So far as we have seen in winter of 2017, homes for sale in the Carolinas continue to be in high demand. Housing needs are being met in South Carolina, where there is currently a moderate supply for buyers, as it is one of the Top 10 States for Getting a Mortgage. North Carolina lags behind, though the State still remains strong overall. Homeowners should take note that now is still the perfect time to put your North Carolina home for sale on the market! Here are 5 reasons why:
1. Cities in North Carolina are ranked among the 10 healthiest US housing markets right now. This includes Charlotte, as well as Raleigh, Durham, Chapel Hill, Concord, and Gastonia.
2. Serious buyers are the ones who browse for homes during the winter months. With less competition, they are more likely to buy a home (and at their asking price), rather than engage in a bidding war. Plus they will close on a home faster, which is important if needing to move-in on a deadline due to job relocation.
3. There has been an increase in consumer spending. Just ask home builders, who have seen a rise in foot traffic so far in 2017, who are confident that the robust economy and job market will trigger first-time and move-up buyers to make housing purchases throughout the year.
4. Rental rates are higher than making monthly home loan payments. The market is trending as an overall “buy territory” according to the BH&J Index. As much as 30% of a renter’s income goes toward monthly rent payments, compared to a homeowner whose average mortgage payment is only 15% of monthly income. In 2016, the average 1 bedroom rental was $838 in North Carolina, and $882 in South Carolina.
Among the biggest rent increases by city, Raleigh was ranked #3 at a 3.8%, and Winston-Salem was ranked #6 at 3.1%. Homeowners in North Carolina have the advantage of not being one of the Worst States to Get a Mortgage. The bottom line is that if renters or homeowners plan on staying where they are, it makes sense to own rather than rent, to take advantage of saving money in the long-term.
5. Home equity rates continue to increase. Despite higher prices on homes for sale, the good news is that homes are valued at higher rates than before, and are only going to keep increasing as this year unfolds. This will give homeowners some money where they need it: for home improvements, paying off debts, funding investment properties and other large purchases, and sending their children to college.
Sell Before The Busy Spring Market Begins
By selling your home in order to meet the current market demands, not only will you have a great Return on Investment (ROI) because of less competition, but the State will be able to maintain its healthy growth and continue to make room in its surging population for more new residents for the rest of 2017 and ensuing years.
Showcase Realty LLC serves homeowners by assisting with the sale or property management of their rental homes. Speak with our real estate experts today to see how you can enjoy the maximum return on your investment.
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