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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 bart 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.
If you’re thinking about selling your Charlotte home, click here for an all-access pass to all the home selling information you need! Get access NOW!
In a quarterly survey conducted by Zillow, the findings revealed that out of more than 100 real estate professionals and expert, 40 percent believe that the housing recovery is still three to five years away based on the present trends in home prices and homebuyer activities.
However, about one third of the panelists were hopeful as they predict the housing market will normalize in one to two years while one out of five claim that the market is already stable or will within the next few months.
In another recent study conducted by Zillow, from one quarter in 2000, the number of adults living with at least one roommate has increased to one third in 2012.
Although these numbers mean potential new formations in the next few years, they remain stuck because of a slow growth in their wages and jobs.
Aside from these, Zillow also claims that demographic issues play a role in the current housing market. Millennials are delaying any form of major life commitments like marriage, parenthood and ownership while a lot of Americans nearing the retirement age are choosing to live in their homes longer, which significantly affects the housing recovery.
“We’ve reached a point in the recovery where the only real cure-all is time,” said Dr. Stan Humphries, Zillow’s Chief Economist. “[T]he landscape is slowly changing, as incomes begin to grow, negative equity fades and new households start to form. These shifts won’t occur overnight, but they are happening. Patience will be a virtue over the next few years as we wait for these traditional fundamentals to more fully take hold in the market.”
According to the recent report released by the National Association of Realtors last Thursday, November 6, the median sales price of existing single-family houses within Charlotte has risen by 9.6 percent in the third quarter of this year compared to the same quarter a year ago.
Charlotte’s median, nonseasonally-adjusted existing-home price dropped from $203,6000 in the second quarter to $201,500 in the third quarter. But the price is certainly more than the third quarter of 2013, which was at $183,800.
The average national home appreciation was at 4.9 percent with the lowest gain in the Northeast at 2.2 percent and the highest gain in the Midwest at 5.0 percent. As for the South area, existing houses have risen by 4.5 percent.
Based on the closings in the third quarter, the median existing single-family home prices rose in 125 out of 172 metropolitan area surveyed.
“Home-price gains returned to more normalized levels of low- to mid-single digit rate of appreciation in many metro markets as inventory levels steadily increased,” said NAR’s chief economist Lawrence Yun. “Moreover, there are a good number of local markets that are still remarkably affordable with median prices at or under $200,000.”
Homebuyers from Los Angeles, San Francisco, Seattle, Washington D.C., and other areas, which were hot markets, have now a better chance of purchasing their own home than a year ago.
According to Zillow’s Real Estate Market Reports, home value appreciation has cool off for the third quarter of this. Plus, there have been more inventories in the market with more sellers reducing their list prices. Although home values continue to rise, the increase has been value.
Nationally, there were 18.6 percent more homes in the market last year. The annual home value appreciation reached its highest in April at 8 percent and since then has gradually declined. From September 2013 to 2014, national home values increased to 6.5 percent to a media of $176,500.
According to Zillow’s Chief Economist Stan Humphries, the gradual decrease is already a sign that the market is going back to normal and proves that there is no housing bubble. “We always knew these market conditions couldn’t last, and it’s good to see us now on a more natural and sustained glide path down toward more normal market conditions,” Humphries said.