Why Are There So Few Houses for Sale?

Homebuyer demand is near an all-time high, but why are there so few houses for sale?

The answer could be that we are in the “homebody era”.

What is the “Homebody Era”?

Homeowners are reluctant to sell, preferring to live in their current home rather than looking to either “step-up” or “downsize”.  This means that there are fewer homes for sale and could result in a housing shortage for years to come. Historically, the average American lived in their home for an average of five years.  In 2008 & 2009, during the height of the mortgage crisis, that number had increased to an average of seven years.  By May of this year, that number had increased to 11.3 years!

Why Aren’t Homeowners Selling?

Two powerful forces are likely to crimp housing supply in the years ahead, according to a recent article in Business Wire. The first is the reluctance of many homeowners to trade historically cheap mortgages for pricier ones when they move. And the second is the tendency for more seniors to age in place.

Interest Rates

Mortgage interest rates still remain highly affordable, and even showed a recent dip. The average rate on a 30-year fixed-rate mortgage fell to 4.07 for May, down from 4.59 a year earlier.  But that’s still higher than lows seen during the housing slump and recovery. The average annual rate hit a trough of 3.65 in 2016, barely beating a previous record of 3.66 set in 2012. This suggests homeowners will feel even more pressure to hang onto their homes in the years ahead, rather than sell and buy a new one using a mortgage with higher rates.

I’m Just Going to Stay Here

The growing tendency of seniors to choose to age in place is a second force that is likely to curtail inventory in the years ahead.  Improvements in health care and technology have made aging in place easier which means fewer homes on the market.

What Can Be Done?

Many industry experts are calling for more home construction and changes to zoning laws to allow more homes to be built and allow for multi-family homes to be constructed.  This has prompted concerns that builders will focus more on luxury or higher-priced communities rather than on affordable housing options. This is already the case in the Triangle.  Many builders are constructing “zero lot line” communities with larger homes on smaller lots.  In downtown Raleigh and Durham, there has been an explosion of high-end condo projects.

 

About Log Pond Realty

Home is where your story begins. Home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you in writing your new story.

We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.

Phone 919.589.3576 | Email at inquiries@logpondrealty.com 

Business Wire, June 20, 2019.

Final Week Parade of Homes!!

The final weekend of the Triangle Parade of Homes is here! The Triangle Parade of Homes is sponsored by the Home Builder Association of Wake County.

The Parade of Homes is an annual, free tour that is open to the public and is the best way to view the newest homes and the newest communities throughout the Triangle. The 2018 Parade of Homes will be held on October 6-7, 12-14, 19-21.

Providence at Yates Pond

For our final Parade of Homes stop, we head over to Providence at Yates Pond by Baker Residential.  Let’s talk LUXE!!!!  If you are looking for your own personal castle, without the moat or the fire-breathing dragon!

Featuring an elegant collection of over eighty estate homes surrounded by natural beauty and breathtaking views, Baker Residential has sculpted a piece of paradise in the western side of Cary.  Unique home designs are offered on approximately 1/3-acre with impeccable interior details. Residents may choose from a variety of open floor plans, custom options, and enhancements that ensure each family makes their home their own personal castle. Flexible living spaces, sumptuous suites, and masterfully crafted outdoor living spaces are just a few of the options you can expect from this premier neighborhood.

About Log Pond Realty

Home is where your story begins. A home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you in writing your new story.

We can be reached via email at inquiries@logpondrealty.com or by phone at 919.589.3576.

We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.

Triangle Parade of Homes – Week 2

Week Two of the Triangle Parade of Homes sponsored by the Home Builder Association of Wake County.

The Parade of Homes is an annual, free tour that is open to the public and is the best way to view the newest homes and the newest communities throughout the Triangle. The 2018 Parade of Homes will be held on October 6-7, 12-14, 19-21.

Pines at White Oak Crossing by Toll Brothers

This week we are stopping by the Pines at White Oak Crossing by Toll Brothers. This community features award-winning home designs on wooded home sites with hundreds of options to create the home of your dreams including basements! Nestled in a great location between Jordan Lake and the Cary/ Apex area with quick access to I-540 and Research Triangle Park and Raleigh-Durham International Airport, this community is minutes from every convenience. Other Toll Brother Communities

For questions on this community or other new home communities across the Triangle, check out our website at www.logpondrealty.com or email us at inquiries@logpondrealty.com

About Log Pond Realty

Home is where your story begins. A home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you in writing your new story.

