Buying a house in Charlotte, NC, requires a significant investment and can be daunting. When should you buy?
Looking at the current market, one might conclude that now is an excellent time to jump into the housing scene in Charlotte.
But, there are many factors to keep in mind before deciding whether it’s the best time to make such a purchase. See what buying themes experts say about some of these factors as you read this post.
The Current Market Conditions in Charlotte
The real estate market in Charlotte is as hot as the Carolina sun—and it shows no signs of slowing down. If investing in Charlotte’s bustling real estate scene is part of your plan, you’ll want to act fast before prices rise even further. The longer you wait, the more difficult it will be to find a property at a reasonable price.
- There are 163 neighborhoods and 4,280 homes for sale in the city of Charlotte. Fortunately, much of the housing is affordable because there are so many multi-families for sale throughout the area.
- As of April 2022, the median listing home price in Charlotte, NC, was $400K, increasing around 12% from the previous year. The median listing home price per square foot was $223. The median home sold price was $401.7K.
- Homes in Charlotte, NC sold for an average of 4.05% more than the asking price in April 2022.
- Charlotte, NC, is a seller’s market in April 2022. There aren’t many homes in the market right now because sellers are making good offers, and buyers are closing quickly.
- The number of days that Charlotte’s homes stay on the market has increased month-over-month. On average, homes stay for 35 days before finding a buyer.
- Myers Park has the highest median listing home price at $1.4M and is the city’s most expensive and popular neighborhood. Marshbrooke is the least costly, with a median listing price of $299.9K.
What Is the Best Month to Buy a House in Charlotte?
The most popular months to buy and sell houses during the year are May or June. The demand for houses during these months is at its peak. This provides consumers with more options. Besides, sellers may be more willing to negotiate at this time. Thus, giving you more pricing options.
What Season Is the Best Time to Buy a House in Charlotte?
The best time to buy a house in Charlotte is spring or summer. There are more houses on the market during these times. If you want the best deal on the house, you should start looking during these months. But, it’s important to remember that home prices tend to rise during these peak seasons.
Waiting until the off-season (fall or winter) may also be a good idea. This is because housing prices may fall to more affordable levels during these times. Of course, the best time to buy a house in Charlotte is whenever you find the perfect home at the right price.
The Benefits of Buying a House in Charlotte
There are many reasons to consider buying a house in Charlotte. The city has a lot to offer with its excellent local economy. It has a plethora of entertainment options throughout the area. You’re sure to be considering Charlotte as your next place of residence if you enjoy being around friends and family. Here are a few of the benefits that come with buying a house in Charlotte:
1. A Thriving Economy
Charlotte is home to some of the biggest businesses in the country. The city has a thriving economy because of big-name companies like Duke Energy and Bank of America. These account for the majority of the jobs available in Charlotte. This provides the residents with quality employment opportunities and competitive benefits. Many startups have also moved here. Thus, attracting new business and investment at an encouraging rate.
2. A Great Quality of Life
Charlotte’s residents enjoy a high quality of life. With its low cost of living, exemplary public schools, and exciting cultural opportunities, the city offers a wide range of options for recreation and enrichment. Of course, no big city is without crime. Though, it remains deficient in Charlotte. Thus, this makes it one of the safest big cities in the United States.
3. A Growing Population
Charlotte’s population is growing on a steady basis. Businesses need people to work with them. Thus, a growing population can be great news for new companies or entrepreneurs.
4. A Friendly Environment
Its amiability characterizes Charlotte. Its keenness to make a new acquaintance makes you feel like you’ve been there all your life. The city is also very welcoming to newcomers. If you move here, you’ll feel at home, as many locals are willing to go the extra mile for someone in need.
5. A Convenient Location
Charlotte’s central location makes it easy to get around. The city offers a convenient distance from many other cities and top-notch attractions like beaches and mountains.
If you’re considering buying a house in Charlotte, there are many great reasons to do so. The city has a lot to offer, and you will find a place you’ll enjoy.
The Process of Buying a House in Charlotte
Buying a house in Charlotte, NC may be a complicated process. But, it is actually broken into steps that are simple to understand. Here’s a general overview of the steps involved in buying a house in Charlotte.
- Get pre-approved for a mortgage loan first. This will help you determine how much money you can borrow and your monthly payment. This will also put you in a better-negotiating position when making an offer on a home.
- Research different neighborhoods. You must shop around the market before making a purchase. You want to compare prices before making an offer. This means you can compare one investment to another. Look into crime rates, school districts, and commute times to find the best fit for you and your family.
- Consult a real estate agent. Finding a real estate agent you can trust would be best—someone knowledgeable about the Charlotte real estate market. Use a real estate agent with a solid client base and an extensive network of contacts. This agent will assist you in finding the ideal home that meets your needs and budget. If you are dealing with buying the house through a real estate agent, you should never make a direct offer to the seller. Talk things over with a real estate agent.
