Spring Thaw for Charlotte Real Estate?
There’s still a lot that’s uncertain these days, but there are a few things we know for sure. for themselves.
And that’s not all. Many of the restrictions from COVID are easing up, releasing pent-up demand, as well as keeping buyer’s agents busy as they scout the landscape for homes in a challenging market. In addition to the colorful blossoms and an energized sense of renewal that springtime brings, optimistic economic forecasts and low mortgage rates are fueling demand.
But there’s a snake (maybe more!) lurking among the greenery and high hopes. First, let’s look at the latest monthly indicators for the greater Charlotte region. Low inventory continues to frustrate home buyers. As of March 31, the number of homes for sale dropped by 70.2%, a decrease of 6,450 over March 2020. The impact on price has been painful. The median sales price surged by $33,000 from $272,000 to $305,000, or 12.1% over last year. As can be expected, the percent of original list price received bumped up to 100.1% from last March. And all of these factors have contributed to a heated market, further evidenced by a whopping 47.8% decrease in the number of days homes spent on the market, representing a drop from 46 days in 2020 to 24 days.
Another fact we can be certain of is that home prices show no indication of cooling off any time soon. Builders, already unable to keep up with growing demand, will have to contend with higher costs for materials, especially lumber. Yet, as we noted, a strong economy and low interest rates continue to prop up consumer demand.
That’s why home buyers need an exclusive buyer’s agent on their side. Yes, it’s a wild market, but determined buyers are still finding and buying homes. In times like this, buyers need an experienced guide who can help them plan a winning strategy while avoiding pitfalls and negotiating the best deal possible.