Largest home parade in North Carolina returns to the Triangle’s hyper-competitive housing market
FUQUAY-VARINA, NC (WNCN) – North Carolina’s biggest open house kicked off this weekend with more than 120 homes in Wake, Durham, Orange and Chatham counties being part of the Triangle Parade of Homes.
Home prices range from $ 280,000 to $ 2.9 million.
This year’s Parade of Homes takes place during a competitive period in the Triangle housing market.
Raleigh has the highest auction rate of any metropolitan area, according to a study by real estate brokerage firm Redfin. The company said 86.7% of its homes in Raleigh had competing offers in August, up from 46.2% a year ago.
Blake Massengill is the owner of Massengill Design-Build. His company built some of the homes that are part of this year’s Parade of Homes.
âNot only is the house new, but you can’t find any competing offers that you have to compete with compared to a resale,â Massengill said. âA house that can have a great deal of due diligence, multiple offers, (but with) new construction, you come there and you often pay the price that’s there.â
He said supply chain shortages mean house construction may take longer. Massengill said Wake County normally has a six-month supply, but is now reduced to one month for homes under $ 1 million and one week for homes under $ 300. $ 000.
âSo that means a house you’re looking at today may very well not be there tomorrow,â Massengill said.
Lynn Moore and her family recently moved to the New Jersey Triangle and said trying to buy a home was not easy.
âWe were looking to resell, but before we could even look at the homes we were outbid, so we just realized that would be impossible unless you physically lived here,â Moore said. “To even be in the game, you have to have cash on hand and bid immediately, and offer thousands of dollars instead of asking just to be considered.”
That’s why they’re building a new house instead. They showed up at a Parade of Homes house in Fuquay-Varina to find inspiration for a design.
âIt’s fun to build and it’s nice to have something brand new, but we felt like we didn’t really have a choice,â said Moore.
The parade of houses will continue from October 8 to 10 and October 15 to 17 from noon to 5 p.m.