North Carolina is a popular holiday destination in the US. The state is surrounded by picturesque beaches and a tropical climate throughout the year. The real estate market in North Carolina is growing rapidly. It might be the right time for people to invest in properties or houses that will yield profitable returns in the future.
The number of people living in the state is increasing due to the availability of modern state-of-the-art facilities and development in infrastructural facilities. It has attracted the attention of several buyers who are looking forward to investing in the real estate business. Head on to this website realestatetopsail.com to browse Topsail beachfront homes and consider buying a perfect home for your family.
To know more about the real estate market trends, read further into this article to make an informed decision before investing or buying a property in North Carolina.
Market Trends to Look for Before Buying Real Estate in North Carolina
Investing in real estate in North Carolina can be expensive. Besides, the value of properties is increasing rapidly due to infrastructural developments in the state as well as the climate and overall beauty of the state. However, as compared to other states of the US, the value of properties is far less and it can be the right opportunity for you to make some profitable investments for the future. Here are a few real estate trends and stats that you must know before buying a property in North Carolina.
Average Sale Value of Properties
The average sale value is the median price of properties in the state. The actual price of real estate can be higher or lower based on several other factors including the location, facilities, amenities, schools, hospitals, and many others.
The average sale value of properties is $340,000. It may seem quite expensive and over the budget but it is still 3.1 percent cheaper than the national average sale value of properties i.e., $360,000.
Sale-to-list Ratio
The sale-to-list ratio is the estimation of the original price of the property in comparison to the final price of the property. If you know the sale-to-list ratio, it will help you with negotiations and buy the property at a much cheaper rate.
The sale-to-list ratio of real estate in North Carolina is 98.1 percent. This states that you can claim up to a 2.0 percent reduction in price in comparison to the original value of the property. It will allow you to save money as well as you can avail a fair value for your real estate.
Days on the Market
The total number of days the property is listed in the market signifies the days on the market. It will help you to determine if other investors are interested in buying the property or not. It will also help you to evaluate the real estates that are worth investing in and if it can yield a lucrative return in the future.
The average days on the market for real estate in North Carolina is 52 days. It has increased by 9 days in comparison to previous real estate market trends. Don’t forget to evaluate all the variables before buying a house in the state.
Average Closing Cost
The average closing cost is another critical factor to consider while evaluating the recent market trends and stats of the real estate market. Closing costs are the additional expenses other than the property’s final price spent by both buyer and seller. These expenses are part of the transaction and involve different types of documentation fees and expenses.
It will enable you to evaluate the additional cost you need to spend as a buyer or seller. The average closing cost of real estate in North Carolina is 1.1 percent of the final value of the property. It will help both buyers and sellers to estimate a precise budget and financing options before investing in real estate properties.
Market Trends to Follow Before Buying a Property in North Carolina
Proper research of the market trends can help buyers to invent profitable investment options in the real estate market. To begin with, consider the location with the highest number of property sales. It will help you to look for buyers if you intend to resell it in the future. Besides, it will yield you higher returns in the future.
You might also want to consider the location that offers you an easy commute to educational institutions, healthcare centers, accessibility to shopping malls or local markets, transportation facilities, etc. Having easy access to these facilities and amenities will significantly increase the value of the property in the future.
If you are looking to invest in real estate for residential purposes, you must also consider having an overall plan to determine the ideal location. It must benefit you as well as other members of your family and make it easier to commute between places. Hiring a reliable and experienced broker can help you with looking for an ideal property.
Convey your needs to the broker and let them know your needs and preferences for the property. Communicate the purpose of your purchase to the broker so that they can help you search for the right property. Whether you want to invest in real estate or you want to use it for residential purposes, hiring a broker will help you to buy the right property considering the real estate market trends.
The Bottom-line
In conclusion, many investors are considering investing in the real estate market of North Carolina. Besides, as per the predictions of economists and considering the latest trends, investments in real estate or buying a property for residential use can benefit you in the future.
The fast developments in infrastructure and accessibility of other amenities are an ideal choice for people looking to buy a new house. Consider following these factors that will help you to understand and evaluate the latest trends in the real estate market in North Carolina.