This month, I'll be sharing some valuable historical data on home values and mortgage rates with you. Additionally, I'll provide actionable steps that both buyers and sellers can take to make the most of their real estate journey. Stay tuned for some insightful tips and guidance! REALTORS are plugged into the pulse of the real estate market, and Carl Johnson Real Estate takes this to the next level, especially in the Greater Triangle and on the Crystal Coast. Carl’s comprehensive understanding of local trends, property values, and neighborhood dynamics gives you a distinct advantage. Whether you're a buyer seeking the perfect location or a seller aiming for the optimal listing price, Carl Johnson Real Estate's market insights are invaluable.
If you’re ready to buy or sell at the beach or in the Greater Triangle, Carl Johnson Real Estate can help you. Give us a call at Carl Johnson Real Estate at 919-880-0904 to learn more about how we will help. To learn more about the Crystal Coast CLICK HERE.
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The following article comes from the Triangle Business Journey and follows the journey of home buyers in the Triangle area:
Emily Torres and her fiancé, Nicholas Vitarella, have been looking for a home on and off since 2021. But the massively competitive home market in 2021 and 2022 wasn’t for them. “We would go to an open house first day and by the time we got there, there were already multiple offers on homes due to low interest rates,” Torres said. Because of that, they decided to put their home search on pause. They didn’t pick it back up until halfway through 2023, when they started to feel nervous that prices would get so high they wouldn’t find a home in their price range. Their timing worked out. In November, they bought a home in Cary for $524,000, a time when the median sales price in the Triangle was down to $401,000, according to Triangle Multiple Listing Services. That price has since bounced back up. As of May, the median sales price was $479,000. Over the last five years, the Triangle has been one of the hottest housing markets in the country, and it has yet to cool down — or at least cool down enough to allow homebuyers to feel a little more relaxed in their search. The housing supply shortage — the Triangle currently has a two months’ supply of homes — and continued demand from buyers has contributed to a housing market that is still competitive. High prices and interest rates used to scare off buyers, but as the Triangle housing market settles into its fifth full year of high home prices, buyers are starting to jump back into the market. As Bo Bromhal with Berkshire Hathaway Home Services said, buyers have adjusted to “a new normal” after waiting for prices to drop. “They waited from June 2022 through June 2023, a full year of it and nothing happened to prices, except they went up a little bit,” he said. “So yes, it is that effect.” And while homebuyers aren’t facing as many competitive bids as what Torres and Vitarella faced their first time around, it’s still a quick turnaround. Homes are spending only about 12 days on the market before being sold. While the high interest rates were keeping buyers on the fence before, it doesn’t seem as effective as it once was. With how little the average 30-year-mortgage rate has fluctuated over the past 12 months, homebuyers are jumping in with intent to buy knowing not enough change is coming to make a difference. Many are deciding that now seems like as good a time as any — no matter the price point. Finding homes from $300,000 to $500,000 Nick Grubb, looking for a $400,000 home, struggled to find something in his price range that was in good condition and in the general area he wanted to live. He still bought a townhome in Northwest Raleigh for $415,000 even though he knew inventory was low and felt like homes were overpriced or in bad condition. “It took me about four to five months. I was looking all over Raleigh and some in Cary. I had been outbid twice over asking price before closing on my current townhome,” Grubb said. “I spent more than I wanted to because of the competitive market. I went $15,000 over asking price.” He also had to push his closing date back in order to provide proof of stable income for two years. At just 24, he hadn’t quite met that threshold. Being so young, Grubb could have waited to buy. Why not stay in the townhome he was renting for $800 a month with a couple of roommates? But Grubb said he figured, “Why not now?” He looked at his financial future and wanted to build long-term financial stability. That financial stability comes with a 6.5 percent interest rate and a monthly mortgage payment of $3,100. Johnny Chappell, owner/broker of Chappell, said, “From what we’ve seen, buyers have kind of adjusted to the higher interest rates that we’re dealing with. If anything, it felt like sticker shock around a year ago because rates went up so fast in such a short amount of time. It caused a lot of buyers to get on the fence or on the sidelines and reassess their budgets. The difference between a 3 percent rate and 7 percent rate in terms of your monthly mortgage payment is huge and that’s what caused a lot of people to reflect.” The tough housing market led Grubb to decide to stay in the house for at least five years or until he has a family and needs more space. Despite all this, Grubb still said that he feels like his experience of looking for and buying a home went well. Though he didn’t realize how much truly goes into buying a house until he was already thousands of dollars into the process. “The only downside is that no one tells you how much it is really going to cost until you have already committed $10,000 plus,” Grubb said. “Buying a house is unbelievable with how many people you have to pay to get things processed and getting the deal done.” Patience pays off in $500,000 to $700,000 range The long and difficult process of buying a home is partially why Torres and Vitarella took more than a year break from looking for homes. And having to pay so