If you’ve been on the fence about whether it’s the right time to buy a home, it’s time to start looking forward to 2024. The circumstances are right for buying a home in North Carolina. The state is uniquely positioned to remain a top choice among homeowners and people looking to move to the Tar Heel state.
Whether you’ve put off a purchase due to interest rates or you just haven’t found the right home yet, 2024 might be the perfect time for you to make the move. Here’s what you should know about the circumstances this year and how to approach a purchase.
North Carolina is a hot place to be
North Carolina continues to remain one of the fastest-growing states in the U.S. In 2023, the U.S. Census Bureau ranked North Carolina’s population growth 6th in the nation. In addition, Carolina Demography, which helps people understand changing demographics in North Carolina, said that most of that growth was concentrated in the Triangle and along the coast near Wilmington.
That growth isn’t slowing, either. It’s estimated that 76 people move to the Triangle every day. As people continue to be drawn to North Carolina, that means housing is always in need across the state. That’s especially true because inventory has been low for years. New construction is key for these areas as people continue to head to North Carolina.
Prices will increase as rates drop
The market cooled significantly in 2023 because of rising interest rates. That was what the Federal Reserve was working on doing when it first started raising its rates in March of 2022. And at the week ending January 18, rates fell slightly after the Feds showed a steadiness to the market at the end of 2023. Reports say interest rates will continue to drop slightly through the rest of 2024.
The thing to keep in mind is that as rates drops, demand increases and with those increases comes price increases as well. The smart option for buying a home in North Carolina is to purchase when rates are slightly elevated, and the market is still cool. Once rates drop more, the real estate market will begin to bounce back, and those housing prices will spike once again. The great news is that your mortgage company will let you know as rates drop, and when that happens, you’ll be able to refinance to that lower rate after you’ve taken advantage of the current cooler market.
There’s currently less competition
With a slower market, there tends to be less competition for housing. That’s a good thing if you’re looking for your next home. Less competition means you won’t get into bidding wars. And what’s even better is that if you’re considering new construction, you can make a presale purchase and begin building your own home.
A presale is straightforward. You’ll sign a contract and pay a deposit. The contract will give you the details about what you’ll expect for price and the timeline of the build. Mortgage payments don’t begin until the home is done. That’s even less competition than you can expect from even a slower market.
There are benefits available now
One of the great opportunities for those considering buying in 2024 are many of the benefits that are being offered. As you’re working with your lender, ask about some of the incentives that may be available to you. For example, you may be able to take advantage of rate buy downs to help with interest rates, or other types of incentives. Talk to your lender about what may be available to you as a resource. Once the market heats back up, those incentives are likely to go away.
In addition, if this is your first time buying a home, you may be able to qualify for down payment assistance from the North Carolina Housing Finance Agency. This organization offers up to $15,000 toward homes up to $480,000, which can be extremely beneficial for many buyers. Be sure to talk to your lender about assistance programs, too.
Robuck Homes is temporarily offering special closing cost incentives. Our community sales associates are equipped with a wealth of knowledge on how to help you take advantage of this and we are here to help you navigate uncertainty. Afterall, the new home purchase process should be fun!
Why choose Robuck Homes
Robuck Homes has been building homes in the Triangle and coastal regions of North Carolina for nearly a century. A family owned and operated company, our diverse residential, commercial, and non-profit portfolio ensures that the Robuck legacy of excellence will be preserved for future generations. With thousands of homes built across 60+ communities in some of the most coveted parts of North Carolina, Robuck continues to offer the same quality and service in every home — in the past century and the next.
Get in touch to find your dream home with us.
