Is Raleigh’s population growth rate high? That’s like asking, is North Carolina known for basketball! A big yes!
From 2000 to 2009, Raleigh saw it’s largest growth spurt of 47% and led the nation in population growth rates and today, Raleigh is the 2nd largest city in NC and it is predicted to be the fastest growing metropolitan area through 2025. Wow!
With high population growth, comes the need for more housing throughout Raleigh and the entire Triangle region. The pace of housing growth has aligned with the population growth for the most part, but over the last couple of years, the inventory levels of homes available for sale has been very low historically.
This begs the question, should I sell my house this year?” the current Housing Opportunities and Market Experience (HOME) from the National Association of Realtors® (NAR) should boost your confidence as it relates to the current selling sentiment in the housing market. Even with all the information overload in the media circling around talk of a possible recession, the upcoming 2020 election, and more, Americans feel good about selling a house now. That’s some news to get excited about!
In Wake County, the housing shortage and with mortgage interest rates now at an all time low (below 3% ) for a 30 year conventional fixed rate. So now more than ever in Raleigh and the Triangle area, it is time to sell!
“A housing market needs around six months’ supply of inventory and right now, Raleigh is at the lowest inventory levels in history” says Jill Dean Rigsbee, owner of NC Pro Realty Group. “We expect the Spring to have an increase of homes on the market, but we also expect more buyers due to the falling mortgage interest rates and we are literally campaigning asking homeowners that are remotely interested in selling, to list their home for sale NOW”, Jill explains.
The good news for Sellers in Raleigh and the Triangle is that if they need to buy another home, they may be able to get more home for their money because of the super low interest rates. For those homeowners looking to downsize, upsize or invest, there is no better time to get a mortgage loan than now.
NC Pro Realty Group are specialists for listing and buying homes. Contact us today for an appointment and a FREE market analysis on your home if you are interested in selling soon. You can also email at info@ncprorealty.com
