Latest news with #Cary-based
Yahoo
03-05-2025
- Business
- Yahoo
Is now the right time to buy or sell a home in the Triangle? What experts say.
Homebuyers rarely back out of deals, says Tana Widdows, a broker in Chapel Hill. That's especially true in states like North Carolina, where buyers pay nonrefundable due-diligence fees directly to the seller — typically, the amount ranges from 3% to 5% of the buyer's offer. But in the last three weeks alone, Widdows' small Compass team, including 12 agents at Terra Nova real estate services, saw three homes fall out of contract. 'Deals are falling apart more often,' she said. It's a sign of the growing volatility in the Triangle housing market this spring. The Trump administration's sweeping new round of tariffs, announced in April, has sparked market uncertainty, rattling buyers, sellers and builders alike. It's also threatened to increase the cost of building a new home, push home prices up and depress supply at a time when the market is already out of reach for many. There's also the uncertainty caused by hasty and deep budget cuts, which have prompted layoffs at government agencies, research companies and universities. Here's what Triangle buyers and sellers need to know. Despite the economic uncertainty, high housing costs and recession fears, prices remain steady in most Triangle submarkets. Experts say that's largely due to a long-running housing shortage, which has kept a floor on prices. In Raleigh, the median sale price (the mid-point where half cost less and half cost more) was $438,500 in February 2025, according to Redfin. That's up 14.8% since last year. But would-be buyers are 'ultra cautious' and staying on the sidelines, flattening sales, Redfin says. On average, homes in Raleigh sold after 45 days on the market compared to 23 days last year. Some 294 homes sold in February this year, down from 383 last year. On the plus side: Sellers are more willing to cut prices, and the gap between listing price and sale price is narrowing. In Raleigh, the sale-to-list price was 98.7%. That's a .55 percentage-point drop year over year. In Durham, the median sale price was $420,000, up 5%, Redfin found. On average, homes in Durham sold after 44 days on the market compared to 20 days last year; 203 homes sold in February this year, down from 218 last year. The sale-to-list price was 98.6%. That's a 1.1 percentage-point drop year over year. 'Trying to time the market is a gamble,' Widdows said. Her advice: 'Sell when the timing is right for you. Well-presented homes in desirable neighborhoods — when priced correctly — are still getting multiple offers.' Case in point: A home at 1011 Oxbow Crossing in Chapel Hill was listed at $1.185 million in March and sold for $1.25 million with three offers. Buyers also gain options as inventory climbs again. 'Back in 2023, the number of houses for sale was pathetic, but now it's gone up,' said Tim Burrell, a Raleigh-based Realtor with RE/MAX United. In Raleigh, active inventory is up 52.2% year over year in March, according to Doorify MLS, a Cary-based listing service. In Durham, it's up 52.3%, it found. 'Buyers are getting more negotiating power, and sellers are getting a little less,' Burrell said. The U.S. has imposed 145% tariffs on Chinese imports, though President Donald Trump has hinted at a possible reduction. A 90-day pause on reciprocal tariffs for most trading partners is also in effect, but China remains an exception. Trump says the tariffs are part of a broader strategy to address trade imbalances, but the construction industry is worried. Key materials for new construction — lumber, drywall, steel and aluminum — could be substantially more expensive soon. And consumers will likely bear the costs, they say. 'In effect, the tariffs act as a tax on American builders, home buyers and consumers,' said Alex Strong, a senior director at the National Association of Home Builders, a trade association that opposes tariffs. The association estimates that proposed new tariffs on China, Canada and Mexico could raise the cost of imported construction materials by 'up to $4 billion, depending on the specific rates.' In the Triangle, builders say the tariffs could substantially impact their ability to deliver new single-family and multifamily projects. It could also translate into higher home prices. 'The bottom line is that house prices will be more expensive because of tariffs,' said Eric Maribojoc, a UNC professor who focuses on affordable housing. 'We're not seeing it yet, but we have to be prepared for that. There's just no way around it.' The average rate on a standard, 30-year fixed mortgage was 6.76% in the week ending May 1, down from 6.81% a week earlier, mortgage financing provider Freddie Mac said Thursday. But forces are pushing mortgage rates in different directions, and rates are more unpredictable right now than at any point in the past few years, said Redfin economist Chen Zhao. At one end, slower economic growth, higher recession odds and a sell-off in the stock market would push bonds to rally, causing mortgage rates to fall, she said. At the other, lingering higher inflation could push mortgage rates higher. 'Whether rates fall or rise depends on whether this bout of inflation is temporary,' Zhao said. If rates come down significantly post purchase, buyers can refinance, experts point out. 'Float down' options, post lock-in, are among some of their options. April Russell, a Raleigh-based mortgage loan officer with New American Funding, said buyers should shop around more than usual for a better mortgage rate. 'Getting pre-approved for a mortgage, working with a reputable loan officer, staying informed and managing a budget are all tips that I share with my customers,' she said. Keep up with the latest Triangle real estate news by subscribing to On the Market, The News & Observer's free weekly real estate newsletter. Look for it in your inbox every Thursday morning. Sign up here.
