Manufactured in partnership with The Redbud Group.
Charlotte’s hot real estate market has been on a rampage for the past few years and is no exception.
background: According to the latest data, Charlotte’s average selling price is $458,635, up 15.4% from last year.
- Okay, but: Rising interest rates, rising inventories, and recession fears are at odds with rising home prices, creating a turbulent market for the average buyer or seller.
Things to know: We asked Ben Nowacki, Redbud Group’s top agent, what these trends really mean for Charlotte buyers and sellers.
What trends are you watching in Charlotte right now?
The market is crazy right now. Inventories are back to pre-pandemic levels, but there is a gap between buyers and sellers.
What this means: Sellers still want very high numbers, but buyers are resisting as interest rates rise.
- We are no longer doing $30,000 due diligence. I have no intention of going $50,000 higher than the asking price.
Do you think the market is nearing its “top” or is it crashing?
I think it’s important to put it in context.
Key number: Yes, interest rates are rising now. About 5.8%. But in hindsight, it’s not a bad thing. The highest annual average mortgage rate in US history was 16.63%.
something like 2008 Proper procedures have been put in place so it won’t recur for a very long time.
Yes, it’s scary to see interest rates go up when the economy is doing what it’s doing now. Buying a house is scary.
- That’s why work with a professional agent who has your best interests in mind.
To the point: Timing the market is impossible, so take a step back and focus on buying when it makes sense for you and your family.
What do you want sellers to know?
They have to step back and realize that realistically they can’t ask any more questions.
on the other hand: Sellers still get their asking price for their homes, and agents can negotiate terms to keep everyone happy.
they also need to pay attention to their home conditions. Sellers should consider landscaping, paint, odors, etc. when working with agents to determine selling prices.
Why should buyers and sellers work with The Redbud Group?
We are on the information highway because we are a large team. We have a network of agents, potential lists and buyers. Additionally, we have a great blog that answers any questions you may have.
result: We can help you get what you want.
Ready to learn more about the market? Connect with a Redbud Group agent.
Produced in partnership with Redbud Group.