Builders 'anxious and nervous' as Raleigh housing market cools

RALEIGH, N.C. (WTVD) -- The Raleigh housing market is cooling and a realtor says buyers are starting to gain back power.

A new Redfin report highlighting the shift and showing for Raleigh, almost 26 percent sellers dropped their price last month.

"I see the market balancing. We're getting back to that pre-pandemic precedent that we used to have," said realtor Hilary Kennedy. "Ultimately, it's a really positive thing because the way the market was trending, it's not something that was sustainable."

The change good news for Cary resident Darrett Miller. Homeownership is goal.

"I'm definitely saving," said Miller. "I've rented for most of my life, my adult life anyway, and it's not something I want to do in my 60s and 70s."

Kennedy says buyers no longer feel like they have to put in offers significantly over list price or with high due diligence amounts.

New construction is becoming easier to purchase, where there used to be waiting list.

Kennedy says builders are finally getting in supplies or appliances that were once scarce.

"It's creating a new situation. There's a lot of homes being released at once," said Kennedy. "I think with the slight cooling, builders are also getting a bit anxious and nervous about that too because they actually have inventory to provide to people now. So I am seeing more incentives out there."

Builders are trying to entice prospective homeowners. One is offering an interest rate of 4.37 percent for the first five years with a preferred lender. That's two whole points lower than the national average.

Reggie Shipman is looking to leave Goldsboro and move closer to work in Raleigh.

With rent for a one-bedroom going for $1,500 a month, he questioning whether it's better to invest.

"I would definitely look into refinancing to get a lower payment because I know that would be an option," said Shipman.

Kennedy says people getting ready to put their house on the market are also going to have to adjust. She says it requires more prep work than before, perhaps getting professional photos done or staging an empty home.