Understanding the Charlotte NC Real Estate Market

 

Charlotte NC Real Estate Market

Charlotte is an affordable city to live in. Your reaction to the property market in Charlotte will be influenced by the place you are coming from. If you are coming from the cities with a high priced market like San Francisco, Washington, D.C, or New York, you will appreciate the prices at the Charlotte NC real estate market.
If you come from cities with the low priced property market, the prices of Charlotte town homes for sale Charlotte will be a shocker.
The article will give some key insights of the Charlotte NC Real estate market. It will also shed light on some key factors to consider before selling or purchasing a property in Charlotte NC.

Charlotte NC Real Estate market for Buyers and Sellers

Charlotte is a competitive market for home sellers. The home prices are continually on the rise as the demand for Charlotte town homes for sale surpasses the supply.
Many homeowners are reluctant to sell their homes because they are not guaranteed to get a better home to buy. It, therefore, happens that there are more homebuyers than sellers and the prices keep rising.
The home sellers benefit by selling their houses fast. The average turnaround time is 30 days from the day of the first announcement.
Homebuyers in Charlotte NC face some challenges in the market. The mortgage rates keep rising making it difficult for the buyers to get financial support from the financial institutions.
According to the Charlotte Regional Realtor Association president, home buyers have to face the challenge of low supply of homes that makes it difficult for them to get homes. They are also disadvantaged because they do not have the privilege of a wide selection.
For the last six years, the average sales price for a home in Charlotte has increased three times form the average of $ 228, 000 according to Carolina Multiple Listing Services. Between July 2017 and July 2018, the average sales price rose six times. In the same period, the number of homes available for sale declined that means the costs are likely to go up further hence the vicious cycle will continue.

Charlotte NC Real estate Market for Renting

There are 13, 000 new apartments in Charlotte NC that will be constructed in Charlotte in the next two years. That means the rent prices might fall or may stop rising. Some new apartments in Charlotte around the congested areas like Uptown and South Park are giving a one-month rent free discount to potential clients to lure them. The new apartments in Charlotte create a stiff competition that may contribute to a fall in the rent prices.

Why Should You Buy a Home in Charlotte NC?

When it comes a time to evaluate the Charlotte town homes for sale, you will face some challenges because it is a hard decision to make. It is hard because you are going to pay a mortgage on a monthly basis for an extended period.
Residents of Charlotte NC get to enjoy an exciting and lavish lifestyle. There are many beautiful beaches and theme parks. The extensive coastline makes it a beautiful city to live and relax. The beautiful sandy beaches and the sheer cliffs make Charlotte NC a fun place to live.
Charlotte NC has a beautiful all round weather. It makes the place a favorite place to live for many newcomers. It also explains why Charlotte NC real estate market is on demand.
Every homebuyer knows the advantage of owning a property in a town with tourism activities. The coastline attracts many tourists in the year. It, therefore, means that the property in Charlotte NC will continue to rise in value to the advantage of the homebuyers.

Mortgage Facilities for Real Estate Market Investors

The essential requirements for a mortgage facility in Charlotte NC are a good credit score and a stable income.
A stable income guarantees faster access to loan facilities and shorter repayment period. It, therefore, means that you will save money on accrued interests. It also means that no time will be wasted in the search for a mortgage.
A good credit score means that financiers will be willing to give mortgage faster. However, having a bad credit score should not kill the dream of owning a home. It is possible to get a mortgage with a bad credit score in Charlotte although the interest rates will be higher.
If you have a bad credit score, it is essential to talk to a mortgage broker. A mortgage broker will connect you with mortgage programs for people with bad credit scores. It saves time and guarantees a higher probability of success.
However, it is important to note that mortgage brokers have vested interests as they are paid once the loan is released. They can, therefore, be selective on the kind of facilities they expose you to.

Conclusion

Charlotte NC, real estate market, is vibrant and competitive. The prices for homes have continued to rise in the recent past because the demand is higher than the supply.
Few home sellers are willing to sell their homes because there is no guarantee for a better home to buy. The home sellers fetch good prices for their homes.
The home buyers in Charlotte have to contend with the rising home prices. The increasing mortgage rates are also an issue that seriously affects the buyers besides the lack of wide selection to choose.
There are many mortgage providers in Charlotte NC. The main requirements for one to qualify for a mortgage are a stable income and a good credit score. One can, however, access mortgage facilities with a lousy credit score although that comes at a higher interest rate because of the risk involved.
Despite the challenges of home acquisition in Charlotte NC real estate market, there is every reason why a home buyer should consider buying a property at Charlotte NC.
Charlotte is a town with an extensive coastline. The beaches make the place an exciting and fun place to live. Many tourists visit the area every year hence the property appreciates in value at a reasonable rate.
  
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Address - 8020 Sandowne Ln, Huntersville, NC 28078, USA
Phone - +1(704)-661-6659
Email - neetu@gotcharlottelakenormanhomes.com
Website - Neetu Singh Realty Group
Blog -  Understanding the Charlotte NC Real Estate Market