Published on November 8th, 2013 | by Genevieve Williams0
Charlotte Real Estate Market On The Rise
It is no secret that the Charlotte Real Estate market is on the rise, and logically so, being the 5th fastest growing city in the US. No one can predict the future, but data and trends are very helpful in recognizing patterns and anticipating results. Here are a few bits of info from Dr. Lawrence Yun, Chief Economist for the National Association of Realtors. These show how the market is evolving:
- Major Charlotte HousingInventory Shortage (a 13-year low) – there are few homes for sale
- New Construction Inventory is at a 30 year low, largely due to the 2008 Economic Crisis
- Because of the inventory shortage, prices are rising – a basic supply/demand concept
- Though home prices are rising, income is not. This means lending will pay a bigger role in Real Estate Transactions and there are a rising number of renters.
- The Economist Board estimates a 5% price rise in 2014
What this means for you –
If you’re thinking of selling, now is the time. If you’re thinking of buying, do so before interest rates push you out of the market or there are no homes left that fit your criteria. Contact metoday to learn the best approach to today’s market.