We can be reached via email at inquiries@logpondrealty.com or by phone at 919.589.3576.

We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.

New Home Community Focus: Heather Glen by McKee Homes

Sun Room w/Double Sided Fireplace

Week 7 of our new home series.  This week we head to south Raleigh, just off of Ten-Ten Road, to Heather Glen by McKee Homes.  Thanks to Carolanne Savio for letting us take over the model.  I really enjoyed the double fireplace!  Great spot to read a book and relax!

This community is just minutes from downtown and features large lots with a variety of floor plans.  Prices range from the low $300s with square footage ranging from 2,225 to almost 4,000 square feet.  This model even had an outdoor fireplace!  Perfect for outdoor entertaining!

Check out the video:  http://bit.ly/2CoK6I4

About Log Pond Realty @ RE/MAX United

Home is where your story begins. A home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you with assisting you to write your new story.

We can be reached via email at inquiries@logpondrealty.com or by phone at 919.589.3576.

New Home Community Focus: Bentwind Bluffs by Massengill Builders

Week 5 of our new home series!  This week, we are staying in Fuquay-Varina and are visiting Bentwind Bluffs by Massengill Design Build, an Accomplished Second Generation Local Award Winning Home Builder.

All Brick Ranch Home

This community, priced from the mid $300’s features all-brick ranch style homes with two and three car garages or optional golf cart garage.  These homes are great!  While ar Bentwind Bluffs, we had an opportunity to tour the model home and two of their under-construction homes.  A couple of really cool features were the large-flat lots, available screened in porches and patios.  Kelly and I enjoyed soaking up some sun in the backyard.

In addition to meeting with the on-site agent, Nikki Hicks, we also had an opportunity to meet with the president of Massengill, Blake Massengill.  In one of the attached videos, Blake talks about some of the things that differentiate custom builders, like himself, from production builders.

I definitely should have brought my golf clubs for this visit because this community is adjacent to Bentwind Bluffs Golf Course!  Best of all, golf carts are allowed in the community and there is direct access to the course.  Optional Memberships are available through Bentwinds Golf and Country Club which offers Golf, Racquet, Swim, Dining and Social Memberships. For information on the Bentwinds Golf and Country Club please visit their site, website.

For information on Bentwind Bluffs, you can visit their website.

For questions on this community or other new home communities, you can message us here on our website.

About Log Pond Realty @ RE/MAX United

Home is where your story begins. A home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you with assisting you to write your new story.

We can be reached via email at inquiries@logpondrealty.com or by phone at 919.589.3576.

We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest and Garner.

 

 

New Home Community Focus: Meadows at Southpoint

Kitchen in Model Home

Week 3 of our New Home Community Series and this week we are in Durham and we are checking out Meritage Homes at Meadows at Southpoint. Located near all the cool stuff in downtown.  This community features two-story townhomes with up to 2,653 square feet of living space, first-floor owner’s suite, gourmet kitchens, and 2-car garages. Minutes from shopping, dining, & entertainment.  Prices range from $260k to $375k.  They have several quick sales available so that you can be in before the holidays.

For additional information on this Meritage community, stop by their website.

For questions on this community or other new home communities, you can message us here on our website.


About Log Pond Realty @ RE/MAX United

Home is where your story begins. A home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you with assisting you to write your new story.
We can be reached via email at inquiries@logpondrealty.com or by phone at 919.589.3576.
We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest and Garner.

Checking Out New Home Communities: Stillwater at the Estates

 

One of Available Homes

We kicked off our new home community tour with a stop in Apex at  Stillwater at the Estates. Stillwater Estates is a luxury new home community featuring quality custom homes by Hayes Barton Homes, Legacy Custom Homes, Gray Line Builders, and Future Homes by Jim Thompson, Inc. The Estates features 106 large homesites with properties from the upper $600’s.

We had an opportunity to spend some time with Nina Golden, one of the

Beautiful Entertainment Space

on-site sales agents at Stillwater.  Nina highlighted that the model home recently won a silver award for the 2017 Wake County Parade of Homes.

She also mentioned that the community is preparing some amenities including a state-of-the-art Recreation Center featuring a Pool, Fitness Center and Multi-purpose Sports Court.

Check out the video from our visit to Stillwater at the Estates.  Feel free to drop us a line if you have any questions about this beautiful community.

 


About Log Pond Realty @ RE/MAX United

Home is where your story begins. A home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you with assisting you to write your new story.
We can be reached via email at inquiries@logpondrealty.com or by phone at 919.589.3576.
We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest and Garner.