many people to find and buy a house is why they decided to not use an agent when they resumed their search. Interest rates played a big role in their home search — both in deciding to look for a home again and adjusting their price point. “If rates went back down, we just knew we were going to be in the same position we were in prior and I didn’t want to do that again, so I was like, ‘Let’s pull the trigger now,’” Vitarella said. Originally, the couple wanted to land somewhere around $440,000, but between wanting to be in a single-family home rather than a townhome and live in Cary, they chose to go up a bit in price. They adjusted their budget to $550,000 and received a full underwritten pre-approval from a lender and started looking for homes again. “We knew they [interest rates] weren’t going to change much and we were like, ‘if we see something, we find, we need to go with what we like, and if we like it, as long as we feel comfortable and it’s something that we’re not overextending ourselves.’ Because the biggest advice that we got was, ‘don’t be house poor.’ And the biggest thing that we wanted to feel comfortable with was making sure we feel comfortable with this payment,” Torres said. Their monthly mortgage payment went from $2,083 a month for a townhome to the $3,684 at 6.99 percent interest rate for the single-family home. In addition to changing their price point, the couple had a checklist of non-negotiables, mostly because they were buying a home without representation. Those items were a roof, windows and HVAC system that had all been replaced in the past five years. They said that those “big ticket” items were necessary in order for them to feel comfortable enough with going up in price. They especially didn’t want to fix things listed by an inspection, so if an inspection came back with items that needed to be fixed, that home was nixed from the list. The townhome they lived in previously was a new construction build, a much easier process than what they went through with buying a resale home. The long and difficult process has led them to rethink how long they will stay in the new home. While they don’t feel like the home is their “forever home,” they will most likely stay longer than originally planned because they have no desire to go through the home search process any time soon. Home prices above $700,000 Even though there aren’t as many homes for sale in the higher price points, the competition is still there. There are fewer buyers but also fewer homes available. The market has seen an influx of homes priced $600,000 and higher, especially since the Triangle experienced the out-of-state migration caused by Covid. These out-of-state buyers — mostly from California and New York — came with cash ready to buy larger homes but for significantly less than where they had lived previously. The migration has slowed down some, but people continue to be attracted to the Triangle — many of them being high-earners. Chappell said that Compass has seen fewer cash buyers than during the height of Covid. “Any time we get in that million dollar and up mark, we generally expect to see between 25 and 35 percent cash buyers there. So, one out of every three or one out of every four buyers at a million-plus tends to be a cash buyer,” he said. Buyers with cash have a bit of an upper hand and easier time when it comes to purchasing a home. That often means the closing can occur more quickly, and sellers tend to be more attracted to all-cash buyers rather than someone who needs financing. Sales in the higher range are rising, a reflection of the rising prosperity of the Triangle. Sales of homes priced at more than $600,000 in Wake, Durham and Orange counties increased from 2,237 in 2018 to 7,191 in 2023 - a 221.4 percent increase in just five years, according to data provided by Bromhal. Bromhal contributes most of this jump to employment growth in the Triangle. In a study released by creditnews.com, Raleigh ranked first for employment growth among 50 of America’s largest metros. The workforce in the Triangle has steadily been increasing, which of course means more demand for homes. According to numbers tracked by the U.S. Bureau of Labor Statistics, the Raleigh metropolitan area had 778,811 employed people in April 2024. That’s well above the number of 702,917 from February 2020, right before the pandemic. Between employment growth and people moving here, the Triangle is thriving, making it more and more attractive to companies and potential residents every day. But it means the housing market will remain competitive and house prices will stay high. The housing supply is low and will take a while to catch up with the demand of those who want to buy homes. It most likely won’t stabilize for another five years, according to Stacey Anfindsen, a residential real estate appraiser. Because of this, those looking for a home will still face a long journey where they get outbid, compromise on what they want in a house and end up adjusting their price point so they can be the winner in the end. Torres and Vitarella experienced just that. To get the home they wanted, they had to increase their house budget by $110,000. And they had to come to terms with the current interest rates, accepting that they wouldn’t be dropping below 5 percent anytime soon. This is why so many homebuyers have started moving from the sidelines and into the search as the home market remains challenging. Given the demand, now is as good a time as ever it seems. At Carl Johnson Real Estate, we're committed to providing exceptional service and results to all of our clients. To experience the difference for yourself, give us a call at 919-880-0904 today. CLICK HERE to check out our testimonial page to read what everyone is saying about Carl Johnson Real Estate and see why we are so very grateful for you! Recent studies show that homeowners in the Triangle area are more willing than ever to invest in properties and upgrade to the latest trends and fashions. Let's explore some ideas and trends to consider for your home.
