Mahala Landin Managing Partner & Broker Rachel Kendall Team
How would you characterize the state of the Triangle market? The current state is strong. We’ve been very lucky to have many buyers coming into our market thanks to the economic dynamic between healthcare, education and technology. We can attract large corporations into our major areas and that has helped with our consistent growth year over year. Our company pays close attention to this and hones in on the fact that we are an entrance state and that people stay once they come. Therefore, we tailor our business to focus on working with buyers on their first purchase and hopefully the next purchase to create those listing activities through past client relationships. How can buyers make their offer stand out? Right now, what sellers are looking for are clean terms. They want to see that the buyer is invested in getting to the closing table. We train all our agents that way because there is no fancy trick or form that will solidify that offer. They are not competing against anybody else but themselves. Buyers just need to focus on making the best offer for their family and financial situation, and the right house will be there. Where are you seeing the greatest growth? In 2014, it was rare for me to have to drive more than 30 minutes from the major Raleigh area. Now, we’re seeing ourselves being pulled close to an hour away from Downtown Raleigh to get to that first-time homebuyer price point. Some of the areas south of Clayton and into Johnston County are growth opportunities that are attracting new major retail and mixed-use type development. That’s obviously going to attract the right jobs and the right economy to those areas to continue that housing burst. But nowadays, I am being pulled west. Durham has been a strong market for the last two years and it will continue to be a hot market, but the average price point in the Durham area is well above $300,000 and that can be challenging for a first-time buyer. 92
| Invest: Raleigh-Durham 2021 | RESIDENTIAL REAL ESTATE…
Ensuring housing affordability for everyone is crucial in this hot real estate market.
Last year, Wake County also created almost 450 affordable units and the city of Raleigh alone expects to provide almost 600 rental spaces and homebuying opportunities. Developer LDG is also planning to build a 188-unit apartment community designed for those making below the area’s median income. However, the housing shortage is likely to worsen with the arrival of tech giants Apple and Google, which are set to add thousands of jobs and bring an influx of jobseekers to the market who can afford to pay more to buy homes. Rental trends Given the residential market, it should come as no surprise that rental prices have also shot up in recent years, reaching over $1,200 in 2021 for a 956-squarefoot apartment, from about $800 in 2010. This trend is caused by a number of factors – primarily the influx of people coming to the Triangle region. But this can also be attributed partly to the inaccessibility of the housing market, driving many millennials and first-time buyers to the rental market. In fact, renter-occupied households
