Today we are in a buyer’s market in Charlotte. While currently the Charlotte market doing well for sales and values (it is the only one in the country still showing gains of more than 2%), we are definitely in a situation where a buyer can get a great house at a good price. As a home buyer, you may read or hear some numbers and phrases thrown about, so here are the translations and some things you should know if you are buying your new home in the Charlotte area:
1) The average home in the Charlotte area (metro and suburbs) is selling for 95% of the list price (down from a peak of 98%). Meaning: The buyer can get more for less.
2) Homes in the Charlotte are for sale about a month longer – up to 90-120 days on average, than they were at this time last year. Meaning: The seller is more eager to buy and the there isn’t as much competition for houses.
3) The price per square foot is low. Meaning: The buyer can get a bigger house for less money than they could a year ago on average.
4) Interest rates across the country are low. Meaning: If you have good credit, now is the time to consider buying or refinancing.
5) Lots of inventory. Meaning: The amount of houses on the market in the Charlotte area is high. A buyer will not have to settle, since there are a variety of homes in many styles, sizes, areas, neighborhoods and price ranges.
6) Property in Charlotte is a “safe investment”. Meaning: The Charlotte area has head steadily increasing property values, and continues a conservative growth. Other cities in the US in the last few years saw record-breaking and excessive growth and now their bubble has burst. Charlotte’s property values have, and continue to rise without being over-valued. If you buy in the Charlotte area today, generally you can expect a rise in value over time with little risk.