Fall 2024 Raleigh Housing Market Insights

As we move into fall 2024, the Raleigh housing market offers both opportunities and challenges. Whether you’re planning to buy or sell, staying informed is crucial in this ever-changing landscape. Here are the top two things you need to know—especially if you’re navigating the market with the guidance of the best mortgage brokers in Raleigh, NC.

Housing Affordability Has Improved, But Challenges Remain for Some Buyers

Good news for homebuyers: Raleigh home loan rates have decreased since the spring, making homeownership more affordable in Raleigh. But for many, the journey to buying a home can still feel out of reach. Here are two strategies to help ease the path to ownership:

Explore a Seller-Paid 2-1 Buydown

This option can be a game-changer. With a 2-1 Buydown, the seller covers part of the buyer’s mortgage interest, reducing the rate by 2% in the first year and 1% in the second year. This temporary reduction lowers monthly payments, offering you breathing room in the initial years of homeownership.

Consider Seller-Paid Points

Another powerful way to reduce your monthly payment is through seller-paid points. By lowering your interest rate at closing, you’ll benefit from long-term savings. Whether you’re working with the best mortgage lenders in Raleigh or exploring competitive offers, this strategy can save you thousands over the life of your loan.

More Homes Are Listed for Sale, But It’s Still Largely a Seller’s Market

The number of homes for sale in Raleigh has increased this fall, but inventory remains well below historical averages. Nationally, housing experts estimate a shortfall of 3 to 5 million homes, which continues to drive competition, especially among first-time buyers. Here’s how to navigate the market, no matter which side of the deal you’re on:

For Sellers

Pricing your home correctly from the start is key. Overpricing could result in your home sitting on the market too long, which might raise red flags for buyers. Pricing it right the first time helps you sell faster and secure more favorable terms. Partnering with a knowledgeable Raleigh mortgage broker can help ensure a smooth transaction, maximizing your return.

For Buyers

In this competitive market, speed is your best friend. Being financially prepared can give you the edge. Secure your mortgage approval in advance and consider getting approved for a bit more than you think you’ll need to account for appraisal discrepancies. Also, consider a renovation loan to expand your home search to properties that may need some work but offer great potential.

The first step to homeownership is NOT finding the house; it’s having a plan. A tailored mortgage strategy turns dreams into reality.

Logan Martini

Your Wealth-Building Strategist

Final Thoughts by Logan Martini

As we head deeper into fall 2024, having the right strategies and support is essential for success in Raleigh’s housing market. Whether you’re looking for the best mortgage brokers in Raleigh, NC, or need expert advice on how to navigate the buying process, staying informed can make all the difference.

Working with a trusted mortgage advisor like Logan Martini at Martini Mortgage Group ensures you’ll have the guidance and insight needed to achieve your real estate goals confidently. Ready to take the next step? Reach out today for a personalized plan tailored to your needs.