thing that first-time homebuyers need to be aware of is the number of down payment assistance programs that are available in North Carolina.
As for the entire home buying process, Baum advised, “Ask questions of the agent, the lender, and the builder. Ask for a referral. Know what you’re getting yourself into. Make sure your agent is smart and have them walk you through the process.”
We would like to thank all of our speakers for their great insight and stories that they shared. To see more about the discussion, check out our official event hashtag on Twitter, #RaleighYPN. We also want to thank our sponsors who made this event and other YPN meetings such a success.
Please join us on May 16 for our next meeting of the Young Professionals Network. We will learn about planes, trains, and automobiles in Raleigh. Hear from top experts in the Triangle about what’s coming down the pipeline to improve traffic, advance public transportation, and…