DURHAM, N.C. — Out-of-state investors are eyeing North Carolina housing.
“We put a house in this Colonial Village area up on the market, and it was a smaller, 800-square-foot home," said real estate agent Emily Jo Roberts, who works for Inhabit Real Estate. "And I would say about 30% to 40% of the buyers we had interested in the property were investors, and I think many of them were not local to Durham.”
In the first half of 2022, out-of-state investors accounted for more than 4% of home sales in Raleigh and Durham, and more than 6% of sales in Charlotte, according to ATTOM Data Solutions and the Wall Street Journal.
The move is frustrating to some state residents who are already struggling to find rentals or to buy a home.
“For sellers who are selling their homes, it does create competition. And competition creates the ability to raise prices for them and get more return on their investment on the home they are selling," Roberts said. "From the bad side for buyers, it does create a competitive buying environment. And when it's competitive, buyers are having to find more creative ways to win offers.”
It's why Roberts helps buyers get creative, by offering higher due diligence, quick closings or buying property as is.
“I'm really excited about what is continuing to go on in Durham specifically," Roberts said. "There is still so much room for it to grow. I think our home prices have been undervalued for so long that we are seeing a lot of movement.”
According to data firm Corelogic, investors bought up to 28% of all single-family homes nationwide in February — that's up from 17% in 2019.