Charlotte, NC :
"That depends"
I had a buyer ask today if we are in a buyer's market in the Charlotte region as we were last year and for the last few years or are we in a seller's market. So of course, the answer is... that depends! For the most part, you missed it. Timing the market is never a god idea.
I would say we are in one of the weirdest markets I have experienced in Charlotte in my 30+ years selling homes here. The low interest rates bringing buyers into the market and a shortage of inventory indicates that we are entering a seller's market, especially in the more desirable parts of town where prices are rising. Many people who cannot sell because they do not have the equity in their homes to do so are either staying put or renting their homes out if they have to move. This has created the shortage and driven rental rates higher...and they will stay higher for the foreseeable future.
We are still in a buyer's market in the more distressed areas where there have been a lot of foreclosures ( mostly northeast and northwest Charlotte). In other more average areas like east Charlotte, Mint Hill and southwest Charlotte there is still a shortage of inventory so homes that might have been over looked before are selling now as there is not as much else to choose from in those price ranges but prices there have not gone up as much...just staying stable. If this shortage continues it will force prices to rise across the board.
In the areas with the best school zones it is a seller's market and we are competing with a lot of people who want to get in on the low rates. There are few foreclosures or short sales in those areas and those that are in the more desirable parts of town are getting sold, quickly and with multiple offers. Schools drive the market so any of the better performing school zones will be high demand.
Of course there are homes in all price ranges in all areas of town...something for everyone. Traffic controls commute time which averages less than 30 minutes each way for Charlotteans, who complain bitterly about traffic. If you are from New York or Washington DC or LA you will find traffic in Charlotte to be amusing, but it does take a toll on patience and so many people choose to locate within an easy commute. If you would like to see my video of how Charlotte is laid out, where things are and how the city grows, please contact me and I will be happy to send it along.
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