charlotte real estate market activity Archives - Houses for Sale in Charlotte NC

Low Inventory Continues in Charlotte but, Easing Q2 2019

In March, 2010, Charlotte marked historically high inventory levels (13.9 month supply) and as the recession eased, inventory levels fell into a strong sellers’ market. Since 2015, Charlotte housing inventory has been less than a 3-month supply. In August, 2018, we were at an all-time low with a 2-month supply and in some parts of Charlotte, even lower than that.

This painfully low inventory level has been driving up competition (and prices) for real estate in markets all across the country as well. But it looks like 2019 is going to see that (finally!) begin to shift. While gains are expected to be modest, housing inventory is at least going to be heading in the right direction in the upcoming year.

According to Realtor.com’s 2019 Housing Forecast, national inventory increases are projected to hover right under 7% for 2019 (which is in stark contrast to last winter when inventory hit the lowest level in recorded history). Some types of properties will see more growth than others—while entry-level buyers will see only modest changes in inventory, higher-priced properties (and higher-priced markets) should see a more notable change in available inventory during 2019.

**Charlotte Inventory MARCH 2019, up 30.8% year-over-year**

The Bottom Line

If you’ve been thinking about buying a home in Charlotte but haven’t been able to find one in this highly competitive market, it looks like things are finally starting to shift in your favor—and (hopefully!) finding a home this spring, 2019 is about to get a lot easier.

If you’re thinking about buying a home in Charlotte this spring, make sure you work with a qualified real estate professional. There’s a reason 9 out of 10 buyers partner with an agent or broker to find and purchase their dream home and I’d love to help you find yours.

Call or text (704) 491-3310 – let’s talk!

Hiring the RIGHT Charlotte Realtor® is critical to your home buying success!

*References from any of our sellers are available upon request. Read our reviews www.CharlotteRealEstateAgentReviews.com.

It’s better to go with the devil you know, than the devil you don’t.

With 2020 being an election year, uncertainty will likely fill the minds of real estate investors (including individual home buyers). It typically does and then rebounds the second half of the following year. So, 2020 and 2021 may very well be weaker markets than 2019.

Home price growth slowed a bit in the second half this year, with fewer buyers entering the market. Analysts and those with their fingers on the pulse of the real estate market believe the cause is two-fold – 1. partially due to rising interest rates and 2. home prices have gone through the roof due to low inventory (you know, supply & demand), leaving some first-time buyers in their rentals until they can come up with more money down.

If you’re currently weighing your options to sell in the next 1-3 years, seriously consider selling this year – whatever you do, don’t play the waiting game.

Here are three great reasons to sell your home in 2019.

New buyers are still entering the market.

With the available inventory remaining low and even with minimally rising interest rates, buyers who are ready to buy a home will still be shopping for their dream home.

While days on the market (DOM) in Charlotte may be a few more than the average last year, buyers remain active and the chances are high that you will profit from your home sale.

NOTE: If your house is at a higher price point in our market, there is now (and always has been) less buyer interest than those in the under $500K price range.

According to NAR (National Association of Realtors®), in March of this year, data showed that millennials make up the largest share of homebuyers – 36%. In the Charlotte market, with our employment opportunities being so high and many catering to millennials, there is a constant influx of millennial first-time homebuyers in our market.

Interest rates are still quite low. Mortgage interest rates are rising. In November, interest rates crept up to 4.87%. While interest rates are at their highest since February of 2011, they remain significantly lower than the historic high of more than 18% in 1981. Many of us remember those rates – and yes, we still purchased homes.

The equity in your home. Homeowners who bought during the recession or shortly thereafter (2008 – 2012) benefitted from historically low interest rates and significantly lower home prices. If you purchased your home during the recovery years (2012-2014), your equity has also likely risen considerably.

BONUS – The more equity you have in your home, the more you’ll have to apply to the downpayment for your next home. The higher percentage of a downpayment you make on your purchase, the better your interest rates will be (of course, your credit standing impacts your interest rate as well).

Thinking of selling this year? Let’s talk! Let’s evaluate your needs and see if your situation calls for buying or selling now or in the future. Call or text (704) 491-3310 or email me at SavvyBroker@me.com.