Queen City Market Update - April 2023
If you’re thinking about buying or selling your home, it's important to know what's going on in your local Charlotte real estate market.
A good understanding of the most important data, including the average sales price, number of homes sold, and days on market, will better prepare you to enter the real estate market as a competitive buyer or seller.
Here's everything that happened in our real estate market last month.
Experiencing a whirlwind in the real estate market lately? 🌪️🏡 You're not alone! Local news reports indicate a decrease in the median sales price and a decline in the number of closings. However, it's important to note that in certain neighborhoods, homes are still selling swiftly and commanding higher prices.
Let's Review:
A BUYERS MARKET is when there are more homes available than buyers looking. (Generally more that 6 months of inventory)
A SELLER'S MARKET is when there are more buyers looking that homes available. (Generally 4 months or less worth of sales)
Remember: It CANNOT be a seller's market and a buyer's market simultaneously. You are not going to be able to sell at the height of the market and buy at the bottom of the market at the same time.
When determining inventory, we take the number of houses for sale and divide it by the number of sales in the past 30 days.
Here's the deal
Based on data and our real-time observations, the current real estate market continues to favor sellers, offering ample selling opportunities. Sells this year from 1st & 2nd quarters are up from last year (things are moving)!!! However, it's worth noting that buyers are enjoying increased leverage in negotiations, with greater flexibility in terms of price, contingencies, and seller credits for properties that haven't sold immediately. Despite this, the presence of multiple offers and high deposits aren't out the door either.
Buyers
If you see something you love and it is cute + buttoned up in a hot area, MOVE FAST. This means your pre-approval needs to be in hand and ready to go. Sellers are generally buyers too, and they know rates are tough. If you need some help buying down your rate, don't skimp on the purchase price. Put your effort towards seller concessions, that will almost always have a bigger impact on your monthly payment anyways.
Sellers
Come to market prepped with a STRONG marketing and pricing strategy backed by data. It's not 2021 anymore, and you and your agent need to act accordingly. Go the extra mile to declutter, clean, and touch up your home because first impressions sell. There's nothing worse than walking into a home that looks nothing like it does online!
Thinking about selling, but not sure if it's the right time for you? Let's talk it through. DM me to set up a no-pressure consultation to help you make the best decision.