People from across the country decide to buy a home in North Carolina, but what makes the state so attractive? Plenty of factors are at play, from the beauty and amenities to the plethora of jobs and opportunities.
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It Has a Lot of Job Opportunities
Many companies are either back in the office or on their way there. This means that people increasingly need to live in the same area they work once again, after a brief year or two where that was largely not the case. When it comes to finding those job opportunities, North Carolina is a great choice.
Companies are heading to North Carolina, especially the Raleigh-Durham area, for a few reasons, including the fact that it is business-friendly. There is also a cyclic aspect to this. People are moving to North Carolina because they know there are job opportunities. Meanwhile, companies are moving there because they know there is a growing workforce searching for job opportunities.
Limited Inventory and High Demand Always Adds to an Area’s Attractiveness
Although it may seem odd at first, so many people wanting to move to North Carolina helps make it attractive. People looking for a place to settle down for good or spend the next stage of their life want somewhere they will enjoy. So many people are buying homes in North Carolina lets buyers know that it has everything people want. After all, it wouldn’t be in such high demand if that wasn’t the case.
In other words, the fact that there is somewhat low inventory and high competition for homes means that people see it as a great place to live. If so many other people want to live there, there are good reasons for it.
And while the inventory is more limited than it used to be, there are still plenty of homes for sale in North Carolina. You only have to know where to look or have a real estate agent who does.
Millennials Are Looking for Homes
Millennials are starting to own homes is yet another reason North Carolina is so attractive. In fact, in 2021, millennials were the largest portion of homebuyers, according to the National Association of Realtors. This is because millennials are now at the stage of their lives where they want to settle down and commit to one area and start families.
People Want to Get Ahead of Rising Mortgage Rates
North Carolina was also incredibly attractive during the pandemic, thanks to the low mortgage rates. They were at a historic low, making it much more affordable to buy a house. Interestingly, even as the rates go back up, people aren’t deterred and still want to buy homes, including in North Carolina.
Some experts say that even increasing mortgage rates haven’t deterred buyers because of the scarcity in the market. Homebuyers are worried that the options will get smaller if they don’t act fast.
Other buyers worry that the mortgage rates will continue to rise. In this case, buying now and locking in the current rate would be a savvy financial decision. It could even save tens of thousands of dollars compared to waiting for a little and watching the rates climb. After all, you can always refinance in the future when the rates go back down.
The Takeaway – North Carolina Is a Great Place to Live
North Carolina is largely an attractive location for homeowners because of the numerous job opportunities. People also see the high demand for housing and take it as a sign that the state is a great place to live and that they should act quickly to buy.