PLUNGE INTO THE REFRESHING COLD In the midst of sweltering North Carolina summers, the allure of a cold plunge pool beckons. More than just a luxury amenity, it's a sanctuary, an oasis of calm amidst the scorching heat. Imagine the exhilaration as you dive into its refreshing embrace, feeling every pore of your skin awaken, every tension melt away. It's not merely about cooling off; it's about immersing oneself in a ritual that rejuvenates the soul, allowing homeowners to experience the luxurious contrast between the balmy outdoors and the invigorating waters of the plunge pool. THE SOPHISTICATED WINE CELLAR Wine has always been a symbol of luxury. But modern luxury homes have elevated this sentiment, transforming wine cellars into sanctuaries of sophistication and taste. No longer just dimly lit storage spaces, they are galleries, showcasing the homeowner's passion for vintages. Picture walls become adorned with reclaimed wood racks, with each bottle cradled like a piece of art. Every element of these cellars boasts luxury, making them a testament to the owner's refined palate and aesthetic vision. FIREPLACES THAT CARE FOR OUR PLANET In a world increasingly cognizant of its carbon footprint, luxury design is evolving, harmonizing opulence with responsibility. The modern fireplace is a testament to this evolution. It is no longer just a source of warmth and ambiance; it’s a beacon of innovation and sustainability. Through energy-efficient designs and smart technology, the contemporary fireplace offers the romance of a crackling fire without remorse, making every moment by its side a celebration of conscientious luxury. THE PURITY OF WATER AT HOME Water has taken center stage in luxury homes. As homeowners become more health-conscious, the quest for purity has led to the integration of advanced water purification systems. It's not just about quenching thirst; it's about savoring the luxury of sipping pristine water, devoid of contaminants, right in the heart of one's abode. Every drop, crystal clear and refreshing, serves as a reminder of the luxurious standards one has set for their household. ROOMS DEDICATED TO RELAXATION In the relentless whirlwind of modern life, a haven of relaxation isn't just a luxury; it's a necessity. The rise of dedicated massage rooms in luxury homes reflects this deep-seated desire for tranquility. These rooms are more than just spaces; they are havens of serenity, places where time seems to slow down, where every sense is indulged, and the weight of the world simply fades away. GLAMOUR IS IN THE DETAILS Luxury design thrives in the nuances. It's the audacious splash of a cerulean throw pillow, the intricate dance of patterns on your centerpiece, or the silent allure of a delicate piece of art. Let your space be punctuated with gold-flecked fineries or the captivating luster of crystal chandeliers. When every detail is a curated blend of your soul and sophistication, rooms transform into mesmerizing sanctuaries. THINK ABOUT SPACE WITH INTENT Luxury is not just in opulence; it's in intention. An intentional approach to spatial design gives way to rooms that breathe and beckon. It's about moving beyond the mundane furniture placements and crafting symphonies of spaces that dance in harmony with each other. Envision the serenity of a well-positioned reading nook or the gravitas of a dining space celebrating natural elements. Every square inch of your home should whisper tales of purpose, making guests feel both enthralled and at ease. THE AMBIANCE STARTS WITH LIGHT Light is the brushstroke that paints the ambiance of any space. Be it the ethereal glow from a bespoke lamp, the advanced smart technology that tailors illumination to your mood, or the architecturally brilliant windows that capture nature's finest moments, light is the maestro of luxury design. The interplay between shadows and luminescence can redefine spaces, making them portals of pure enchantment. EMBRACE LUXURY THROUGH TEXTURE Textures are the unsung symphonies of luxury. Their silent narratives, be it through the inviting embrace of velvety cushions, the ethereal drift of silk curtains, or the reassuring caress of plush rugs, hold the power to transport senses to a world of opulence. The tactile delight of these materials, paired with their visual feast, crafts an experience of luxury that's profoundly personal and universally enviable. Planning a home renovation or upgrade in the Greater Triangle area, which includes Durham, Hillsborough, Chapel Hill, and Carrboro? A REALTOR like Carl Johnson offers strategic guidance