Axios
01-05-2025
- Business
- Axios
SAS names new head of its efforts to go public
SAS Institute, the Cary-based data and analytics company, has named a veteran of the company to be its new chief operating officer and guide its preparations to go public and sell shares of the company. Why it matters: SAS, founded in 1976, is one of the Triangle's largest technology companies, with around 4,000 employees based out of its Cary headquarters. The company's founder and CEO Jim Goodnight, 82 and the state's richest resident, has long kept the company privately held, but in 2021 he announced the goal of taking the company public. Driving the news: On Thursday, the company named Gavin Day, a 25-year veteran, as its new COO, overseeing the company's global sales and getting it ready for the financial rigors of being a publicly-traded company. He is the first chief operating officer to be named at the company since the departure of former COO Oliver Schabenberger, who was long considered an heir apparent to Goodnight but left the company in 2020. State of play: It remains unclear when SAS plans to go public — an event that could potentially give the company's employees equity. The company originally aimed for 2024, before saying 2025 was a more realistic target. But the uncertainty that exists in the market right now could delay those plans further. What they're saying: "Timing is something that we have the luxury of," Day, a former executive vice president at SAS, told reporters. "We are a no debt company. We do not need capital, we do not have to pay back investors, so we absolutely have the patience to wait ... [for] when the time is right." Day said that he has already been working internally to get SAS operating as a public company would, which comes with different reporting requirements and many different kinds of disclosures. He said that options for giving employees equity in an initial public offering have been presented to Goodnight. "When the time comes, Dr. Goodnight will talk to the employees and to the public and to the media about that," he said. Goodnight also has a succession plan in place, but "he will be the one to communicate that when the time is appropriate," he said in response to a question about whether the new role makes him the No. 2 at the company. Zoom in: Day joined SAS in 2000, when it acquired a startup he worked at called DataFlux.
Axios
02-04-2025
- Business
- Axios
North Carolina's richest residents
Jim Goodnight, the co-founder and CEO of the Cary-based analytics company SAS Institute, remains North Carolina's richest person, according to an annual count from Forbes. The big picture: Cary's technology scene continues to dominate the state's rich list, with the founders of SAS and video game company Epic Games holding the top of the list. However, three members of the Holding family, which controls Raleigh's First Citizens Bank, are now on the list. First Citizens has grown to become one of the largest banks in the country after a series of acquisitions, most notably that of Silicon Valley Bank in 2023. By the numbers: Here are the Triangle's richest residents, per Forbes: Goodnight's net worth was pegged at $9.9 billion, down roughly 2%. Tim Sweeney, 54, founder and CEO of Cary-based Epic Games, saw his net worth stay flat at $5.7 billion. John Sall, 76, co-founder of SAS, saw his net worth fall 2% to $4.9 billion. Dennis Gillings, 80, the founder of the Durham clinical research firm Quintiles, now called IQVIA, had his net worth fall 12.5% to $2.1 billion. Frank Holding, the 63-year-old CEO of Raleigh's First Citizens Bank, had a net worth of $1.2 billion. Holding's sisters also made the list, including Carson Brice, 57 ($1.3 billion); Claire Bristow, 58 ($1.3 billion); and Olivia Holding, 60 ($1.5 billion). Other billionaires with North Carolina connections:
