North Carolina’s largest open house kicked off this weekend with more than 120 houses across Wake, Durham, Orange, and Chatham counties part of Triangle Parade of Homes.
The prices of the homes involve range from $280,000 to $2.9 million. This year’s Parade of Homes comes during a competitive time in the Triangle housing market.
Raleigh has the highest bidding rate of any metro area, according to a study from the real-estate brokerage firm Redfin. The firm said 86.7 percent of its Raleigh homes had competing offers this August, up from 46.2 percent a year ago.
Blake Massengill is the owner of Massengill Design-Build. His company built some of the houses that are part of this year’s Parade of Homes.
“Not only is the house brand new, but you’re not finding nearly the competing offers that you’ve got to compete with compared to a resale.,” Massengill said. “A home that may have large due diligence, multiple offers, (but with) new construction you come to it and you often pay the price that’s there.”
He said supply chain shortages mean building homes can take longer. Massengill said normally Wake County has a six-month home supply, but now it’s down to a month for homes under $1 million and just a week supply for homes under $300,000.
“So what that means is, a house you look at today may very well not be there tomorrow,” Massengill said.
Lynn Moore and her family recently moved to the Triangle from New Jersey, and said trying to buy a home was not easy.
“We were looking at resale, but before we could even look at homes we were being outbid, so we just realized it would be impossible unless you were physically living here,” Moore said. “To even be in the game, you have to have cash on hand and make an offer immediately, and offer thousands of dollars over asking just to be considered.”
That’s why they’re building a new home instead. They showed up to a Parade of Homes house in Fuquay-Varina to get inspiration for a design.
“It’s fun to build and it’s nice to have something brand new, but we felt as though we didn’t have much of a choice,” Moore said.
Parade of Homes will continue Oct. 8 through 10 and Oct. 15 through 17 from noon to 5 p.m.
Dont be surprised seeing these homes are going under contract during the Parade. That happens every years since I have been in business since 1993!