For Some, Budget Isn’t An Issue — But Inventory Still Is
The ease of living and strong potential for growth in North Carolina’s Triangle area draws ongoing competition for homes
Even for high-ranking tech executives, buying a home in North Carolina’s thriving Triangle area is a challenge. A recent article outlines the attractive qualities drawing tech execs to the area, and what it’s like to be outbid time after time — even with a healthy budget.
Promising Growth
The Triangle area is attracting tech professionals at amazing rates, partially because of the potential for industry growth there. With highly respected academic institutions in the area, a diverse population, and a steady stream of reliable talent, the Triangle fulfills a tried and true recipe for company growth — which explains why companies like Apple and Google are in the process of opening new offices there.
Attractive Price Points
One main element drawing excellent talent - and demand - to the Triangle is the affordability of cost of living in the area, especially relative to previous tech hotspots like the Bay Area or New York City. Professionals can find homes with much more space and plenty of updates in the Triangle, for the same budget that might have found them a small and dated home in the Bay Area.
Ease of Living
Outside of the cost of living and housing, many people find that making a move to places like Raleigh or Durham also comes with an easier way of life compared to crowded areas like San Francisco. Common needs like childcare, enrolling in gyms, and signing children up for extracurricular activities are much easier to fulfill - waitlist-free - in the Triangle than in the Bay Area.
Competition
Even though the price is right, landing a home in the Triangle is no simple feat. Despite the lack of competition for things like children’s gymnastics spots, the competition for housing in the Triangle is still fierce. The rapid growth and promise of the area continues to outrun its housing inventory, leading to cutthroat bidding wars at every price point. In fact, September 2021’s listing services data suggested a 31% drop in inventory compared to the year prior, and the county’s population continues to steadily increase. Even top execs like Google’s Kamala Subramaniam lost on three home offers before eventually landing a Triangle home.
Exploring Options
After the first few failed offers — or after browsing the market for months with no sign of a home that checks all the desired boxes — most people begin to explore other options. Those with a flexible budget can fortunately look into various other pathways in order to land a great home, even if the bidding wars aren’t falling in their favor. Some go the route of pivoting their location. Subramaniam, for example, changed her home search from Durham to Chapel Hill before eventually landing her future home. Especially as remote work and rarer commutes continue their stronghold on everyday life, many families are able to live outside the city limits and in nearby suburbs, without sacrificing quality of life and convenience.
For others, even broadening the geographical search won’t quite do the trick. Especially those with specific style, layout, and size requirements, it can be difficult to find an existing home with all of the qualities desired in an already-scarce market. While some find ways to compromise, many young professionals and families are instead building their own custom homes.
Instead of enduring months of back-and-forth and bidding wars that can stretch budgets and patience to their limits, building custom puts homebuyers back in the driver’s seat. With platforms like Atmos, buyers can choose their lot, their custom layout, and their individualized amenities with ease and clarity.
Ready to build a custom home in the thriving Triangle area? Get started with Atmos today!
