If Sellers Can't Move Up, New Buyers Can't Buy
With listings down, first-time buyers and sellers ready to move up are in a real estate stalemate.
In hot markets like Raleigh and Charlotte, sellers still have the upper hand in most transactions. However, experts are observing a lock-in effect constraining both sides of the market as homeowners stay in their current houses longer than ever before. As sellers lie in wait for the right time to move up, buyers are also sidelined. Without existing homes hitting the market at a normal rate, potential buyers have very little inventory to choose from.
Sellers Need a Next Step
Many homeowners who entered the real estate market in the last few years are ready to move up. Whether their family has grown or their budget has, the favorable conditions of the real estate market — especially in states like North Carolina — mean promising returns for their initial home investment.
However, with listings falling far below previous years’ volume, the question remains: where will sellers go? Even those who want to sell are stuck until there’s inventory for them to move up into. In turn, buyers who are ready to enter the market can’t get into these starter homes until sellers move up. This impasse leads to a comparatively stagnant market, even as interest rates continue to decrease.
Move Up with a Custom Build
For many buyers — both those purchasing their first home and those moving up from a starter home — the best option in light of the sparse listings is to build a new home. Instead of tracking the market for months on end, only to settle for a home that doesn’t quite meet your needs, build a custom home that’s made just for you.
Building custom allows buyers to prioritize the features and location they truly want. First-time buyers can get a leg up in competitive locations by building on an available lot and carefully selecting the amenities and layout they need. For sellers ready for an upgrade, custom building is the perfect way to create your dream home and skip past a scarce market. Plus, in the months it takes for your custom home build to be completed, homes in North Carolina are likely to continue to appreciate, giving you even more value in the long term.
Whether your family is growing, you want more land, or you’re craving amenities built to match your lifestyle, custom building is a route to the home you’ve been dreaming of. With Atmos, designing and building a custom home has never been easier. Get started today!
