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Triangle housing boom continues despite COVID-19

Across the country, economists are predicting that home sales could fall by 35% this spring. In Raleigh, any dip has yet to be felt.

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By
Leslie Moreno
, WRAL reporter
RALEIGH, N.C. — Despite the coronavirus epidemic, the Triangle housing market is doing great. Interest rates are the lowest they've ever been. According to Freddie Mac, the average 30-year, fixed-rate mortgage interest fell to a record 3.39% last week, which is the lowest it's been in nearly 50 years of the survey.

Across the country, economists are predicting that home sales could fall by 35% this spring. In Raleigh, any dip has yet to be felt.

Rebecca Ireland just put her house up for sale on Monday and is already seeing the effect of the housing boom.

"Since then we've had five showings," she said. "Yesterday we had four, and Tuesday we had one, so it's been pretty busy."

Local Realtors have been busy, too.

"With interest rates at an all-time low, we have 62 people coming in a day here in Wake County. It's a really strong market and a desirable place to be," said Randy Young of Coldwell Banker Howard Perry and Walston.

Economists say if you're looking to buy or sell your home, this is a good time, as long as you have secure income.

"Sellers, because there's fear out there, they may be willing to negotiate more on price, so if I was on the market to buy a house I'd be out there looking," said Michael Walden, and economist at North Carolina State University.

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