The real estate market is finally settling down with the housing crisis behind us; the recovery of the housing market is evident in the current status of the real estate market across the U.S. including the market in Charlotte, NC. Foreclosures and short sales sit at their lowest numbers in over 8 years, while home values and homes sales are increasing. This year will continue to be a great year for the real estate market.
There is only one significant factor that is causing the real estate markettrouble: low inventory of homes to sell. The National Association of Realtors (NAR) explained that demand and buyer traffic are at their strongest and the minimal supply of homes cannot keep up. As a result, home prices continue to increase and buyers must compete much more aggressively to own their dream home.
Jonathan Smoke, Chief Economist at Realtor.com explained that traditionally, the winter months see a slower market. However, low interest rates may be the reason that buyers are still on the hunt even in the colder seasons.
Lawrence Yun, Chief Economist for NAR explained that the slowdown of sales in the real estate market is not a new obstacle by any stretch:
"Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in. Unfortunately, there won't be much relief from new home construction, which continues to be grossly inadequate in relation to demand."
With the healthy labor market and job growth in areas such as Charlotte, NC more and more home buyers are able to purchase their dream home. If you have plans to sell your home in Charlotte, NC we would urge you to take advantage of the real estate market today while supply remains low. Call Showcase Realty for assistance today at 704.997.3794 or send us a message here! Wondering if Charlotte is a great place to set down roots? Be sure to read Charlotte Ranked in Top 5 Among Best Cities for Young Professionals and Charlotte, NC: The 3rd Most Attractive Real Estate Market in America to learn more about this great area!