We remember and shudder over the thought of the 2008 recession. This conversation is re-surfacing more and fear is on the boundaries of our peaceful existence. Working in the real estate industry for more than a decade, I know that bad news sells media and advertising opportunities. Some times we have to look beyond the noise. Our market is different. Serious buyers are looking. Sellers are few and we have the need for more listings. If we had more market priced listings they would be snapped up and sold for more than asking.
Charlotte NC is a Growing City
People love Charlotte NC and it is a great place to live. Charlotte has experienced exceptional growth. The incredible lifestyle opportunities, job prospects and fabulous weather and Lake lifestyle, encourage people to move here. The cost of living is considerably lower than in several other states. Rentals are expensive in the Metro however in many areas of Charlotte, it is still cheaper to own than it is to rent the equivalent property. Those who can afford a house, will most likely buy one.
The Charlotte NC Job Market Is Strong
Tech companies, the finance / banking sectors and health care giants continue to lure job seekers to the Queen City. The current unemployment rate in NC is at 3.8% today which on par with the national average. We are blessed to be in this situation. If you have a house to sell - Real Estate is still in demand. If the home is priced and presented well, the serious buyers are out there, waiting to snap up your home.
Housing prices have definitely cooled however we are not likely to see huge swings in pricing. The demand for homes is creating an interesting market as buyers take time to get used to the higher interest rates. The benefit to both buyer and seller in the market right now is that there is a win-win opportunity for both. The seller will know a buyer is serious looking in this market. A buyer knows he has time to find the right home and negotiate the conditions to suit his needs. Besides, he does not have to compete with 100 other people.
Will there be distressed sales and foreclosures in the future?
When there is a downturn in the economy and people are suffering financial difficulties, the simple solution is to sell their house. If that situation arises we may have some distressed sales as people scramble to get out of debt. Recent home buyers who took advantage of the lower interest rates, probably paid an inflated value for the property the purchased and they may take a couple of years to see equity. If they should feel the downturn and lose jobs they might be bring about foreclosures and short sales.
This is such an interesting market..
Really, what more could we want?
- We have a growing population so real estate will always be in demand
- jobs are available
- house prices are reasonable
- we enjoy a lower cost of living
- Our lifestyle is unequaled by many other states.
Real Estate Markets are cyclical by nature and we continue to sell homes and find mortgage opportunities no matter the cycle.
If you are buying or selling, please let me help you! I understand this market. My expertise spans well over a decade and we can navigate this together.