November 8, 2023
Local real estate professional Jeff Valentino spends many days addressing people’s concerns about the local housing market. While each person’s circumstance for buying or selling a home is unique, many still share similar concerns about the current and future states of the housing market here in the Piedmont Triad. Jeff Valentino gives professional insight into the top six concerns he routinely hears from clients.
What’s your response to those who say the American dream of owning a home is dead?
Everyone needs a place to live. Buying a house is a hefty investment, but rent rates in Winston-Salem have also increased. Many people, especially millennials, have put off homebuying for years in hopes that the future holds better housing affordability, and they’re tired of delaying. I say this – Stop waiting for a golden opportunity to hit you in the face. If you want to buy a home, get your finances and credit in order, talk to a lender, talk to a Realtor, and start looking for a home in an area you can afford. The first home you buy may not be your dream home, but you’ll be far more proud of it than whatever temporary arrangement you’re in now.
Will home prices drop in Winston-Salem?
Real estate is local, and like North Carolina, the Piedmont Triad real estate market continues to grow. The local economy is doing well – unemployment is low, and Winston-Salem is an affordable place to live relative to other cities nationwide. Considering the local economy and the steady home demand, home prices aren’t decreasing. That said, I suspect homes will appreciate slower than we’ve seen these past few years. Worst case, home prices will flatten for a period, but with all things considered, I don’t see them dropping.
Is the Winston-Salem housing market about to crash?
I like this one. People answer this question through different lenses. Real estate industry professionals, like brokers and lenders, tend to think about the number of homes sold, while homeowners tend to think of a crash in terms of price. While we have seen 20% fewer sales than a couple of years ago, home prices have mostly stayed the same. So, this may not be the type of “crash” you’re thinking.
How does today’s housing market differ from the buying frenzy during the pandemic?
Homes are still selling fast in Forsyth County, spending a median of eight days on the market before going under contract. This number has risen from four days during the height of the market in 2022, but eight days is still a rapid sell. When the market is balanced, most homes take 1-3 months to sell.
As the U.S. emerges from pandemic-era protections, will we see a lot of foreclosures in the Piedmont Triad?
North Carolina has one of the lowest mortgage delinquency rates in the country, so there doesn’t appear to be a foreclosure wave coming, as some have said.
What real estate trends are you seeing going into 2024?
People locked into low-interest rates may be reluctant to sell, so new construction must compensate for the lack of inventory. Warren Buffet is investing in national home builders, which is telling and speaks to the strength of the real estate market moving forward.
Jeff Valentino is a real estate broker and founder of Valentino Group, a residential real estate brokerage firm specializing in general brokerage services and media in North Carolina’s Piedmont Triad Region.
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