Wake County, NC is No. 8 for Millennial Home Buyers

Report: Wake County among top 10 national markets for prospective Millennial homebuyers

Wake County is one of the top 10 markets where Millennials are most likely to purchase homes in the next six months, according to a new report by real estate and financial research firm CoreLogic.

It is no surprise that Wake County, NC is No.8 for Millennial home buyers. Wake County includes some of the most desirable neighborhoods in NC: Raleigh, Cary, Apex, Morrisville, Wake Forest in North Carolina. All of these towns are conveniently located near Research Triangle Park which is an area for jobs, especially in the high tech fields.

“Markets that have a lower unemployment rate, lower foreclosures/delinquency rates and a higher year-over-year GDP increase are the most attractive to this younger demographic,” writes CoreLogic.

The report notes a shift from where Millennials are currently buying, “from cheaper areas that border the improving counties to the heart of the improving counties in which the housing market is more expensive.”

The top 10 markets for Millennials in the next six months:

  1. Douglas County, Colorado
  2. Prince William County, Virginia
  3. Fairfax County, Virginia
  4. Loudoun County, Virginia
  5. Hamilton County, Indiana
  6. Forsyth County, Georgia
  7. Placer County, California
  8. Wake County, North Carolina
  9. Boulder County, Colorado
  10. Williamson County, Tennessee

Rebecca Troyer manages the day-to-day process of delivering the daily digital content and the weekly print edition for the Triangle Business Journal.

If you are considering a relocation to the Raleigh-Triangle area of North Carolina, consider using an Exclusive Buyers Agent. One who will have only your interests, needs and desires in mind. Exclusive Buyer Only agents never take listings or work for a listing company, therefore, no conflict of interest can occur. FOR HomeBUYERS has represented Home Buyers exclusively since 1991 and pioneered Exclusive Buyer Representation in Wake County. To contact us call or text 919-219-9878 today for a no obligation private consultation about our services.

Pulte, Triangle, NC’s, Largest Builder Just Got Bigger

As one of the largest Raleigh-Triangle-NC home builders, FOR HomeBUYERS, an Exclusive Buyer Agency, has sold many of this Builder’s New Home Construction. We are very familiar with their procedures and building methods.

When visiting a New Home Building Site, it is important to know the person with whom you are talking is working for the Builder NOT You. Therefore, it is imperative that you bring your own Buyer’s Agent when you visit with the intention of building or buying one of their new homes.

PulteGroup Inc. (NYSE: PHM) in January finalized its acquisition of about 7,000 new homes and home lots owned by move-up builder John Wieland Homes in five Southeastern metro areas, including the Triangle, in a deal that was valued at more than $430 million.

For the Triangle, the acquisition means that Pulte Homes has added 700 more home lots and land parcels owned by John Wieland Homes in Wake County at a value of more than $34.9 million, according to a review of county deed records. Sales data for the company’s lot acquisitions in Chapel Hill was not yet available.

Atlanta-based John Wieland Homes has been actively building in five neighborhood communities in Wake County, including two neighborhoods at Traditions at Wake Forest, another in Holding Village in Wake Forest, Woodcreek in Holly Springs, River Run in Raleigh and another at South Grove in Chapel Hill.

A spokeswoman for Pulte says the John Wieland sales and operations office in Morrisville remains open and staffed by John Wieland employees, and that the brand will continue to be used in many of Pulte’s high-end communities that were part of the acquisition.

PulteGroup ranked as the largest home building company in the Triangle in 2014 with nearly $170 million in sales, according to Triangle Business Journal’s 2016 Book of Lists. John Wieland Homes did not respond to requests for annual report numbers from TBJ’s research team.

Amanda Hoyle covers commercial and residential real estate for Triangle Business Journal. Follow her on Twitter @TBJrealestate

 

Triangle Real Estate Inventory Low – Good Sellers’ Market

Triangle home sales edged up 1 percent in January but the market continues to give little indication that inventory levels are finally poised to rise.

There were 6,018 homes on the market in Durham, Johnston, Orange and Wake counties at the end of January, down 12 percent from the same period a year ago, Triangle Multiple Listing Services data show. The number of existing homes on the market declined 17 percent, while the number of new homes for sale increased 3 percent.

January was the sixth consecutive month that the Triangle inventory levels declined on a year-over-year basis.

“Inventory’s just very, very tight,” said Frank DeRonja, owner of Frank DeRonja Real Estate in Raleigh. “The list of people who are looking, for me and my folks, is getting longer and longer. There are buyers out there who are just waiting for the houses to come.”

DeRonja said multiple offers on properties in desirable neighborhoods of the Triangle have become fairly commonplace. He’s even started to see more backup offers, where a seller negotiates a second contract with a second buyer in case something happens and the primary deal falls through.

“It’s great for the sellers, but the sellers may or may not let the primary contract know that they’ve got a backup,” he said. “It gives the seller a lot of leverage in negotiating repairs and the contract-to-close.”

“The reality of it is I can only imagine we will see more of this unless there’s a huge influx of listings coming on the market.”

Agents hope that rising home prices will eventually entice more owners to list their properties for sale, though some assumed that would have happened by now. Many homeowners who bought during the boom have yet to see prices recover enough to where they can sell.

The average sales price of the homes that sold in January was $244,000, down from $250,000 during the same period in 2014.

As expected, showings began to pick up in January as the spring selling season gets closer. Showings were up 14 percent in January compared with January 2014, and up 58 percent compared with the prior month.

FOR HomeBUYERS, a Triangle Real Estate Exclusive Buyer Agency, will be happy to answer any questions about the homes for sale in the Raleigh, Durham, Chapel Hill Real Estate market. Call us at 919-878-1110 or text 919-219-9878.