THE Most Asked Question in May, 2021 - Should I Buy NOW or Wait?

By
Real Estate Agent with www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 228209

THE Most Asked Question in May, 2021 - Should I Buy NOW or Wait?

 

Quite frankly, we've been being asked this question for well over 2 years. If you consider only the last year of appreciation that the Charlotte Metro area homeowners gained, an 11.6% increase - yes, in ONLY one year - that will tell the story about our hotter-than-hot market! To show you what that looks like in dollars - if you paid $500,000 for your home one year ago today, your home would now be worth $558,000. Note that this is our entire MLS - some areas have realized less appreciation and others, more. 

 

 

If you’re thinking that waiting a year or two to purchase a home will mean you’ll save some money, think again. With the market as hot as it is, home buyers will still realize appreciation, even after paying what seems to be a very high price. 

 

There simply is no slowing down until we reach a balanced market and that’s going to take some time. A balanced market is a 6-month supply of homes; right now, we have a ½ month supply.  So, during all of that time, a new house will be appreciating each and every month! 

 

 

Sure, it may be a hard pill to swallow right now but, in the not-so-distant future, you’ll be glad you bought NOW! Experts project both home prices and mortgage rates will continue to rise, which means this is the best time to secure a more affordable home. 

 

Let’s talk! Message, phone, or email me if you have questions about the best way to achieve your homebuying goals.

 

#BuyingAHomeInCharlotte #HomeAffordability  #Opportunity #CharlotteHousingMarket #HouseHunting #MakeMeMove #HomeGoals #HouseShopping #HouseGoals #LocationLocationLocation

 

© Debe Maxwell | The Maxwell House Group | RE/MAX Executive | CharlotteBroker@icloud.com | THE Most Asked Question in May, 2021 - Should I Buy NOW or Wait?

Comments (20)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Debe in this super hot sellers market, in my opinion it is safer to purchase first and then sell.

May 13, 2021 02:12 PM
Anna Banana Kruchten CRS, CRB, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Hi Debe our market is like yours HOT.  Our increase in value has been closer to 15% and there is no end in site. DOM are maybe 2 with multiples flying all over the place.  We are looking for a golf course home and as George Souto said, we will buy first and sell later.

May 13, 2021 02:30 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I agree, George Souto and oh, how I wish everyone could do just that! We are seeing a lot of first-timers being squashed in this market. If only they had a house to sell!

May 13, 2021 04:39 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

We did what George Souto recommended when we bought our current house too, Anna Banana Kruchten CRS, CRB, Phoenix Broker - we really did have to! That is a luxury that I am so thankful for, personally. Watching my first-time home buyers struggle in this market, not having a lot of cash-on-hand to be able to compete with the high prices and appraisal waivers. This too shall pass though - eventually!

 

Good luck on your golf course lot. I can't wait to see what you find! I'm sure our buddy, Carol Williams will love visiting you during the winter months when you find your new home!! :-) 

May 13, 2021 04:42 PM
Anna Banana Kruchten CRS, CRB, Phoenix Broker

It's a crazy market, as we all know and finding exactly what we want isn't so easy but we are patient, it will show up and we'll ponce on it!!


 


And yes, I mentioned to Carol about our search and hopefully we can find a home with a Guest Casita!  Fore!

May 14, 2021 10:51 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Debe,
Our market is hot too and I'm glad I am happily settled in my home.

May 13, 2021 05:07 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Prices will still go up as will interest rates so those that wait may just find that they were priced out of the market for a home.

May 13, 2021 06:29 PM
Anna Banana Kruchten CRS, CRB, Phoenix Broker

Especially the first time home buyers market Ed Silva .

May 14, 2021 10:54 AM
Andrea Bedard
Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD
Fluent in German and Real Estate * M.A. ABR ASP

I emphasize with many of my buyers Debe! I've been wanting to move on to a new home, and, am finally in a place where I could. I am eyeing the market thinking lots of what-ifs, but one of the biggest drivers for me is: if I wait too long, I'll be priced out of the market.

 

And that is the very question I asked my buyers who are on the fence: how will you feel if you've priced yourself out of the market by waiting? 

May 13, 2021 08:19 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Me too, Carol Williams - ME TOO!! :-) 

May 13, 2021 08:54 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

BINGO, Ed Silva - we are definitely on the same page!

May 13, 2021 08:54 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Oh, Andrea Bedard, you are SPOT-ON!! YES! Great question and I will definitely be using that for buyers who just can't wrap their heads around Offering over list price. 

May 13, 2021 08:56 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Sometimes though, it is about the vibe and about the feeling of it being right. Itcan be as simple as that, I find 

May 13, 2021 10:05 PM
Anna Banana Kruchten CRS, CRB, Phoenix Broker

Laura Cerrano it can and is sometimes about the 'energy' of a home. Yesterday we viewed a lake/golf home and it felt so 'off'.  Didn't stay long in the one even thou it had some nice features. Just strange....

May 14, 2021 10:53 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Debe all I can say is my father bought at the top of the market when interest rates were 14% and sold at the bottom of the market and he still made almost a hundred thousand profit and lived for a long time in his home and had lot's of interest he wrote off his takes... so does that answer your question? Is it time to buy??? YES!! Endre

May 13, 2021 10:48 PM
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Debe.

It's not only in your market, I believe almost everyone of us are experiencing the same thing. 

May 14, 2021 12:31 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

A lot of markets are experiencing the same thing. You provided a great chart to show what the difference in price and interest rates could make on monthly payments. That drives home why waiting could cost a lot more.

May 14, 2021 05:28 AM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

It can be just that simple, Laura Cerrano - indeed!

May 14, 2021 06:56 AM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

That is a PERFECT example to share, Endre Barath, Jr. I'm sure you get this question all of the time too. To me, it makes zero sense to wait!

May 14, 2021 06:57 AM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Yes, we are, James Dray! So often all of our markets are so vastly different. It seems we have all sunk to the painfully low inventory levels this year.

May 14, 2021 06:58 AM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Yes, that is quite an increase in payments over the next few years too, Kat Palmiotti! With an increase (in our market) of 11.6% over the course of a single year, my rebuttle would be, "What are you waiting for?!!"

May 14, 2021 07:01 AM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Hey there Debe! Great points that you make. I love how you make it so simple to understand.

May 14, 2021 10:58 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Debe - it seems there is a group of buyers who hang around the virtual water cooler discussing real estate and wonder about buying, selling and doing all sorts of things in real estate.  And then there are those who act and move.  This has been true in history.  Now and likely in the future.  

May 14, 2021 06:18 PM