Apple news could have effect on housing market: If you want to buy or sell a home, Triangle Realtor says 'do it now'
WAKE COUNTY, N.C. (WTVD) -- The saying 'If you build it they will come,' is about as cliché as they come. But it couldn't be any more true after Apple unveiled plans for an East Coast hub in Research Triangle, bringing 3,000 jobs in the next five years.
These jobs are said to have average median wages not far from the $200,000 mark. This means real estate experts expect the market to become even more competitive.
"There is so much it can grow," said Otto Cedeno, who owns Movil Realty. "I don't think it's going to be the same growth down the road. Because this growth is not normal."
Cedeno said his office sells "about 200 homes" every month.
"I don't know if it's a good idea to (not sell) because we don't know what's going to happen tomorrow," he said.
His comments come as homeowners woke up with the reality of a seller's market and forecasting how much their home may be worth when Apple comes to town.
"We don't know if the people coming into the area, decide to go far away from Raleigh-Durham," added Cedeno. "Then (homeowners) will not have to sell their house for the price that they want to."
Cedeno said the Triangle market needs the inventory. His office frequently accepts calls from out-of-state buyers looking to relocate from the high cost of living in New York and California. Those buyers typically come with sufficient cash-in-hand.
"They're going to have enough cash to buy any property -- $500,000 to $700,000 in North Carolina -- for cash," he said. And in Cedeno's experience, buyers have picked the Raleigh-Durham area because of the booming vibe that developers have been creating.
Cedeno also said he fields a number of calls from millennials who want to be "in the mix".
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"If you rent the property, know that money is going to go through the garbage, you're not going to see it back," said Cedeno. "If you buy right now, you're going to have that 2.5% interest for 30 years. That's big! I mean, that's a very low interest. We never see interest that low in the market."
While Cedeno plays optimist, he's just as much a realist.
"I don't think (the growth) is sustainable," he said. "I don't think the growth will be the same as it's been in the past couple of years. It's got to stop somewhere."
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