Thinking of Selling Your Home in Uptown Charlotte? Now is the time!

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Thinking of Selling Your Home in Uptown Charlotte? Now is the time!

If you’re thinking about selling your home in Uptown Charlotte, you’ll know that the best time to do it is when demand is high and supply is low. The latest reports from the National Association of Realtors (NAR) found that now is still a good time to put your property on the market. There is great demand for a Uptown Charlotte homes for sale now.

Let’s take a closer look at the data from Uptown Charlotte:

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Charlotte,NC buyers seeks a more expensive home than what is currently available in the market.
Unemployment rate in Charlotte has decreased since August of last year. A 4.9% decrease out of 5.6% a leap and great news to employment concerns!
Charlotte is home to corporate headquarters of Bank of America and 2nd largest center in United States.
Selling your home in Charlotte has an average data as it stay in the market of about 34 days this year and 37 days in 2015.

Chief Economist of NAR, Lawrence Yun explained:

“The one major predicament in the housing market is without a doubt the painfully low levels of housing inventory in much of the country. It’s leading to home prices outpacing wages, properties selling a lot quicker than a year ago and the home search for many prospective buyers being highly competitive and drawn out because of a shortage of listings at affordable prices.”

This means that at the end of 2016 and going into 2017, the demand for housing will continue to rise. Any seasonal slowdowns that generally happen in the winter months will not occur this year, mirroring the market of last year’s winter season.

Thinking of Selling Your Home in Uptown Charlotte? Now is the time!

 

EXISTING HOME SALES REPORT

Interestingly, this report had more intriguing information regarding the inventory of homes for sale, as opposed to information on actual sales. The report showed:

  • An increase of 1.5% for housing inventory, increasing to 2.04 million homes for sale
  • This represents a 4.5-month supply of homes to sell
  • There is a 6.8% decline from a year ago in terms of unsold inventory. This is the 16th consecutive month of yearly decline

Lawrence Yun further explained:

“Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in. Unfortunately, there won’t be much relief from new home construction, which continues to be grossly inadequate in relation to demand.”

General real estate guidelines assume that having less than a 6-month supply of homes results in home appreciation and a strong seller’s market. A 6-7-month supply of homes is fairly neutral, with prices increasing due to inflation, while anything higher than a 7-month supply places us in a buyer’s market with depreciating properties and lower prices.

Yun noted that we continue to sit in a seller’s market and prices will continue to increase unless more homes come onto the market.

“There’s hope the leap in sales to first-time buyers can stick through the rest of the year and into next spring. The market fundamentals — primarily consistent job gains and affordable mortgage rates — are there for the steady rise in first-timers needed to finally reverse the decline in the homeownership rate.”

Thinking of Selling Your Home in Uptown Charlotte,uptown charlotte homes for sale,north carolina

This means that as long as the inventory of homes for sale remains under a 6-month supply, prices will continue to rise unless a large supply of homes enter the market soon.

Bottom Line

Selling your home now is the best time to do it. As competition is high and your property is sure to benefit from the high demand and low supply available.

With all of this in mind, are you looking to sell your home in Uptown Charlotte? Allow our team at Showcase Realty to assist you! Call us today at 704.997.3794 or send us a message here!

Why should you trust Showcase Realty? Be sure to read Nancy Braun Sells 33% Faster than the Average Real Estate Professionals – But How? and Nancy Braun of Showcase Realty LLC Named One of America’s Top 1,000 Real Estate Professionals by Real Trends, as Advertised in the Wall Street Journal to learn more about our amazing team!

Are you thinking about making the move to Uptown Charlotte? Check out our long list of Uptown Charlotte Homes for Sale to make it an easier search!

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