This housing market is crazy! That’s what we are hearing and experiencing every day from and with our clients. 5 Points Real Estate Agents are seeing lines for open houses. Homes are getting multiple offers. Listings are selling over the asking price. Everyone’s talking about it. It’s quite the scene playing out in Charlotte and cities across the country.
The numbers show a seller’s market. Average listing prices for homes are soaring amid record-low inventory. According to Zillow, Charlotte home prices have gone up 12% in the last year. It’s leaving some homeowners with a dilemma: Stay put and miss out on top dollar for their home or sell now and brace yourself for stiff competition with available homes. For now, mortgage rates are low, allowing some homeowners to bump up their budgets for their next home.
Looming in the background is concern over whether property taxes will increase to compensate for budget shortfalls in counties across the state. Property taxes are the annual taxes you pay based on the value of your property. They are often one of the largest sources of revenue for local governments.
Companies like OpenDoor are quick to make offers to would-be homeowners. The median list price in Charlotte has increased by 18.3 percent year-over-year. Active listings on the other hand have decreased by 62.6 percent.
It’s a lot at once for homeowners to process. Take a breath. It’s going to be ok. We’ve seen every kind of hill and valley possible when it comes to the housing market.
- We can help you find THE home that’s right for you so you don’t make a panic buy.
- We can help you make a great offer that will be hard to beat.
- We can advise you on any part of the home buying and selling process that you might find overwhelming.
While we understand the challenges you are facing, know you aren’t alone. It’s hard to find a house in Charlotte right now.
Believe it or not, other places around the Carolinas have it worse. New data released by the National Association of Realtors shows 2 of the five hottest real estate markets in the entire country are in North Carolina – Jacksonville and Fayetteville.
Renters don’t have it much easier. Increases in monthly rates, and few affordable options put them in a similar dilemma.
There is a bright spot. A report from ATTOM Data Solutions shows wages are rising faster than rents in Mecklenburg County.
So don’t let all this activity stress you out. We know how to help.