How Buyers Can Succeed In A Changing Market
The market for Charlotte homes is shifting rapidly, creating both pitfalls and opportunities for home buyers in the months ahead. Analysts disagree on where the market is headed, but it’s clear seismic changes are underway. In February, for the first time in eleven years, home prices fell. While prices are still high, they’re significantly lower than their peak in early 2022.
There are several solid reasons for cautious optimism for a recovering home market. The overall economy remains robust and resilient. While there are concerns about inflation, global uncertainty, and recession, we can’t ignore many positive indicators, including the cooling of home prices, increased home construction startups, and declining mortgage rates. Little surprise that the Mortgage Bankers Association reports an overall increase in home mortgage application activity, while home sales have jumped 14.5% nationally, according to the National Association of Realtors.
The latest sales figures for the Charlotte real estate market reinforce that optimism. As of March 31, 2023, the median sales price decreased by $1,500, or .4%, compared to last year, to a new total of to $368,500. A strong indicator that the long-standing sellers market is cooling is the continuing increase in the number of days on market until sale. That figure climbed by 27 days to 48 days, a whopping 128.6% spike compared to March, 2022. The inventory of homes for sale grew by 1,844 units to a new high of 4,835, representing an increase of 61.7% from last year.
Times of transition always present challenges and complications, but the rewards can be great. That’s why savvy buyers know they need an exclusive buyer’s agent who not only knows the market, but also the best financing strategies, including the NC Home Advantage Mortgage and the House Charlotte homeowners program for qualified buyers. Most important, an exclusive buyer’s agent will represent the buyer’s best interests rather than the seller’s.