How Inflation May Impact Chatham County Real Estate

These days, it seems like Americans are paying more for just about everything. With gas and food prices reaching record highs, people are tightening their belts and cutting back any way they can. After the last few years of uncertainty, rising interest rates have many concerned about how the Chatham County real estate landscape may change. While it’s natural to be hesitant in the face of risk, how we assess and manage risk makes all the difference.

Cash is King

Despite forecasts for a cooling 2022 housing market, home prices around the country are hitting record highs. Even with mortgage rates surging, there’s no sign of things slowing down. Cash remains king – to beat out competing offers, homebuyers are resorting to cash offers now more than ever before. Sellers go with buyers that offer the least amount of contingencies and can move as fast as possible. It’s hard to turn down cash offers! Buying with cash also allows you to sidestep financing costs. Of course, many cash buyers are private equity companies looking to invest in real estate. This can make it challenging for first-time homebuyers to stay competitive. 

Supply Remains Low

The COVID-19 pandemic lit the housing market on fire in 2020 and 2021. In 2022, there are no signs of slowing down – even with rising rates of inflation. That’s because demand remains high while supply is relatively low. While there are indeed new homes coming to market each week, competition for these properties is often quite stiff. This has spurred new interest in the custom homebuilding process. If you have a vision for your dream home and want out of the rat race for existing properties around Chatham County, a custom home may be your best bet. 

Reasons to Remain Optimistic

While it’s easy to feel frustrated by the current inflationary conditions, it’s important not to lose sight of the big picture. Chatham County remains one of North Carolina’s fastest growing regions. With big investments on the horizon, our area will only continue to thrive. If you see your family in Chatham County for the long haul, now is the time to put down roots and build a home you love!

Leave a Reply

Your email address will not be published.