Are you planning to relocate this year or are you thinking of purchasing a home? Do you keep up with the real-estate market or is the stock market more to your taste? Perhaps you prefer stories to numbers, pictures to graphs — whatever your interests, what’s happening in real-estate affects everyone, every day, and ultimately, having just a small bit of knowledge about the market can empower you in unimaginable ways.
Instead of gearing up in March or April, last year’s real estate sales sparked in January, igniting the market in North Carolina so that homes sold without a loss for the first time since 2008. Based on reports from the National Association of Realtors, in the South, in 2013 existing home sales are up 7.3% over 2012, with prices up 12.9%. Another positive: according to chief economist Dr. Lawrence Yun, during 2013, affordability of homes was the 5th best in forty years.
A few more facts you might consider from the 2013 real-estate market: the National Association of Realtors reports that the existing home inventory is at a 13 year low, while new home inventory is at a 50 year low. The simple concept of supply and demand is already working for our industry, accounting for the rise in home sales and prices. Instead of the buyer’s market, the pendulum is now swinging to a more balanced market, and in some areas like South Charlotte, Waxhaw, and Indian Trail, it is becoming a seller’s market. As for distressed properties, during 2013 the number of short sales and foreclosures finally began to dwindle.
What might be coming in 2014? Mortgage rates are on the rise, expected to hit over 5% by the end of the year. There is an immediate need for homes available to buyers and the prices of those homes are increasing. New construction home prices are increasing, and there are longer schedules for new construction.
So where are you? Are you planning a family and realizing a need for more space? Or are the kids leaving for college? Maybe you need to downsize? Is this the year to realize a life-long dream – maybe a horse farm or even a townhome with little to no yard maintenance? Or perhaps you are ready to leave that HOA behind? Maybe it is just time for a change. Whatever your needs, let me help you chart your course. I look forward to hearing from you.