Friday, July 28, 2017 / by Marketing Team
Charlotte and US Home Sales Are Slowing As Inventory Drops
Home sales across the U.S. have now dropped to a low 4.3 month supply, according to the latest report from Freddie Mac. However, year-over-year still shows the pace up 0.7%, for a total of 5.52 million annually. This means that while fewer houses are on the market than ever before, the demand still is high for buying and selling a home.
If you live in or are moving to North Carolina, here’s what you need to know about North Carolina real estate:
- Interest rates are really low at just 3.92%, even as home prices have gone up 6.5% year-over-year to a median price of $153,400 in North Carolina, and $185,800 in the city of Charlotte, both lower than the current national average of $263,800.
- With the help of a real estate professional to stage your home, closing on a Charlotte home can be done in an average of 52 days.
- WalletHub ranks Charlotte 88th in the real estate market, making it the 70th best place overall for first-time homebuyers, and the 65th most affordable.
- CityView Builders & Services Inc. has plans for the development of 7 new homes in Old Town Rock Hill.
- Charlotte home values have increased in the neighborhoods of Oak Forest, Shannon Park, Belmont, Plaza-Shamrock, Montclaire South, Yorkmount, Thomasboro-Hoskins, Oaklawn, Lincoln Heights, and Ashley Park.
How Much Do You Want to Pay?
While projected rates may fluctuate, all signs point to an increase by the end of 2017, which can be anywhere from 4.25% to 4.38%. Next year, they are projected to reach 4.80%, with home prices rising another 4.9%, costing you an additional $500 or even upwards of $4,000 per month on mortgage payments!
Homeownership can be affordable if you make the right financial decisions. Start by consulting with Showcase Realty for all your real estate needs.
Give us a call at 704-997-3794 or send us a message here!