Just the PeaksThis newsletter at a glance
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Everest’s American road trip makes a pit stop in beautiful North Carolina.
What’s the Tar Heel State’s 2024 real estate report? You’ll be pleasantly surprised…
We’ve landed down in North Carolina.
Now, where to begin?
Home of the Outer Banks, Great Smoky Mountains, and famous Wright brothers, this Southern gem continues to draw families from all over the country.
North Carolina is known for its relaxed lifestyle, relatively low cost of living, and solid job opportunities. Toss in its multi-cultural diversity and tremendous outdoor amenities—and you’ve got a recipe for residential success! Best of all, the ‘Tar Heel State’ still seems somewhat under the radar compared to other migration hotspots like Florida and Texas (shhh!).
Here in the Northeast, some short-sighted folks tend to view North Carolina as nothing more than a beautiful, affordable vacation destination. But when it comes to making this state a permanent home, there are so many advantages to uncover.
Let’s explore.
‘First in Flight’—and first in real estate
In a recent U.S. News and World Report list of the ‘Hottest U.S. Housing Markets’ based on demand and affordability, North Carolina dominated the competition, taking three of the top five spots for the first half of 2024: Raleigh (#2), Durham-Chapel Hill (#4), and Charlotte (#5).
While other housing markets have been mostly frozen these past couple of years, demand in North Carolina has held steady since its initial pandemic boom. In addition to its moderate climate, people continue to flock to the state in search of greater outdoor space, cheaper home prices, and more affordable goods and services. In short, more bang for your buck!
From bustling metros to suburban hideaways, relaxing coastal beaches to the picturesque Appalachian Mountains, North Carolina truly has something for everyone.
There’s a ton of unique perks to talk about, as well as a few peculiar things you should know about North Carolina real estate. Every state does things differently, so out-of-towners need to be educated before taking the plunge. Luckily, Everest Senior Loan Originator Kim Donnelly has both personal and professional ties to the Tar Heel State.
“There are loads of wonderful things about North Carolina!” she says. “But first, there is one critical point interested buyers must know before making a purchase there: Due Diligence.”
NC’s non-refundable deposit
While most states have the ‘EMD’ (Earnest Money Deposit), transactions in North Carolina also have a ‘Due Diligence’ deposit negotiated into the contract. Big difference!
Ms. Donnelly explains, “Due Diligence is a deposit that is given upfront to the seller with your offer and it is NON-REFUNDABLE. Like New York and New Jersey, they too have multiple offers, and this is what sets the buyers apart. I once had a client put down $200k in Due Diligence!”
So, not only do you have to close on the home, but you also have to close on time, or else the seller gets to keep the Due Diligence deposit. According to Ms. Donnelly, buyers typically have 10 days to get their inspections done before the money is wired to the seller’s attorney.
“North Carolina came up with this to protect the seller,” she says. “Buyers are less likely to walk away halfway through the process if they find something better or change their minds. There are actually many good reasons to have Due Diligence. It’s not a bad idea at all.”
Whether you’re looking to purchase a new primary residence, rental property, or second home in North Carolina, consider this little real estate quirk! It may help you beat out the competition.
And now, for the final countdown.
What’s to love about North Carolina? More like, what’s not to love.
5 Unique Perks of Buying & Living in North Carolina
Versatile property types
People looking to move to North Carolina enjoy a beautifully diverse natural landscape—as well as a wide variety of housing options. From the city to suburbia to rural towns, you’re likely to find a home within your price range.
“They have beautiful homes encompassing the entire spectrum from very affordable to multi-million dollar—and taxes are relatively low,” says Ms. Donnelly. “As expected, when you get near the coast, the insurance is noticeably higher—but not as high as Florida!”
Flexible rental terms
Due to the high volume of people moving to North Carolina, it’s common to find rental terms for 3, 6, 9 or 12 months. Many landlords also make it easy to extend a month or two if needed, allowing newcomers some much-needed breathing space.
“Rental flexibility gives out-of-state people time to shop around and decide where they want to live without being locked into rent for an entire year. It also helps when people want to sell their homes first before looking to purchase,” explains Ms. Donnelly. “Apartments in North Carolina often have tons of amenities including self-service car washes (really cool!). Parts of the state can get a lot of pollen in the spring, so residents wash their cars often.”
Diverse natural landscape
Scared to leave the shadow of the big city, but wish you could experience the peaceful calm and slow-paced lifestyle synonymous with the American South? North Carolina has the best of both worlds—and pretty much every kind of environment in between.
“They really do have it all,” says Ms. Donnelly. “Stunning mountains for hiking and skiing. Pristine beaches. Large cities with loads of activities for adults and kids. Multi-cultural restaurants. And over 450 lakes for boating and watersports.”
Work-life balance
North Carolina’s vast outdoor amenities—as well as its big city enrichment—have inspired a kind of ‘laidback’ philosophy among residents. To take advantage of all those incredible things to do, North Carolinians need time off! But let’s not forget—NC is also known for its thriving economy, excellent job growth, and higher salaries compared to nearby Southern states.
“In the time I’ve spent there, I’ve found the people to be very serious about work-life balance,” Ms. Donnelly shares. “In addition to finding solid career opportunities, people who move to North Carolina enjoy a more relaxed lifestyle. It’s a place that really promotes health and wellness.”
Scenic greenways
To achieve their fitness goals, families do not have to travel far—and they won’t be stuck inside a dreary gym! The state of North Carolina is known for its special ‘greenways,’ which residents love and are always proud to talk about.
Ms. Donnelly shares, “The greenways are so unique. North Carolina has miles and miles of well-kept trails for walking, running, biking, horseback riding, and even commuting to work. You can ride a bike from surrounding towns all the way into a city like Raleigh if you wanted. If someone mentions a home near a greenway, you know that’s a great amenity!”
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