3 Top Reasons Summer 2019 Is A Great Time To Buy A Charlotte Area Home You'll Love!
1. Home Prices Will Continue to Rise
CoreLogic's most recent US Home Price Insights report shows that home prices have appreciate 3.7% over the past 12 months. This report also predicts that prices will continue to increase at a rate of 4.8% in the coming year.
In the Charlotte region, through May 2019 average home sale prices have increased 3.6% year-to-date, while median home sale prices have increased 4.5% year-to-date. Housing affordability is down 5% in the Charlotte region 2019 year-to-date. Meantime, inventory of homes for sale continues to decrease.
With home values continuing to appreciate and buyer demand continuing to exceed the supply of homes for sale, waiting to buy a home or to upgrade to another home might no longer make sense.
2. Interest Rates Are Projected To Increase
Most experts predict that rates will rise over the next 12 months, even if more slowly than initially thought earlier in the year. The Mortgage Bankers Association, Fannie Mae, Freddit Mac, and National Association of Realtors® (NAR) all project higher interest rates by summer 2020.
An increase in rates will impact your monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home. Couple it up with an increase in home prices and you're paying way more from both ends.
3. Put Your Housing Cost To Work For You
Rent or buy... you're paying a mortgage. Would you rather pay your landlord's mortgage or your own? Paying your own mortgage allows you to build equity in your home, which you can tap into later in life. When you rent, you essentially give that equity away to your landlord. Home ownership delivers unsurpassed family wealth. And don't forget when you have your own mortgage, you fix your housing costs over the long term -- something you can't do with a lease. Why not put your housing costs to work for you?
If you've been thinking about buying a Charlotte area home this summer, be sure to check out our Summer 2019 Home Buyer Guide: Things To Consider Before You Buy A Home.
Contact Carolinas Realty Partners if we can answer any questions you might have about the Charlotte metro housing market or about what shopping for your new home might entail.
Need to sell your Charlotte area home this summer before buying a new home? Check out our Summer 2019 Home Seller Guide to "Things To Consider Before Selling Your House."
We've been opening doors for Charlotte area home buyers for over 20 years. If you're considering purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you how: