New survey has northeast Raleigh ZIP code as one of hottest real estate markets in the country :: WRAL.com
The 27616 area made the list for its proximity to downtown Raleigh, its luxurious homes and how close it is to major employers and local tech companies. Homes in the area spend an average of five days on the market, 10 days less than the Raleigh area as a whole, according to Realtor.com.
The ZIP code encompasses Triangle Town Center and Wake Technical Community College’s northern campus.
But local realtors say that, with the low inventory, buyers are having to compromise on location. One house in north Raleigh isn’t even on the market yet, and the realtor says she already has several people interested.
Right now, clients are not being picky. They’re just trying to find a home wherever they can. With that in mind, if you’re looking for a new home in Raleigh, you may be waiting a while.
“We have zero homes in the market all the way through $900,000,” said Kimberly Conroy, with Coldwell Banker. “Then, after that you think we might have a lot of houses on the market, we have one month of homes available in the $900,000 market.”
Conroy says she sells a lot in the north Raleigh neighborhood, but recently she’s had to expand.
“I’m going to Wendell, Zebulon, Louisburg. … We’re trying to go where we can get houses.” she said.
The aforementioned house in north Raleigh, which isn’t even on the market, already has several potential buyers.
“I have four showings set up to go, and sometimes we even sell our houses before we get them on the market,” she said.
On average, to find a home, buyers are having to wait a minimum of six months to a year.
“It’s unlike any market I’ve ever seen in 15 years,” said Chris Morton, with The Morton Group.
Morton said he finds his clients are more interested in the North Hills, north Raleigh, Wakefield and downtown Raleigh areas. The problem is families can’t find homes there.
“Some of my favorite clients finally got a house in Harrington Grove, out off Leesville Road, after 18 contracts. We finally got the 18th one to stick,” Morton said.
Conroy says she’s not expecting a slowdown or a change in the market anytime soon. For many buyers, it’s just a waiting game.
“It’s a vicious circle because there are a lot of people who go, ‘Wow, this is a great time to sell,’ and then they go, ‘Where are we going?’ So, I tell them we need to answer that question before you go on the market because, be prepared, your house is going to sell immediately, and then we cannot then say, ‘Where are we going to go?'”
Realtors say that, if you are considering buying a home, you’ll want to start looking at least six months or up even up to a year in advance.
Conroy says one north Raleigh home, going for about $600,000, will probably be sold by this weekend at the very latest.
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