Interest rates are low; incentives for buyers are abundant, property values in the Charlotte Area market have increase in spite of national news. So, where are the buyers? Opportunities for instant equity are plentiful. What is driving the reluctance or fear to take advantage of these market conditions?
My take on all this is lack of education, and listening to outer voices that know no more about the real estate market than they. We have a healthier than most climate for purchasing homes, new or resales. Our unemployment numbers are average for our area, and people continue to spend in other areas. Yeah! I know, and especially at the gas pump.
Those that have a home to sell are in a little more different situation than those that don't. The same incentives that appeal to buyers by new home builders, are competing with the resale market. People that have a home to sell, and don't have to, won't and shouldn't. While they wait for more favorable conditions to sell their homes, another buyer is taken out of the market. Even they however, can offset any sacrifice in equity from the sale of an existing home, with the incentives gained in the purchase of the new home.
But the financially qualified buyer without a home to sell is missing the boat if they don't take advantage of the current benefits to buy now. It is a buyer's market, and it is going away in the near future, especially in the Charlotte area. Builders are already reducing some of their inventories left from 2007, and their prices will begin to creep up, and the healthy incentives will be gone, to say nothing of interest rates which will also rise again.
That's what I meant by "waiting will cost you money."
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