What’s Happening in the Charlotte Real Estate Market?

What is happening in the Charlotte real estate market as we start the spring selling season?

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A lot has transpired over the last three months in the Charlotte real estate market. What’s happening as we enter the second quarter and the spring selling season?

So far, the second quarter is off to a strong start. New listings increased by 6.1% in the first week of the second quarter, with 1,471 new listings on the market. Pending sales also increased by 15% with 1,250 homes under contract at the start of the second quarter. So, buyers are out there and looking to make a deal.

The big issue in our market right now is housing inventory. Inventory dropped 19.3%, with only 9,360 homes available on the market. As a result, home prices are on the rise and buyers often find themselves in multiple offer situations.

As the first quarter ended, the average sales price went up 10.3% to $271,166. Days on market has dropped to 55 days, and we only have 2.5 months of inventory on the market, which places us in a strong seller’s market.

Despite all of this, sellers still aren’t getting out there and listing their homes. Even if you are not thinking of selling your house for another three to five years, you need to know that the market is strong right now. Plus, those historically low interest rates are starting to tick up to the mid-4% range; some loans are already at 5%. All market indicators show that interest rates will only continue to rise.

We are in a strong seller’s market, but housing affordability is still strong.

If you have any life-changing moves in the next couple of years, it’s a good idea to explore your home selling options right now; prices are back to where they were in 2006 and interest rates won’t be this low for much longer.

The good news for buyers is that the housing affordability index is still strong at 135, which means that the median income in our area is 135% of what it takes to buy a median-priced home in the Charlotte market. That is great news because, in our community, rents continue to skyrocket.

Whether you are exploring your options for selling or trying to find a home in this competitive market, we are here to help you. If you have any questions, just give us a call. We look forward to hearing from you!

Key Points to Know About Home Inspections

Inspections are one of the most important elements of any home sale. Here are the important aspects of an inspection you need to be aware of whether you're buying or selling a home.

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Inspections are an extremely important part of purchasing a home.

Home inspectors are licensed in North Carolina and South Carolina. They'll look at everything in the home from the slab, crawlspace, and foundation all the way up to the roof line. They check all major systems like your water heater, your roof, heating and cooling systems, electrical, and plumbing. They'll also examine structural items like windows and doors.

As they finish, they'll prepare a report that's very picture-intensive and details about every component of the home. Their job is to say whether something functions properly or not.

They might advise you to consult other experts like a roofer, plumber, HVAC specialist, or structural engineer to get a better idea of what it would cost to repair anything they found issues with in the home.

If inspectors find issues, they can refer you to experts like plumbers or structural engineers.

As you think about buying a home or selling your current house, the inspector is integral in making sure you have the best investment and that you'll be able to negotiate repairs. You are also free to choose any inspector you'd like.

If you have any questions about home inspections or you're thinking about buying or selling a home in the Charlotte area, give me a call or send me an email. I'd be glad to help!

Why Use a Realtor When Selling?

If you’re thinking about selling your home on your own, think again. The only way to get the most out of your home sale is by hiring a Realtor.

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As you prepare to sell, you might be thinking you can save some money by not hiring a Realtor and listing your home by yourself. Studies have shown that the opposite is true. You get more money out of your home when using a Realtor for several reasons.

The first is that a Realtor is an expert advisor. They are educated, trained, and know the market well. They know all the rules, regulations, and work that it takes to get your home sold. When it comes to selling, a well-trained seasoned expert can make a huge difference on whether you get top dollar for your home or not.

I’ve seen FSBO (For Sale By Owner) sellers do a few things that you should avoid if you’re going that route, including how they handle their due diligence fees, earnest money deposits, and disclosures. I also see many of them fail to use high-quality professional photography when marketing their home.

An expert Realtor will help you protect your largest investment.

Your home is typically the biggest investment you will make in your life. You want to hire someone to sell it who is an expert and can get you the most amount of money with the least inconvenience.

If you have any questions for us or if you’re thinking about selling, make a wise decision and contact myself or another local Realtor to talk about how we can make a difference in selling your home. We are always here to help, and we look forward to hearing from you.