Triangle Housing Boom Creates Shortage for Homebuyers

— There are fewer houses on the market in the Triangle than ever before. In a seller’s market, homes are going fast, and people are going to great lengths to buy.

A sold sign is what a home seller wants to see. One home in North Hills sold in just a week for nearly $300,000 more than it sold for five years ago.

Realtor Frank Tangari said the Raleigh real estate market is so hot right now that homes are selling within hours of being on the market, and some people are bidding on homes they’ve never stepped foot in.

“There have been people bidding, relocating that are bidding on houses site unseen,” Tangari said.

For Sale sign

The number of homes on the market has hit a historic low, driving prices and competition up. The average overall sales price increased 5 percent over last year.

Brad Raynor has been house hunting with a realtor since July.

“It’s absolutely insane,” Raynor said. “I’ve put in tons of offers and non-accepted.”

Average price overall

Raynor is pre-approved and has money for a down payment, but he can’t get an offer to stick – even when his offer was above asking price.

“There was house offer on last week, when they finally gave answer, 14 offers on the house on the market for two days. They had 40 showings in one day,” Raynor said.

With Raleigh consistently ranked one of the top places to live in the country– real estate experts say the market is not surprising.

“Quality of life here, education, job market. It makes it a valuable place to move,” Frank said.

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