Local real estate agents say homes are moving fast in the Triangle market.
"North Carolina is just blazing hot," said DASH realty’s Quentin Dane. "We have 60 to 70 people a day moving in."
Dane says the Triangle home market ranks among the top 5 in the nation. However, available homes for sale are down 45.2% from 2019, which is 11% lower than the national average.
That may be one reason why homes sell within 5 to 13 days. "And it’s really hard to keep up with that sort of demand. Builders are trying their best to keep up with it," said Dane.
Among the factors that have helped speed up the home buying process is the COVID-19 pandemic. It has helped to increase the popularity of virtual 3D home tours. They offer potential buyers speed, convenience and a lower COVID-19 risk at the same time.
Now more realty companies like Zillow offer self tours. A phone app unlocks the door so prospective buyers can walk in and explore any time of day between 6 a.m. and 8 p.m. "That’s sort of game-changing," said Dane.
It means less contact between the buyer and realtor.
"They don’t have to meet a realtor that they have never met, who might have just talked to 20 other clients about an hour ago," Dane said.
Dane, who is also a broker partner with Zillow, says self tours and 3D tours help buyers rule out homes and zero in on their favorites. They also free up realtors so they can help more clients make a winning offer on a home.
It all adds up to a hot Triangle home market with no end in sight.
"We’re in the cat-bird seat," said Dane. "It’s not just for this month or the next month or the spring market. We’re talking about the ‘Great Reshuffling of America.'"
Dane said COVID-19’s other impact on the home market is remote work. When employers allow workers to go 100% virtual, they have the freedom to move anywhere, like one of his customers recently did.
"They took the first flight from San Francisco to here in Raleigh," he said.
According to Zillow Realty, in the last 12 months, the median home price in Raleigh has risen more than 9%. The company predicts Raleigh home values will rise 7.8% percent next year.
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