As Winston-Salem, NC real estate agent Jason Bragg told WFAE last month, North Carolina is experiencing a highly competitive housing market with the average home selling in a week or less and receiving multiple offers. “I had a listing two weeks ago where we had over a hundred showings —everybody lined up for a few days,” he said.

The COVID-19 pandemic brought on unexpected effects on the U.S. real estate market and sent home prices skyrocketing. In addition, factory shutdowns and supply chain disruptions due to travel restrictions converged to drive the price of lumber through the roof. These shortages in material have halted or delayed new constructions, putting further strain on housing supplies.

While life has all but returned to near normalcy as vaccination rates go up and safety protocols are lifted, the red-hot NC real estate market seems unlikely to change anytime soon. Though the pandemic had an undeniable impact, the current seller’s market is the byproduct of a number of long-brewing factors.

New home construction has lagged over recent years and has been struggling to keep up with the sudden spike in demand. Add to the mix the longstanding trend of southbound migration from folks up north looking for more affordable living conditions and a warmer climate. And announcements about tech behemoths Google and Apple moving some operations to North Carolina will only stretch already tight real estate markets.

Finally, though mortgage rates are above January’s record low of 2.65%, they are still lower than at any time before COVID-19, spurring a buying frenzy and refinances.

Is there anything that The Sharpe Mortgage Team can do for you this week? If you’re interested in purchasing a home or refinancing your current home in Winston-Salem or the surrounding areas, give us a call! We can discuss your financial goals and discuss a loan program that might be right for you.