What an intense start to the year! The Raleigh and Cary real estate market is hot, with no slowdown in sight. Typically, the first quarter is a bit slower, but a strong trio is bolstering growth.

First, demand is up. With near-explosive growth in business and population comes a boom in real estate. Buyer competition can be fierce, with properly positioned homes being snatched off the market in a week’s time.

Second, supply is limited. Although we do have newer developments going up, most new builds are higher-end developments. While demand is healthy at just about every price point, well-marketed homes listed at $350,000 and under are practically flying off the market.

The trick is the third point…typical “supply and demand” value logic doesn’t quite work in real estate, because the bank needs to approve the loan amount with an appraisal. That said, some buyers are willing to pay extra cash to cover the difference. As the market adjusts upwards, I have been working with my buyers and sellers to get strategic with negotiations.