The North Carolina Real Estate Market is on Fire!
Locals and transplants alike can attest to the region’s thriving economy, high demand for property, and exciting new construction projects around the state. With new homes coming to market every day, buyers are eager to have their prospective purchases vetted by experienced professional home inspectors. Suffice it to say, there’s never been a better time to be a home inspector in the Tar Heel State.
Is North Carolina Good for Real Estate?
North Carolina has long appealed to academics, nature lovers, and those seeking a little peace and quiet. The state is known for its world-class universities and stunning natural beauty. And word has gotten out: Raleigh and Durham both rank among the top three real estate markets in the country. The North Carolina housing market has been thriving for the past few years, with no signs of slowing down any time soon.
Factors Driving the North Carolina Real Estate Market
North Carolina has seen steady population growth over recent years, and for good reason: as more people move to the area, demand for housing grows. The strong local job market is a contributing factor. More and more corporations are bringing their operations to the Tar Heel State, and major employers like Duke, Bank of America, and Lowe’s help drive the burgeoning housing market.
In addition, the COVID-19 pandemic saw many construction projects put on pause due to supply issues. With new construction slowed, demand for housing outpaced the availability—and that demand hasn’t diminished. While the supply chain is recovering, new properties in the NC housing market don’t stay available for long.
Investment Opportunities in the North Carolina Real Estate Market
The housing market in North Carolina offers a wide variety of investment opportunities. Cities like Raleigh, Durham, and Charlotte are booming, with populations exploding in growth over the last few years. Given the popularity of remote work, many people are now opting to move to secondary markets in North Carolina. Towns like Greensboro, Winston-Salem, and Fayetteville are seeing new interest from buyers looking for affordable homes. And, of course, the region’s geography has many tourists looking to invest in vacation properties. Homes along the coast and in the mountains don’t sit empty for long.
How Do the Latest Real Estate Trends in North Carolina Impact Home Inspectors?
Increased demand for homes in North Carolina has led to increased demand for home inspectors. Today’s buyers are more educated than ever before. They don’t want to be stuck in a home plagued with issues, so they turn to home inspectors for help making the most informed decisions possible.
Of note, buyers’ increased interest in sustainability and energy efficiency means successful home inspectors should understand these topics. Knowledge of green building practices and the ability to identify energy-efficient appliances will serve home inspectors in North Carolina well.
Increasing Demand for Home Inspections
North Carolina does not require inspections before a home sale. However, even without government mandates, home buyers are eager to have their prospective properties inspected by a professional. The competitive North Carolina real estate market demands quick decision-making and careful strategy on the part of buyers. Without the insight of a home inspector, buyers can find themselves making risky investments. So long as the local markets remain hot, home inspectors will find no shortage of opportunities in North Carolina.
Opportunities and Challenges for Home Inspectors
Stiff competition isn’t reserved for home buyers in North Carolina; competition is one of the main challenges home inspectors face in the Tar Heel State. However, by diversifying their service offerings, inspectors can stay competitive even in crowded markets. Far from a bad thing, this competition helps drive up standards for quality home inspections. Heightened standards, in turn, lead to more comprehensive (and, therefore, beneficial) assessments, safer investments, and a more stable community.
The Future of the North Carolina Real Estate Market
As of 2023, the average house price in North Carolina is $302,275. Home values across the state have risen more than 12 percent in the last year. While it’s impossible to predict what the future has in store for the region, the market has been on an upswing for many years. With more and more major corporations calling North Carolina home, the housing market will likely continue to flourish. Population growth in the state has steadily risen, and the overall shift toward suburban living has led many to smaller communities in secondary markets, indicating that demand for housing in these markets will continue to expand in the years to come.
Tips for Buyers and Sellers in the North Carolina Real Estate Market
Home buyers and sellers in North Carolina should aim to work with qualified real estate agents. A good agent can help you navigate the local market and point you toward properties that align with your budget and long-term goals. Be prepared to act fast if you find a property you love, as homes tend to get snatched up quickly on the NC housing market. Both buyers and sellers must embrace flexibility: in a competitive market, flexibility on contingencies and closing dates can help ensure sales go through. Of course, buyers should always have their prospective new home inspected by a professional before anything is finalized.
The Role of Home Inspectors in the North Carolina Real Estate Market
Home inspectors play a vital role in the North Carolina real estate market. They are responsible for evaluating the overall condition of a home and providing a detailed report of their findings to both buyer and seller. These findings can help buyers make informed decisions about whether to purchase a property and inform sellers of any issues they need to address before listing. Home inspectors help mitigate risk for both parties while ensuring the safety of the home’s future occupants.
If you’re looking for a rewarding career in North Carolina real estate, ask the experts at ICA School how to become a home inspector. We offer convenient, comprehensive and affordable online training options for aspiring inspection professionals in North Carolina. Don’t wait to take advantage of the opportunities in this thriving market. Enroll now to start training for your new career!