- Make an offer. The next step is to make an offer on the home that you want to buy. This is something your real estate agent will assist you with.
- Get a home inspection. If your offer is accepted, you must arrange for a home inspection. This is necessary to identify potential problems with the home before purchasing it.
- Get homeowner’s insurance. Once you finish the home inspection and are still interested in purchasing the home, the next step is to get the homeowner’s insurance. This will protect your investment in the event of any damages or accidents.
- Prepare to move quickly. Multiple offers are expected in a competitive market like Charlotte. If you find a home you like, be ready to move quickly to ensure you get it.
Buying a house in Charlotte, NC will be simple and straightforward if you follow these steps. If you want to learn more about the things to know when buying a house in the city, you can check out my blog here.
How to Know If You’re Ready to Buy a House
Should I buy a house? It’s one of the most important decisions you’ll have to make, not one that you should take lightly. But with some research and planning, it could be one of the best things you’ve ever done! To help make your purchasing choice more manageable, here are some things to consider that will reveal whether you’re ready to take the plunge!
1. Do You Have a Steady Income?
Your income is one of the most important factors to consider when deciding whether you should buy a home. This does not simply imply making your mortgage payments on time each month. It takes into account the costs that come with ownership. It also considers how reliable your cash flow will be over the next few years.
Our advice for buyers looking to invest in their first home is to consult with a real estate agent who can help them find options within your price range.
Your job security is an important consideration when buying a home. If you’re thinking about changing careers or starting your own business, you might want to wait until you’re more settled.
2. Do You Have a Good Credit Score?
Another thing to think about is your credit score. Credit scores will factor into the interest rate you pay on your mortgage in the future. People with good credit scores are likely to get a lower interest rate. If you have bad credit, now is not the time to apply for a mortgage.
If you want to ensure that you have good credit, then make sure you always pay everything on time and keep your outstanding balances low. It would be best if you also refrain from opening new lines of credit or increasing the balance on your existing accounts.
3. Do You Have Savings?
When buying a new home, it’s important to remember that most lenders will often ask for a down payment of at least 3% of the purchase price.
You may also need to provide for closing costs and repairs/updates. It’s essential to make sure that you have enough money saved up to cover any unexpected expenses that may arise.
4. Do You Have a Realistic Budget?
When buying a house, creating a realistic budget that includes all your expenditures is essential.
Because a mortgage payment is required each month, consider including this cost in your budget planning. Whether you are buying to flip or live in, factor in other expenses that homeowners must budget for regularly, such as utilities. You must ensure that you can afford homeowner’s insurance for the duration of your ownership. Be sure that you understand the taxes that apply to your ownership.
5. Are You Prepared for Repairs and Maintenance?
The best thing about owning a home is that it feels as if you never have to leave! But not exactly. No matter how much you love your place, home repairs and renovations can quickly get expensive. So, be sure to factor in maintenance and home repair costs when estimating your budgeting needs as a homeowner.
Depending on the scope of the work that needs to be done, you may need to consult with plumbers, electricians, or general contractors to get the best quotes and ideas for renovations. You may need to know what someone charges per day because this type of work is frequently done daily.
6. Think About Your Long-Term Goals
Are you looking to start a family or grow your business? Do you intend to live in the same area for a long time or expect to need more space in the foreseeable future? Buying a home may be your best option if you answered “yes.”
Now that you know what to consider, it’s time to decide. Owning a home is something worth investing in. But, if you need more time to think about this decision and don’t want to rush into such a big purchase, that is also acceptable. Be sure to research and consider multiple things before jumping in so that you’re prepared as a homeowner when the time arrives!
If you’re ready to take the plunge, congrats!
Tips for First-Time Homebuyers
Buying a home can be an overwhelming process, especially for first-time buyers. With so many things to consider, it’s no surprise that the process can be daunting. Here are some pointers for first-time homebuyers in Charlotte, NC:
- Educate yourself on the process. Familiarizing yourself with the process can help reduce stress during the buying process.
- Focus on your must-haves and be willing to compromise on less essential items.
- Don’t be afraid to seek help! Asking for help will save you time and ensure that your decision meets your needs, not anyone else’s! Plenty of resources are available to first-time homebuyers, so take advantage of them.
By following these simple tips, you’ll stand a better chance of becoming a successful homeowner in Charlotte, NC.
If you are looking for a home, finding an agent familiar with the Charlotte real estate market is vital. You need someone to show you what is available within your price range.
I am Nancy Braun of Showcase Realty, and I’ve spent years helping people buy homes in the area. I know what to look for when finding the perfect property for you. So don’t wait any longer! Give me a call at 704-997-3794 to get started!