Competition to buy homes increases in Greenville, rest of ENC

Consumer Watch

GREENVILLE, N.C. (WNCT) — Homes in Eastern North Carolina are selling faster than ever.

Some homes are spending as little time as 12 hours on the market.

“This is just not fair, it’s our home town,” said Laura Russell.

Russell just wants a place to call home in Newport.

“It worries me that I’ll have to leave my job to go somewhere else to find a home,” said Russell.

Russell has searched for months for a home, sometimes showing up to an open house with a line of people out the door.

She’s offered $20,000 more than the asking price on every home she’s seen.

“The realtor always says what’s your best offer, and we say what do you mean this is our best offer,” said Russell.

It’s a problem across ENC and the country, too.

“Interest rates being so low, people are able to purchase homes, as well as people having a lot of extra income coming in,” said Andrew Bennett, a realtor and broker in the area.

There’s another issue, there isn’t enough supply to meet the demand. Since 1950, around 25 million homes were built every decade across the U.S. In the last decade, only 5 million were constructed.

Bennett believes it’s a direct result of the 2008 housing crisis. He doesn’t see demand slowing down any time soon.

“It will continue to grow, especially as our jobs increase here and people see Greenville as a good community to start moving to and Pitt County in general,” said Bennett.

Bennett’s advice for people looking to purchase a home is to get pre-qualified, do your research about the area early, and have some extra cash on hand incase you find the home of your dreams.

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