The real estate market is cyclical by nature and when the market goes up it must come down a little. The last two and half years have seen prices in the Charlotte market skyrocket by 20 and 30% at times and honestly, this was an unusual time. In our local market we always have a demand for homes. North Carolina is still affordable and the finance, medical and tech industries will always bring people to our area. Yes, we may see a market correction - we may even see prices and conditions "normalizing" somewhat, but we will always come through it as we did in 2007/2008, even with much heartache.
What happens when the real estate market crashes?
When the real estate market crashes, it typically means that property values are declining and there is an oversupply of homes for sale. This can lead to lower prices on homes, more difficulty getting mortgages, and a slower housing market. It is important to keep in mind that real estate markets fluctuate and that market crashes are generally short-term events. If you're in the market for a home, it's important to research the local real estate market to make sure that you are making a responsible decision.
Should I sell my house now or wait for the Spring?
I often get asked this question. Right now the market is slower. This generally happens naturally in the holiday season and through the winter. If you have to sell your home, there is no time like the present. Selling your home now could be a great decision, depending on your individual circumstances. One of the main advantages is that, with current market conditions, you may be able to get a higher sale price for your home than you would in a more competitive market. Additionally, selling now could result in a quicker sale, meaning you can move on with your plans sooner. Finally, if you are considering moving to another area, it may be a good time to do so, as current conditions may make it easier to find a new place that meets your needs. The good thing about a winter market is that there is less competition and in a slowing market, there may be many more homes and bigger competition in the Spring. It really depends on the housing market in your area and your personal situation, however the sooner the better I would think.
Are we going to see real estate foreclosures in the future?
It's possible that we could see a rise in real estate foreclosures in the future. When the market is in a decline, people will always try to hang onto their home as long as they can. However, it's important to remember that there are many resources available to help those facing foreclosure. It's always best to take steps early on to avoid foreclosure if possible. Ruining ones credit score makes life really challenging. If you need some assistance or just a conversation about your situation, let's get an honest value on your home so that you have a great starting point. Sign up for our market insider right here and you will see what is happening in your zip code.
What steps can I take in times of financial hardship?
- Cancel unnecessary and luxury subscriptions
- Use a monthly budget and write your bills up daily
- Eat out less often
- Take coffee with you - don't stop at Starbucks or other coffee shops
- Keep credit card debt in check
- Buy groceries online and collect. It will save you money in the long run
- Meet friends for walks or kiddy playdates, it does not have to involve spending money
- Pot luck dinners at home are a good option instead of entertaining and paying the bill
- Find part time work
- What freelance work can you do
If you would like a monthly CMA - please contact me with your specific home details. We can either take a look in person or via a call for a general idea on how to manage the downturn.
Call/Text Susan Johnson 704-651-9023 or email Susan@HomeCarolinas.com