Market Trends: Wake County

Redfin recently published an article outlining the relationship between sellers and buyers from a national perspective. Currently, there are an estimated 1.9 million home sellers versus an estimated 1.5 million homebuyers, or 33.7% more sellers. This marks the first time sellers have outnumbered buyers since 2013.

This shift toward an increased number of sellers is largely attributed to homes being too expensive for would-be buyers, along with economic uncertainty. In addition, more people have moved on from the ultra-low rates of 2%–3%, which makes current rates near 7% feel more normal.

A Redfin expert predicts home prices will drop 1% year over year by the end of 2025. While that may happen at a macro level, I do not believe it will be the trend in Wake County. Raleigh repeatedly appears on lists of the fastest-growing cities, and that sustained growth is one of the largest reasons the housing market continues to rise. The basic economic principle of supply and demand will continue to fuel increased home prices.

Interest Rates

Even after hitting a peak of 7.04% in January, rates for the 30-year fixed mortgage continue to hold with stubborn force, once again pointing to the idea that lower rates are out of reach for the immediate future.

Mortgage rates did not respond to the Federal Reserve’s three consecutive cuts last year - a reminder that fixed mortgage rates are not set directly by the Fed, but by investor appetite. When there is uncertainty in the market, investors tend to buy Treasury bonds, which in turn drives yields and, often, mortgage rates downward.

Another factor is inflation, which remains persistently higher than the Fed’s 2% target. The Labor Department reported that inflation edged down to 2.3% in April, a move that relieves some of the pressure on mortgage rates.

Hot Spot: Greek Fiesta

I started visiting Raleigh in 2005, and one of the first restaurants I was introduced to was Greek Fiesta. Since then, I have visited both locations - primarily Brier Creek - at least once a week. I am not above doing a weekly three-peat. This place has been, and will always be, on my favorites list.

Not only is this authentic Greek food, but every order is cooked and prepared fresh. It takes about 10 minutes to prepare an order, but that is the price we pay for quality. I always call ahead and have my meal waiting when I arrive. Give Greek Fiesta a try; you will not regret it.

Clever Home, Clever Idea: Bay Windows

Bay windows are a beautiful architectural feature that can flood a room with natural light and add character, but they often create a design dilemma. The angled walls and extra floor space can be hard to furnish, leading many homeowners to leave the area unused or cluttered.

One standout option is custom cabinetry built to fit the contours of the bay window. Whether used for extra storage, seating, or display, these installations add both form and function to the space.

Bay windows commonly include an air register. If your space contains a register, install a toe-kick duct so air can properly circulate throughout the room.

If you are looking for ways to reimagine tricky spaces in your home - or want tips on what appeals to today’s buyers - do not hesitate to reach out. We are always happy to offer insight, whether you are staying put or preparing to sell.