Is Apple Moving to Raleigh and What Will That do to Home Values?
The talk locally is that the news of Apple coming to Raleigh is imminent, but it has not been formerly announced yet. Things can always change, but
North Carolina is incentivizing businesses to come to the area and are looking for companies that could invest upwards of a Billion dollars and bring in over 3,000 jobs. THAT is a lot of growth for any area. Apple has transformed every market that it has moved to, including Austin. A move to the RTP “Triangle” area would be incredible for home values. Let’s talk about the impact that Apple would have should they come to the Raleigh/Durham area.
Inventory is already low, and once something like this is announced, I believe that home values will start to rise “overnight” in anticipation of growth in the area. This is similar to what happens in the stock market – when news is announced, and the anticipation boosts the stocks most likely to be in demand, an increase in value occurs with the future change. Housing supply is high and the ground to build on is decreasing. I predict that this boost in the local economy would further increase the number of investors, both locally and internationally, who are purchasing properties to rent and “hold”.
The Raleigh/Durham area has always had a bit of a bubble in the housing market. Even though the area felt the blow of the housing market crash back in 2008 and 2009, homes were still selling and buyers were still purchasing, albeit, at a slower pace, and home values increased in a more sluggish manner than at other times in the market when the economy was bustling. Overall, the market has been relatively steady in this area, and it is due to the commerce of the area, making it a market in which investors feel confident to buy. This area has often been referred to as the “Mini Silicon Valley” of the East Coast, and it is turning out to be quite a fitting nickname.
Should Apple move to the area, I feel confident that homeowners will relish in the instant boost and future growth rate in the equity of their homes. Now is the time to buy and sell, while prices are increasing, but not to outrun the buyers. Real estate is often the biggest investment a person will make in their lifetime, and I am a true proponent in home ownership. I am more passionate about purchases that are within budget and affordable, even when times might become tight. I feel that this is the market that will yield an incredible return on investment, even as quickly as within the next 3-5 years; by 2025, I predict the entire area will be bustling and growing, with or without Apple coming.
About the Author:
Erica Anderson is the Broker-Owner of Team Anderson Realty, and she prides herself on extraordinary service and assistance with smart investments, for both home buyers and home sellers. This is purely her opinion of the current and future market potential, but she is rarely wrong, merely passionate about what she believes in, and she believes that the Raleigh/Durham and surrounding areas are an incredible place to work, live, invest and “play”.
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