Next Edge

MARCH STATS

Snapshot:

• Prices: Up slightly year-over-year (YoY), down month-over-month (MoM)

• Sales: Also up YoY, but down MoM

• Inventory: Nearly 50% higher than last year

• Interest Rates: Trending down at the end of July

For context: In 2008, there were 25,000 homes for sale in the Triangle region. Today, there are just over 10,000. The difference? Higher mortgage rates are keeping many buyers on the sidelines. But if rates continue to drop, we could see a housing boom unlike anything in recent years.
New construction continues to offer incentives and price reductions to move inventory.

If you’re a buyer:

• Be more aggressive with your offers

• Ask for closing costs

• Keep due diligence amounts lower

• Request a rate buydown or seller concessions (including buyer agent commission)

• If you’re able, the best strategy may be: buy now, sell later, and refinance once rates fall

If you’re a seller:

• Price realistically from Day 1

• Invest in prepping your home: repairs, staging, landscaping, paint, etc.

• If possible, wait until rates hit 6% or lower

Please note: The answer to all real estate questions are “it depends”. Homes, locations, zip codes, subdivisions and most importantly, your goals all play a part in real estate advice. Above is guide to what we are seeing in the overall market.

EDUCATION
What the NAR Settlement Means for Homebuyers and Real Estate Commissions.

If you're planning to buy a home soon, there's an important update you should know. A recent settlement by the National Association of REALTORS® (NAR) has led to new rules that improve transparency around real estate commissions—giving buyers more clarity and control.

Starting August 17, 2024, if you're working with a buyer’s agent, you’ll now sign a written agreement before touring any homes, whether in person or virtually. This agreement lays out the services your agent will provide and how they’ll be compensated—clearly, upfront, and in writing.

What’s changed? The agreement must spell out exactly what your agent earns (e.g., flat fee, hourly rate, or percentage) and confirm that fees are fully negotiable. It also ensures that agents only earn what you agree to—no surprises.

Sellers may still offer to cover part of your agent’s compensation, but these offers can no longer be posted on the MLS. However, you can still negotiate other seller-paid benefits, like closing cost concessions.

What hasn’t changed is just as important: REALTORS® are still committed to acting in your best interest and following a strict Code of Ethics.

How I Work With Buyers—Transparency and Trust From Day One

As your real estate advisor, I believe in earning your trust—not locking you into a relationship before we’ve even met.

For our first tour, I use a simple, one-home agreement. This allows us to meet, walk through a property, and get a feel for how we work together—no pressure.

If we decide to continue working together, we’ll sign a longer agreement that you can cancel at any time. My priority is that you feel comfortable and confident with me—not just at the start, but throughout your homebuying journey.

If you have questions or want to learn more, I’m here to help.

COMMUNITY
📣 Big News for Raleigh: USDA Chooses Our City as a New Regional Hub

Raleigh is on the rise again — and this time, it’s federal.

The U.S. Department of Agriculture (USDA) just announced a major reorganization of its national operations, and Raleigh has been selected as one of five new USDA regional hubs across the country. This move brings new opportunities, federal jobs, and national attention to our region’s strength in agriculture, research, and innovation.

🌱 What This Means

The USDA is relocating a large portion of its Washington, D.C.–based staff to more cost-effective, strategically located hubs. The goal? To better serve farmers, improve operational efficiency, and reduce taxpayer costs.

Alongside cities like Kansas City and Fort Collins, Raleigh was chosen thanks to its:

• 🌍 Lower cost of living (Raleigh’s locality pay rate is ~22%, versus D.C.’s ~34%)

• 🧪 Research infrastructure (N.C. State’s Centennial Campus already hosts USDA operations)

• 🧠 Talent pipeline from local universities and tech/biotech industries

• 🏛️ Existing federal presence and business-friendly environment

👷‍♂️ What’s Coming

Over the coming months, USDA will begin relocating hundreds of roles from D.C. to Raleigh. While exact numbers haven’t been finalized, this move will bring federal jobs, investment, and expanded partnerships to our local economy.

This is a strong vote of confidence in what Raleigh offers — not just to the state, but to the nation.

📰 Why It Matters

Federal agencies rarely make moves of this scale. The fact that USDA selected Raleigh reinforces what many of us already know: we’re building something special here.

Stay tuned as the rollout continues — and let’s keep an eye on what this could mean for housing, hiring, and growth across the Triangle.

TRIVIA
Weekly fun fact!

What is the average 30-year fixed mortgage rate in the last 50 years?

REAL ESTATE
What Is a 2-1 Rate Buydown—and How Can It Help You Save on Your Mortgage?

If you're buying a new home and financing it with a mortgage, you may have heard the term “2-1 rate buydown.” But what does that actually mean—and is it a good option for you?

A 2-1 rate buydown is a financing strategy that temporarily lowers your mortgage interest rate for the first two years of your loan. It’s often offered by homebuilders or sellers as an incentive to make buying more affordable, especially when interest rates are high.

Here’s how it works:

• Year 1: Your interest rate is reduced by 2 percentage points.

• Year 2: Your interest rate is reduced by 1 percentage point.

• Year 3 and beyond: Your loan reverts to the full original rate for the remaining life of the mortgage.

For example, if your permanent rate is 7%, you’ll pay 5% in year one, 6% in year two, and then 7% from year three onward.

This can significantly lower your monthly payments in the early years of homeownership—when cash may be tight due to moving expenses, furnishing, or other costs. The buydown is typically paid for upfront by the seller or builder as a concession (not by you), and the funds are held in an escrow account and applied toward your mortgage.

ANSWER

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