As interest rates fall, Triangle realtors expect the housing market to heat up

RALEIGH, N.C. (WTVD) -- Realtors say the fall and winter are usually slow times of year for buying or selling homes, but they predict the market is about to take a turn and Triangle's housing market could be booming once again.

Interest rates are finally starting to fall.

This week, the average rate on a 30-year mortgage dropped to its lowest level in two years and some people are eagerly waiting for them to slip further.

"We're excited that the feds did just say that they're bringing interest rates down," said Zahida Rahman, who's looking to refinance her home. "We are watching."

The 2024 Parade of Homes is offering options to those who have been waiting on the sidelines.

ABC11 got a sneak peek at one of the pricier properties that's located in North Raleigh going for nearly $3.2 million.

There's ample space inside to store some wine, a hidden utility room off the kitchen, and a couple of spaces perfect for entertaining.

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The primary suite has soaring ceilings, a massive walk-in shower, and a huge closet.

"It's really a bathroom you're not going to see in a house anywhere," said Raleigh Custom Realty Broker Steve Wall. "If you're going to spend this kind of money on a luxury house, you own a house that pops right. You want all of the bells and whistles in this house. Didn't spare any of them."

While it's nice to dream, Wall said there are other homes easier on the wallet.

"In the Parade, about a third of the homes are 600 and less," said Wall. "That's the most competitive range we're seeing."

Real estate professionals expect the housing market to heat up because of the lower interest rates, but they don't expect to see a repeat of the COVID craze when some sellers were demanding high due diligence numbers.

"That was a once-in-a-lifetime thing," said Wall.

The Parade of Homes will take place over the next three consecutive weekends.

There are also homes outside of the Triangle in Sanford, Lillington, and Franklinton.