to ensure your investment aligns with current market trends and enhances your property's value. With a keen eye for design trends and a deep understanding of what resonates with buyers in the Greater Triangle, Carl Johnson Real Estate provides insights that go beyond the aesthetic, ensuring your renovations contribute to the overall market appeal of your home. Call 919-880-0904 or CLICK HERE today to embark on a renovation journey with Carl Johnson Real Estate. Although many homeowners take on small renovation projects themselves, they often hire contractors to work on larger projects, including kitchen or bathroom overhauls and home additions. Deciding between DIY and hiring a pro for home improvements can be tricky. For small, manageable tasks like painting, minor landscaping, or simple plumbing fixes, DIY can save money and offer a sense of accomplishment. However, for complex projects such as electrical work, major renovations, or anything involving structural changes, it's best to hire a professional. Pros bring expertise, safety, and ensure the job meets all regulations. Assess your skill level, the project's complexity, and the potential risks to make the best decision. Regardless of the project, finding the right person for the job can be a challenge. If you’re considering a home renovation, give us at Carl Johnson Real Estate a call. We can refer you to reputable contractors and tradespeople in our local area or advise you on renovations that may increase your home’s value Planning a home renovation or upgrade in the Greater Triangle area, which includes Durham, Hillsborough, Chapel Hill, and Carrboro? A REALTOR like Carl Johnson offers strategic guidance to ensure your investment aligns with current market trends and enhances your property's value. With a keen eye for design trends and a deep understanding of what resonates with buyers in the Greater Triangle, Carl Johnson Real Estate provides insights that go beyond the aesthetic, ensuring your renovations contribute to the overall market appeal of your home. Call 919-880-0904 or CLICK HERE today to embark on a renovation journey with Carl Johnson Real Estate.
We all have dreams worth saving for! Whether it’s building a nest egg for retirement, securing a down payment on a new home, or funding your children’s college tuition, having a clear plan can make these goals more achievable. As you manage your budget for 2024, it’s crucial to also track your savings goals. Here are some effective strategies to help you save for short-term, mid-term, and long-term goals, ensuring you’re on the right path to financial success. Seek Professional Guidance
For those with more complex financial goals, consulting a financial professional can be incredibly beneficial. They can provide personalized advice and strategies to optimize your savings plan. Feel free to reach out to us at Carl Johnson Real Estate for a trusted referral to help you organize and manage your financial plans effectively. At Carl Johnson Real Estate, we're committed to providing exceptional service and results to all of our clients. To experience the difference for yourself, give us a call at 919-880-0904 today. CLICK HERE to check out our testimonial page to read what everyone is saying about Carl Johnson Real Estate and see why we are so very grateful for you! It’s almost impossible to predict when a crisis may occur. From major storms to a global pandemic, the world has experienced a handful of unexpected events in the past few years. When weathering a storm — figuratively or literally — it’s important to be prepared. That’s why at Carl Johnson Real Estate, we're sharing information to help you in times when the unexpected happens. Emergency preparedness may not be most fun thing to talk about, but it’s still important to make sure you and your family are ready for anything. It is my hope that these tips bring you comfort and peace-of-mind by helping you expect the unexpected! The home buying or selling process can be very intricate, involving paperwork, market knowledge, and experience in handling situations as they always arise. A REALTOR like Carl Johnson is well-versed in navigating these complexities and streamlining the journey for you. At Carl Johnson Real Estate, we have an extensive network of professionals – from mortgage brokers to inspectors – ensuring a seamless process. By leveraging our trusted partners and our resources, you save time, energy, and money, allowing you to focus on your next move, which is more than enough to focus on as there is so much to do when moving.
