Before considering buying or selling a house, it is crucial that you know the right time to do so. However, you might wonder when could be a fantastic time to buy or sell a home in Charlotte, NC.
Now is a good time to sell a home in Charlotte, NC. Meanwhile, if you’re a buyer, you’ll find it daunting to buy one as you have to compete for homes with new residents moving to Charlotte in huge numbers. It’s a great time to sell but a challenging time to buy.
Hi! I’m Nancy Braun with Showcase Realty in Charlotte, NC. I’m here to share the current state of the real estate market in beautiful Charlotte, NC. Charlotte is the largest city in North Carolina, with 800,000 people. You’ll need to know what to expect if you’re buying or selling in our beautiful city.
Next, I’ll share the principles of supply and demand when it comes to real estate in Charlotte. These conventions determine the prices of properties. A lot of factors influence supply and demand, so stay with me to learn more.
Finally, I’ll show you how to find properties as a buyer or list properties as a seller in Charlotte. I know the Charlotte, NC market inside and out. I’m here to walk you through the process. Come along with me to learn more about the market in the Charlotte region.
What’s the Current State of the Real Estate Market in Charlotte, NC?
The current state of Charlotte’s real estate market is ideal for sellers called a seller’s market. In fact, the supply of homes is down to its lowest level in the last 17 years (Chemtob, 2021). The pandemic has created a demand for houses not seen in decades. If you’re a buyer, you can expect a challenging process to buy a home.
Why? People are moving to Charlotte because of the lower cost of living and higher quality of life. Thanks to COVID, remote work provides the freedom to work from anywhere. People are realizing how much farther their money goes in a place like Charlotte.
As a result, sellers in Charlotte will have many potential buyers--and several offers. There are often bidding wars, driving the prices up. With fewer homes to sell, sellers have the advantage. That’s unfortunate news for buyers, who are being locked out of home purchases left and right.
What’s the Current Supply and Demand in the Charlotte, NC Real Estate Market?
Charlotte has high demand and low supply now. In other words, buyer demand exceeds the inventory available to sell. Home prices continue to creep up with new residents moving here in record numbers.
Also, deep-pocket investors are snatching up properties before other buyers can tour them. Or if the other buyers do get in the door and make an offer, it’s possible they’ll be outbid by larger companies who have cash. Out-of-town investors are hampering the efforts of first-time homebuyers at an alarming rate.
It’s vital that you understand how the current market state affects supply and demand. These factors vary based on:
What’s the Current Supply of Homes in Charlotte, NC?
The supply of homes in Charlotte, NC is at a record low. With fewer homes available, prices have skyrocketed. This puts sellers in control. Buyers have to act fast when placing an offer and hope an investor doesn’t outbid them.
More and more buyers are looking to buy their dream home. But competition is fierce with less properties on the market. The demand for housing is increasing, and the supply of available homes is decreasing.
In other words, available homes in Charlotte are scarce right now. If you’re a seller, this is terrific news! You can almost guarantee that you’ll receive many bids on your home. The offers might even exceed your asking price.
And as a seller, you’ll want to have another home secured--because yours may sell fast! In fact, some sellers are waiting to list until they have locked in another home.
There doesn’t seem to be an easy fix for the current lack of supply in Charlotte. Even with new construction, the city can’t keep up with the demand. If you’re a potential seller wanting to list your property, consider the following tips:
What’s the Current Demand for Homes in Charlotte, NC?
Charlotte is one of the hottest real estate markets out there. The demand for houses is higher than there are homes available. In fact, there’s less than a three-week supply of homes. Experts say this should be closer to a five to six-month supply.
Charlotte is home to major regional businesses and financial hubs. Job opportunities are plentiful. Downtown (called Uptown) is clean and safe. Housing is usually affordable. Fitness opportunities abound. Charlotte’s weather is fantastic.
Charlotte provides close access to the mountains and beach. There’s a fantastic airport. Several professional sports teams call Charlotte home, as do several colleges and universities. What’s not to love?
These attractive conditions mean it’s more difficult for buyers to find a home. To help improve your chances, I recommend the following:
What’s the Real Estate Forecast for Charlotte, NC’s Home Market?
Real estate market conditions fluctuate. The Charlotte, NC market may return to a buyer’s market in the future. A buyer’s market refers to buyers having more negotiating power than those selling.
Sometimes, there are more homes for sale than we can find buyers for. Prices are then lowered to catch the interest of active buyers. There’s also less competition from other buyers during a buyer’s market.
I’ve been a Charlotte, NC realtor and have many years of experience. I’m confident the market will improve as the economy recovers from the pandemic. Even with rising construction costs, home building is providing more jobs. This lowers unemployment rates. The surge of new residents will also benefit our city.
Whether you’re a home seller or buyer, I have the expertise to point you in the right direction. As an experienced real estate agent, I’m prepared to guide you through the process of buying or selling.
Reach out today! You can find me at 704-997-3794 or through my website, showcaserealty.net. Let’s connect and get you moving in the direction of your dreams!