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.
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© 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?