Call 919-880-0904 or CLICK HERE today to experience Carl Johnson Real Estate in Carrboro, Hillsborough, the Greater Triangle and Crystal Coast. This month, I'll be sharing some ideas with you on how to achieve your dream of owning a vacation or second home. Remember, as your trusted real estate professional, I'm here to help you find that perfect spot and turn your dream into reality! REALTORS are plugged into the pulse of the real estate market, and Carl Johnson Real Estate takes this to the next level, especially in the Greater Triangle and on the Crystal Coast. Carl’s comprehensive understanding of local trends, property values, and neighborhood dynamics gives you a distinct advantage. Whether you're a buyer seeking the perfect location or a seller aiming for the optimal listing price, Carl Johnson Real Estate's market insights are invaluable.
If you’re ready to buy or sell at the beach or in the Greater Triangle, Carl Johnson Real Estate can help you. Give us a call at Carl Johnson Real Estate at 919-880-0904 to learn more about how we will help. To learn more about the Crystal Coast CLICK HERE. Explore the ever-evolving real estate tapestry of the Crystal Coast, where every neighborhood tells its own compelling story of market activity. From bustling hubs to undiscovered treasures, embark on a journey to uncover the freshest trends in residential and multi-family properties across our diverse locales. Delve into the data and unveil the standout areas that are seizing the spotlight with their dynamic sales and enticing investment prospects. Stay tuned to this monthly blog series to stay abreast of the market pulse and make informed decisions as you navigate the Crystal Coast real estate landscape. Overall, the real estate market in these coastal towns remains strong and dynamic. With a mix of bustling hubs and smaller, resilient markets, each area demonstrates unique appeal and activity. Whether it's the high-end allure of Emerald Isle or the steady performance of Beaufort and Morehead City, these regions continue to offer attractive opportunities for both buyers and sellers. Atlantic Beach, a bustling market, currently has 74 active properties and 14 new listings. Recently, 13 properties were sold, with an average price of $822,062.
Beaufort emerges as a vibrant hub with 128 active listings and 27 new additions. It saw 29 properties sold, with an average sale price of $576,039. Bogue, though smaller, shows some activity with 5 active listings and 4 new ones. Three properties were sold here, averaging a sale price of $130,000. Cape Carteret, despite its smaller scale, remains resilient with 23 active listings and 9 new ones. It saw 2 properties sold, fetching an average price of $475,875. Emerald Isle maintains its allure with 106 active listings and 30 new ones. Twenty-one properties changed hands, with an impressive average price of $1,168,048. This coastal gem continues to captivate both buyers and sellers, showcasing the region's robust real estate market. Indian Beach displays promising activity with 31 active listings and 10 fresh additions. Six properties sold at an average price of $712,667. Morehead City proves its resilience with 81 active listings and 26 new additions. Notably, 23 properties were sold, with an average price of $475,581. Pine Knoll Shores shines brightly with 24 active listings and 11 new entries. Despite modest numbers, 6 properties were sold, commanding an impressive average price of $826,762. Swansboro, with 58 active listings and 20 new additions, denotes a healthy market. Twenty-one properties were sold here, with an average price of $344,868. The home buying or selling process can be very intricate, involving paperwork, market knowledge, and experience in handling situations as they always arise. A REALTOR like Carl Johnson is well-versed in navigating these complexities and streamlining the journey for you. At Carl Johnson Real Estate, we have an extensive network of professionals – from mortgage brokers to inspectors – ensuring a seamless process. By leveraging our trusted partners and our resources, you save time, energy, and money, allowing you to focus on your next move, which is more than enough to focus on as there is so much to do when moving. Call 919-880-0904 or CLICK HERE today to experience Carl Johnson Real Estate in Carrboro, Hillsborough, the Greater Triangle and Crystal Coast. Welcome to the Luxury Market Report, your guide to luxury real estate market data and trends for North America. Produced monthly by The Institute for Luxury Home Marketing and brought to you by Carl Johnson Real Estate, this report provides an in-depth look at the top residential markets across the United States and Canada. The Evolving Path of Luxury Real Estate In recent years, the high-end housing market has seen significant growth and transformation, with new trends and developments as well as historic levels of demand shaping the industry. As we move into the height of the 2024 spring market, we review the way the market is trending statistically and investigate how the luxury real estate segment continues to evolve and adapt