What to Expect in 2017 from Charlotte's Housing Market

If you've were looking to buy a home in 2016 in Charlotte, you know how much of a seller's market it was! Homes were flying off the market, often before they even officially hit.  In fact, the Charlotte inventory was down 25.7% in December, as compared to December of 2015.  Overall, we had a 2.5 months supply of inventory--well below the 6 month supply that is considered balanced for both buyers and sellers.  Despite all of this, we still ended up growing 8% in sales year-to-date!

Not only did sellers see an increase in sales, there was an increase in median and average sales price year over year, as well as an increase in the median and average sales price for all of 2016!

Although it doesn't look like 2017 holds much change in terms of supply (read: homes still being sold super fast!) and mortgage rates are likely to increase, there is hope yet! According to the president of the Carolina Regional Realtors Association Roger Parham, "Positive job growth over the last year and a healthy local economy continue to boos consumer spending and housing demand, which should help sales remain steady throughout 2017."

So, what does all of this mean for us?

Sellers: you're pretty set for 2017.  You still have the likelihood of having your home sell quickly and possibly entering into multiple offer situations, if you play your cards right (this doesn't mean you get to be greedy! People still have their whits about them, even in this fast moving market).

Buyers:  You need to make sure that you have all of your ducks in a row, especially when it comes to your financing.  This means you need to have a pre-qualification letter (NOT just a pre-approval letter!) ready and be able to respond to homes that are new to the market quickly.  Have a good idea of what your limits are, so that you can respond to sellers in a timely manner. Remember: if you don't someone else will!