By Gene Galin
Pittsboro, NC – I sat down and had a video discussion with local Pittsboro real estate agent Eric Andrews last week. We talked about the realities of the Chatham County real estate market in 2023.
Eric Andrews, an elite broker for commercial plans and land sales in the Triangle, recently won an award for being one of the top 13 members of the Triangle Commercial Association of Realtors with over $20 million in commercial land sales. Eric discussed his award and past deals, shedding light on the current state of the real estate market in North Carolina.
One of the key takeaways from the conversation was the fact that North Carolina is becoming an increasingly popular relocation destination, particularly for people from California, the Pacific Northwest, and Florida. Rising prices and congestion in these areas are driving people to seek out more affordable and less crowded places to live. Home ownership is still one of the most popular ways to accumulate wealth in the United States, and North Carolina is seen as a prime location for people looking to invest in real estate.
However, for newcomers to the area, navigating the local real estate market can be a daunting task. This is where agencies like the one Eric Andrews works for come in. With strong property management and vendor relationships, these agencies can help newcomers find the perfect property for their needs. Staff members can also advise newcomers on the unique features and communities of Chatham County. The county is a popular area for real estate investment due to its large and expensive new construction homes with plenty of land available.
While Chatham County is certainly an attractive location for real estate investment, it is not without its challenges. For example, the average house price in the area is north of $400k, with Eric’s company averages close to $550-600k. This makes it unaffordable for many multi-generational locals who want to move back to the area. Additionally, there is a shortage of rooftops in the area, which is a concern for potential manufacturing projects looking for turnkey sites with infrastructure in place.
One potential manufacturing site in the Moncure area may not happen, but the infrastructure and tax incentives in the area make it attractive for other projects. There are plans to put more single-family homes, condos, apartments, and townhomes in Chatham and Lee counties to address the shortage of rooftops.
One major challenge facing Chatham County is the need to catch up in the sewer game. Other counties have sewer mainly in the city limits, while Sanford is providing sewer to some Chatham County subdivisions. Private enterprises are providing sewer to some developments. It is also creating expensive housing without affordable options in the county.
For people looking to invest in real estate in the area, Siler City is a good option for Pittsboro residents willing to go west. While sellers had negative perceptions about Siler City in the past, the town is bouncing back. Sanford and Goldson are other options to consider and are only 16 miles away.
Finally, Andrews had some advice for buyers looking to invest in the local real estate market. He suggested offering non-refundable money and promises to take the house as is. He also recommended writing an attachment agreeing to pay the difference if the house doesn’t appraise at the sales price. By following these tips and working with a reputable real estate agency, buyers can navigate the local market and find the perfect property for their needs.