to changing consumer demands, technological advancements, and economic factors. Consistent Demand Despite lingering uncertainty outside the luxury real estate market, the increasing level of inventory and number of sales, combined with the steadiness of prices, has resulted in a display of consistent demand for luxury properties during the first four months of 2024. The number of sold luxury properties has risen both month over month since the start of 2024 as well as monthly in comparison to 2023. April’s figures for single-family homes have more than doubled, increasing by 104.4% since January and by 32.1% compared to April 2023. Attached homes have risen a little less, at 86.5% since January, but by 32.4% compared to April 2023. This sales trend has been greatly assisted by the increased level of new inventory entering the market, up by 160% since January and by 37.5% compared to April 2023 for single-family homes. Attached home inventory saw a much slower increase over the last four months of only 18.4%; however, year over year, there was an increase of 44.4%. These increases are a clear indicator that, in general, sellers have become more confident that their luxury home will sell. While an increase in new inventory has resulted in a greater number of sales, the significant increase of sales and new inventory proves that the demand for luxury properties continues, enabling the market to remain strong. Sold prices also indicate stability in the current market overall; the monthly median price for both single-family and attached properties has barely shifted. But more significantly, the homes being sold are very close to their list price, with the return of the SP/LP ratio in the 99% percentile range for the first time in a year. Evolving Expectations and Preferences The luxury property market encompasses a variety of high-end residential options, including luxury homes, penthouses, condominiums, and expansive estates. This segment offers luxurious amenities, stunning views, and exceptional craftsmanship, catering to buyers in search of elegance and refinement. However, one of the primary reasons behind the sustained strength of the luxury market is the continuously evolving expectations and preferences of affluent consumers. Over the past few years, their changing decisions have had significant impacts on the luxury real estate landscape, and it is these influences that are reshaping the market once again. The emerging trends in the market suggest a shift towards creating spaces that offer more than just luxury; they are about curating experiences that align with the profound values and lifestyles of discerning clientele. It is predicted that the luxury homes of the future will integrate sustainability, cultural richness, personalization, and social responsibility, transcending conventional concepts. Essentially, sellers of high-end real estate market in 2024 and beyond, should start to provide unique, immersive experiences that deeply resonate with individuals seeking more than just a residence but a reflection of their ideals and aspirations. As the luxury real estate market continues to thrive and adapt to changing preferences and trends, staying informed and working with a trusted professional will be key for affluent home buyers and sellers. These luxury advisors keep a pulse on the emerging trends which allows their clients to make informed decisions and seize opportunities in this dynamic and exciting market Did you know that Carl Johnson is certified as an Institute for Luxury Home Marketing Specialist, CLHMS, which means he offers superior knowledge and experience in the luxury market? His CLHMS membership also provides him with access to an elite network of contacts and resources that help to find you your dream home from Swansboro to Beaufort and beyond. Trust your luxury listing to Carl Johnson Real Estate! Call 919-880-0904 for a consultation or CLICK HERE.
Escape the mundane and embrace the dream of owning a second home in your favorite vacation spot! How many times have you found yourself on holiday, enchanted by the idea of calling that picturesque destination home? Yet, practicalities often cloud such dreams. But what if there was a way to turn that fantasy into reality? This month, we're delving into the benefits of owning a second home. At Carl Johnson Real Estate, we're dedicated to helping you transform your vacation dreams into tangible possibilities for you and your family. We'd be delighted to help make that a second home a possibility for you and your family.
Did you know we serve clients from Swansboro to Beaufort? If you know anyone who needs assistance, simply text or call Carl Johnson Real Estate at 919-880-0904 with their name and #, and we'll take great care of them! Whether you're a buyer seeking a vacation home or a seller aiming for the optimal listing price, Carl Johnson Real Estate's market insights are invaluable. Call 919-880-0904 or CLICK HERE today to tap into Carl Johnson Real Estate's expertise in Durham, Chapel Hill, Carrboro, Hillsborough and beyond. |
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