RALEIGH, N.C. — The housing market is leaving many buyers desperate as the cost to purchase a home keeps rising faster than incomes.

     What You Need To Know

  • Today's housing market favors sellers over buyers

  • Raleigh and Charlotte rank among the top 10 hottest real estate markets in the country

  • One recent homebuyer urges others to do their research

One Wake County man says he had no idea how competitive the market was until he started looking for a home last year.

Real estate agents say the pandemic is just a part of the problem. Construction projects are being put on hold because of limited supplies like lumber.

Experts say that right now the housing market favors sellers over buyers.

Rodney Winley just unlocked the doors to his new home after visiting 10 houses before finally finding the perfect place for his family.

“When we were buying, there were homes that we were on our way to see and Tammie Harris and her team had set up for us to be able to see and then on the way to see those houses, we get the call that says the house is already sold,” Winley said.

Tammie Harris, CEO of the Tammie Harris Real-Estate Firm, says the housing market has never been this tight.

“Make sure you’re listening to your Realtors," she said. "Sometimes we have people who are right at the edge of closing and they do things like go out and buy a brand new car, some things that you don’t do while you’re in the buying process.”

Harris says there are three things you need to know if you’re looking to buy a home:

  • Now is the time to get preapproved for a loan, because preapproval sets budget.
  • Save for a downpayment and closing costs. In this market, the more money you save, the better.
  • Be patient because there are a lot of people bidding on the same home.

According to the National Association of Realtors, only 910,000 homes in the U.S. were for sale in December. It hasn’t dropped that low since 1999. 

“There are homes that we actually put a bid on and put due diligence down on and then we didn’t get the house, and then it turns out there were 20 other people who bid on the house and they actually offered $100,000 more than the asking price for the home,” Winley said.

Winley’s advice to buyers: Do your research.

Experts say Raleigh and Charlotte ranked among the top 10 hottest real estate markets in the country.