Business is booming for the real estate market in the Cape Fear
WILMINGTON, NC (WWAY) — Experts say the real estate market is surging in the Cape Fear thanks to low-interest rates.
When the pandemic began it hurt the local real estate market, but according to a Wilmington real estate broker sales picked up again around Memorial Day.
Carla Lewis with the Mitchell-Lewis Group at Intracoastal Realty says many homes near the beaches began selling fast once buyers noticed the low-interest rates.
“They’ve got the equity built up, they’re buying, you know, second homes, a lot of investment properties coming in so, it’s really the interest rates being still so low, I think is what’s probably driving a lot of this,” Lewis said. “We’re still seeing it.”
One woman said the low interest rates drew her to purchasing property during the pandemic.
“That was a big factor in us deciding to buy a new home, because the interest rates are lower than we had here, by more than a point,” Homebuyer Megan Bartholdson said.
If you’re searching for a home, you might have a bigger challenge.
“Inventory is really low, we’re getting ready to sell our current home right now, and we expect that it will sale pretty quickly, because they’re not a lot of houses on the market, as soon as they’re on sale right away,” Bartholdson said.
If you do find something, it may cost you a little more.
For example, Brunswick County’s real estate market shows the median sales price of homes went up 20 percent in January.
“It’s going to be difficult because we have so many people that we’re trying to service here, and we have so many buyers and some sellers are deciding to hold off and not sell,” Lewis said.