Raleigh's real estate professionals predictions on the housing market
The housing market is certainly a hot topic of discussion across dinner tables and conference rooms alike. Many are wondering, should I buy a home in today’s market?
As the nation speculates the twists and turns of the 2023 real estate market, the Triangle area of North Carolina is experiencing exciting growth and a positive trajectory that has many industry professionals looking forward to the new year. And as many first-time homebuyers strive to get a grasp on the current state of the Triangle housing market, we asked a few trusted real estate professionals to share their predictions for the 2023 housing market.
“The Triangle Market is Heating Up”
Bryant Lovette, Team Leader at Lovette Properties
As the first real estate brokerage to join forces with Ownify, Bryant Lovette is knowledgeable of the Triangle market and values the transparency and straightforward process of Ownify. Regarding the state of the 2023 housing market, Bryant had a few insights to share.
“The Triangle is an extremely safe market with the amount of traction and valuable things people want, like education, pharmaceuticals, big tech, and state parks. Leading economists predict interest rates will fall to 5% by May, which will create a frenzy in this area. The market is heating back up. Currently, prices are rising, and people are coming in with larger budgets, and first-time homebuyers are having a hard time competing. We anticipate 4-8% housing appreciation this year and are starting to see houses on the market with multiple offers and selling within a day. Overall, we predict the Triangle market will be a bit more insulated this year as compared to the national housing market predictions.”
“2023 Looks Good for Us”
Trevor Burris, Realtor at Lovette Properties
With a steadfast mindset of introducing new resources to help first-time homebuyers be more successful in the market, Trevor Burris keeps a pulse on the Triangle housing market and beyond, expanding his client services to all corners of the growing region. Trevor works with many young couples and families that are new to homebuying, and his predictions on this year’s market are especially intriguing for this demographic.
“The Raleigh market is diverse with opportunities, with education centers such as Chapel Hill, Duke, NC State, and hospitals that attract medical, technology and other professionals to the area. Raleigh is booming. We expect continued growth, value and, as a result, home appreciation in 2023. December data shows that home prices across the board have gone up in Raleigh compared to other markets. While the market may change nationwide, I feel really solid about the continued growth and value of our market and that all Triangle homes will see appreciation in 2023. And with Ownify, people who are otherwise priced out of markets suddenly are raised up to the bar with other homebuyers.”
“Things are Only Moving in an Upward Trajectory”
Jeremiah Jackson, Attorney at Jackson Law, P.C.
Focusing his practice primarily on residential real estate, Jeremiah Jackson has experienced first-hand the highs and the lows of the housing market. As a native of North Carolina, he offers his outlook on the trajectory of the 2023 housing market.
“The Triangle region is a very solid, ultra competitive market. Many buyers are moving in from all parts of the country, particularly the Northeast and Midwest, and this pattern held steady from April 2020 to June of last year. We didn’t even experience the normal off-season pause during the holidays over the past two years as we normally would. As we come off of this unprecedented housing market, we had that expected slowdown during late fall and winter, but activity has picked back up during the first few weeks of January, and we know that spring is coming. Listings are up, showings are busy, and buyers are getting used to the new normal of 6% interest rates. There is no better time to get into a home, because prices are not going down any time soon, and Ownify is going to come in and help buyers stand out with an all-cash offer, getting first-time homebuyers to the table quickly.”
“We Have More People Coming into the Triangle Area”
Elise Helton, Real Estate Broker with Costello Real Estate & Investments
With a commitment of never rushing and always giving her clients the time to sit down and go over all options prior to any transaction, Elise Helton is a true partner to first-time homebuyers in the Triangle area. She’s accustomed to answering questions from those who might just be learning how the homebuying process works and was thrilled to share her forecast on where the Triangle market is moving in 2023.
“Given the net migration, we have more people coming into the Triangle area of North Carolina than leaving, and whether interest rates go up or down, people are going to need housing. A lot of first-time homebuyers are worried they won’t be able to afford to live in this area, especially since interest rates are higher right now. With Ownify, the benefit is that homebuyers don’t have to worry about interest rates, and I look forward to giving my clients another financing option; it’s a bridge between renting and buying, and I’m excited to work with Ownify more in the future.”
If you’re hunting for your first home in the Triangle, we’d be happy to introduce you to a real estate agent who can help you navigate the local market and find your dream home. At Ownify, we are rebuilding the path to homeownership to make it achievable for the next generation of buyers through a 2% down payment and an equity-sharing partnership. And with the predictions of a booming local market, a cash offer that will appeal to sellers is the fastest way to become an owner in an up-market.
If you're ready to get pre-qualified then apply now here.
If you would like a quick check on your eligibility for Ownify, use our tool here.
